Given the high pay scales and concurrent aspiration levels associated with the IT/ ITeS industry, there is a massive demand for luxury residential spaces in this location, reports Lalith Singh
A transaction involving 5.80 acres of prime land at Hitec City in Madhapur has been successfully closed by leading real estate consultants, Jones Lang LaSalle India.
The site has been given on a joint development by the promoters of K.L. Hitec Secure Print to Prestige Estates, which intends to develop a 1.20 million square feet luxury residential project in this high-end location, according to a press release.
The IT boom had massive implications on real estate development in Hyderabad and the city has been transformed into the focal point of growth for the IT/ITeS sector in the State, says Mayank Saksena, Managing Director- Land, Jones Lang LaSalle India. “Hitec City is at the very epicentre of this growth and given the high pay scales and concurrent aspiration levels associated with the IT/ ITeS industry, there is a massive demand for luxury residential spaces in this location. Land parcels here are scarce and therefore command premium price tags,” he says.
Prestige Estates plans to launch its luxury residential project in the third quarter of this year.
It is a nexus of national and international corporate offices and we are calibrating the offerings of this luxury residential project to suit the buyer profile of this catchment.”