Daughter of Divi Laboratories’ founder buys two Hyderabad properties for Rs 80 crore

May 24, 2024

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Nilima Prasad Divi, the daughter of Murali Divi, founder of Divi’s Laboratories, one of the leading pharmaceutical companies in India, has purchased two properties worth Rs 80 crore in Hyderabad.

The first property is spread over 12,000 sq ft with a built-up area of 200 sq ft. It changed hands from Srinivas Prasad, Surya Kamal Prasad and Satya Chandra Prasad for Rs 40 crore in Jubilee Hills and the second 12,000 sq ft plot from Moturi Surya Kamal Prasad for a similar amount, according to the sale deed documents shared by Zapkey.

Properties across significant markets such as Mumbai, Bengaluru, Hyderabad, and Delhi-NCR that only the super-rich can afford have seen huge demand in the last two years.

Some of the prominent names from the pharma industry who had purchased earlier include Girdharilal Bawri, Banwarilal Bawri and Rajendra Agarwal, promoters of Macleods Pharmaceuticals; Siddharth Shah, founder of PharmEasy; and Dilip Surana, MD of Micro Labs.

Jubilee Hills, a tony neighbourhood, has become a sought-after residential area for the affluent. With land prices ranging from Rs 25,000-35,000 per sq ft, it is one of the most expensive locations in India for both commercial and residential properties.

“The high-end real estate market in Hyderabad continues to attract high-net-worth individuals, particularly business founders, actors, and promoters due to the potential for capital gains and favourable tax conditions. Over the past two years there have been significant transactions involving luxury homes and land in the area, with properties in Jubilee Hills selling for anywhere between Rs 30-50 crore in sizes of 11,000-15,000 sq ft,” said Syed Umar, managing partner REXA global, a property consulting firm.

High-value homes drive residential market in Hyderabad

Hyderabad’s residential property market in 2024 saw a 15% increase in property registrations and a 40% surge in transaction value, driven by demand for premium homes. Knight Frank’s report revealed 26,027 properties registered, totaling Rs 16,190 crore.

  • Published On May 24, 2024 at 08:54 AM IST

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