The Salarpuria Sattva Group has bought 10 acres of premium land in Hitec City in Hyderabad from BPTP, a Gurgaon-based builder for an undisclosed amount, a person with direct knowledge of the deal told ET.
“The deal was closed last week and Salarpuria plans to build 4 million sq ft office space,“ the source said.
Bijay Agarwal MD of Salarpuria Sattva group could not be reached for comment.
In 2015, BPTP sold its 8,00,000 sq ft office building, BPTP Crest, in Gurgaon, to a joint investment platform of Bengaluru-based builder RMZ and Qatar Investment Authority for . 850 crore to pay institutional ` investors, two people close to the transaction said. BPTP got . 450 crore.` “Salarpuria will invest more than $2 billion in Hyderabad alone with an investment of over $2 billion by 2020,“ said the source, adding that Salarpuria is increasingly looking to step up investment in office space.Last year, Salarpuria bought a six-acre plot in Bengaluru’s IT hub from New York-based Alexandria Real Estate Equities. The deal worth ` . 75 crore and came at a discount for the builder. The Bengaluru-based builder also partnered with Blackstone recently to develop a 7 million sq ft IT park in Hyde rabad. The group has already developed and handed over more than 4 million sq ft of premium space in Hyderabad to various global clients, mostly commercial and partly residential too.
About 10 million sq ft of commercial space is under construction in the city. Knowledge City by Salarpuria Sattva Group is one of the biggest projects coming up in Hitec City, Hyderabad, with an outlay of $1 billion. Some of the large clients at the business park include Novartis Healthcare and Microsoft India (R&D).
“Apart from the above clients, the group is also under advance discussion to lease 5 million sq ft to various global clients,“ the source said.
Source: Economic Times