Metamor Software Solutions directors, Meghna Dilip Bhanushali and Tummala Vipul Reddy, have acquired a property in Hyderabad's Jubilee Hills for Rs 48 crore, marking one of the city's recent high-value residential transactions. The property, spanning 13,000 sq ft with a built-up area of 3,951 sq ft, was purchased from Manoj Kumar Tibrewala. This purchase was driven by both family and business requirements, as evidenced by the sale deed. The real estate market in Hyderabad has been witnessing a surge in significant land and mansion deals, largely from business figures and film actors.
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Metamor Software Solutions' directors, Meghna Dilip Bhanushali and Tummala Vipul Reddy, have made waves in Hyderabad's real estate scene by acquiring a property worth Rs 48 crore. The property, situated in the upscale Jubilee Hills area, spans an impressive 13,000 square feet, with a built-up area of 3,951 square feet. The sellers were identified as Manoj Kumar Tibrewala. The transaction stands out as one of the most notable residential deals in recent times within the city.
The acquisition was driven by a combination of family and business considerations. According to the sale deed document shared by Zapkey, a substantial stamp duty of Rs 2.6 crore was paid in connection with the property sale. This significant purchase speaks volumes about the current dynamism of Hyderabad's property market.
Metamor Software Solutions is renowned as an IT software services and consultancy firm headquartered in Hyderabad, with a presence extending to the United States. The demand for prime real estate within Hyderabad remains at an all-time high, particularly among prominent individuals in the business and film industries. This is reflected in the frequency of substantial land and mansion transactions that the city has seen over the last couple of years.
Notably, the Jubilee Hills area has garnered attention for housing some of the most opulent residences. These grand houses, spanning an area of 11,000 to 15,000 square feet, come with a price tag ranging from Rs 30 crore to Rs 50 crore. It's intriguing to observe that even in the wake of the pandemic, the luxury housing segment in India has demonstrated remarkable resilience. Despite an upward trajectory in prices, the top seven cities have witnessed a steep increase in overall sales.
Prominent figures from various domains have made headlines for their luxury real estate acquisitions. Tata Sons' chairman, N Chandrasekaran, along with his family, is among those who've ventured into this domain. Similarly, Telugu film actor Siddharth Galla, PharmEasy's founder Siddharth Shah, and Micro Lab's managing director Dilip Surana have also invested in high-end residences.
Industry experts foresee an upward trajectory for India's luxury real estate market in the upcoming quarters. The demand for luxury and super-luxury homes is anticipated to surpass the available supply. This trend comes amidst a steady rise in the number of affluent individuals.
A report from Knight Frank India lends credence to this projection. The report suggests that the count of Indians boasting a net worth exceeding $30 million is expected to witness a robust growth of 58.4%, rising from 12,069 individuals in 2022 to an estimated 19,119 individuals by 2027. This outlook underscores the evolving dynamics of the country's luxury housing market.
In conclusion, the acquisition of a lavish property worth Rs 48 crore by Metamor Software Solutions' directors showcases the vibrancy of Hyderabad's real estate sector. The transaction's combination of family and business motives, alongside the substantial stamp duty, underscores the property's significance. The luxury housing domain in India, exemplified by acquisitions from distinguished personalities, remains resilient even in the face of challenges. With demand outpacing supply, the luxury real estate market seems poised for further growth, backed by an increasing number of affluent individuals. This projection, substantiated by industry reports, positions the sector on a promising trajectory in the coming years.
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