Real estate developer Aparna Infra Housing has bought two office buildings with total area of around 430,000 sq ft in Madhapur suburb of Hyderabad from ENN ENN Corp in one of the largest ready office transactions in recent times.
The transactions, valued at Rs 247.5 crore, were carried out through Aparna’s subsidiary Hitech CyberSpazio, people aware of the development said.
“The deal was concluded and registered a few days ago,” one of them said.
It assumes significance as Hyderabad has not witnessed a large independent commercial building sale on an outright basis for a long time, the sources said.
The first property, a 252,000 sq ft ground plus five-storey property, was built by L&T Infocity in 2005 and sold to ENN ENN Corp in 2011. The second property leased to HSBC Electronic Data Processing India is spread over 181,000 sq ft in Madhapur Hitec City.
Aparna Construction confirmed the transaction but did not share details.
There have been very few ready office deals recently even though institutional funds continue to buy out office portfolios to expand operations in the country.
In July, Kolkata-based KCT Group had bought a prime commercial building owned by the Hong Kong and Shanghai Banking Corporation (HSBC) at Horniman Circle in South Mumbai’s Fort locality for over Rs 83 crore.
Taking cues from 2020, the last quarter of the year is expected to witness increased momentum in the office space.
However, net office absorption across seven major cities in 2021 is unlikely to touch net absorption recorded in the previous year (25.6 million sq ft) with only about 15 million sq ft being recorded in the first three quarters of 2021.