AI boom sparks chip employees surge for a Trump Towers address in Hyderabad | Hyderabad News
Hyderabad: Call it an AI gold rush if you will, but Hyderabad’s newest luxury address — the upcoming Trump Towers Hyderabad, billed as The Trump Organization’s largest residential project in India — is seeing an early rush from employees of semiconductor giants such as NVIDIA, Micron, AMD and Qualcomm, as the global artificial intelligence boom turns employee stock-option gains into down payments on multi-crore homes.“Thanks to NVIDIA & the AI gold rush! …the AI boom is having an impact on luxury real estate too. The first officially paid booking through me at Trump Towers Hyderabad was by an NVIDIA India employee. The second is also likely to be a former employee who held RSUs for years,” real estate dealer Satish Reddy posted on X.Nearly 40% of the 50-60 units of 3.5 BHK, measuring 3,600 sq ft and priced around Rs 5.5 crore, have been booked by employees of chip companies like Nvidia, AMD, Qualcomm and Micron much ahead of the project’s formal launch that is expected post Oct, Ira Realty founder Narsi Reddy confirmed to TOI.Reddy of Ira Realty, which is developing the project with Tribeca Developers, said the bookings point to a new wealth pattern in Hyderabad’s new technology economy. “There is a lot of demand coming from employees of chip companies — people who have made a lot of money through stock options and technology shares,” he said.He said the rush is driven less by CXOs than by mid-senior to senior executives such as principal designers and directors who held restricted stock units through the rally in AI-linked shares. Employees of some companies have accounted for around four to five bookings each, he said.“If I had 10 more 3.5 BHK apartments, I think we would get cheques in a single day. But we don’t have them. They are all sold out,” Reddy said, adding that most of the techies from chip companies queuing up are in their mid-30s to mid-40s.Demand is strongest for 3.5 BHK and 4 BHK apartments ranging from about 3,600 sq ft to 4,800 sq ft, and while the 3.5 BHK inventory is sold out, around 30 4 BHK units have been taken, Reddy said, putting the total inventory sold out for the 454-apartment project at around 30%.Attesting to this, Satish Reddy said: “I tried for a week to accommodate one buyer looking for a 3600 sq ft unit but couldn’t find one.”Narsi said most of the semiconductor employees are keen on 3.5 BHK and 4 BHK apartments. The 4,200 sq ft homes are priced at about Rs 6.5 crore, with larger units going up to Rs 10 crore.For now, Reddy said, sales have been largely organic, without a full push to top executives or the wider global capability centre workforce. “We have not even started tapping the CXO segment yet,” he said.Techies from chip companies apart, Narsi Reddy said they are is also getting queries from second-generation businessmen, political families and NRIs.The 65-storey twin towers are coming up on four acres along Golden Mile Road in Kokapet, with 2.2 million sq ft of built-up area, a suspended sky bridge on the 28th floor and the Trump Club. The project is being built at a cost of Rs 2,000 crore with total sale value expected in the Rs 3,500 crore to Rs 4,200 crore range.All 16 planned penthouses have already been sold, including the originally planned eight, of which four in a single tower were bought by one of Telangana’s richest business families for about Rs 62 crore, setting a new landmark in the city’s luxury realty landscape.
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