In one of the costliest land deals, two city-based realtors have joined hands to develop retail-cum-office project on a 15,000-square feet plot, worth more than Rs 400 crore, on the posh Sindhu Bhawan Road (SBR).
A source close to the development said, “The land is owned by Yashwant Thakkar of Amrapali Group on the Sindhu Bhawan Road, few hundred metres from the SG Highway.
He and Venus Group have joined hands to develop a commercial project with three-level (ground plus two floors) retail space, as is the trend right now.” The joint venture project falls under R-2 zone where only 1.8 FSI (floor space index) is allowed.
Executive Director of Venus Group Rajesh Vaswani, while confirming the joint venture, declined to comment on the nature of the project. He said, “The work on the site office has started but no construction other than that has started. We don’t know at this stage what we will build.”
The land price on the SBR stretch ranges between Rs 2.5 lakh to Rs 2.8 lakh per square yard. While land on the internal roads along the SBR quotes around Rs 1.75 lakh per square yard. In a ready-for-sale commercial building on SBR, the ground floor price goes for Rs 30,000 per square feet (psq) while on the first floor the price ranges from Rs 15,000 to Rs 20,000 psf. The second floor can cost from Rs 8,000 to Rs 12,000 psf.
The G+2 premium retail space is in the trend at present with several builders launching projects. The SBR and Ambli-Bopal road are hot favourites, thanks to strong demand in the commercial-retail space. The price of land on Ambli-Bopal main road is around Rs 2.25 lakh per square yard as it enjoys FSI of 4 because of the BRTS stretch. Higher the FSI, more the scope of construction on the plot.
Chitrak Shah, MD of Shivalik Group that launched Shivalik Shilp in Bopal-Ambli, said, “SBR and Ambli-Bopal command premium commercial spaces of Ahmedabad as there’s decent demand from retailers for spa, gym, restaurants, medical clinics, banks etc.” The ground floors being most expensive, they are mostly occupied by highend brands or automobile majors, he added.
Jayesh Patel of Palak Group said they are developing a high-rise commercial building on Ambli-Bopal main road, Palak Prime, with ground plus two retail floors. He added, “Retailers want good visibility at strategic location along with proper parking facility at a reasonable cost. The only option is to get into a highend building on a higher floor.”
On Ambli-Bopal stretch the ready-for-sale retail price on ground floor is around Rs 20,000 to Rs 25,000 psq, first floor Rs 12,000 to Rs 15,000 psf and Rs 9,000 to Rs 11,000 psf on the second floor. Likewise, the selling price of office space varies from Rs 7,000 to Rs 7,500 psf on SBR and Rs 6,000 to Rs 7,000 psq on Ambli-Bopal stretch.
