The largest land transaction in the city to date has also established a new record for the highest stamp duty collected from a single sale deed. The 66,168 square meter plot in Chandkheda, which was sold to LuLu International Shopping Malls Pvt Ltd for Rs 519.41 crore, has generated Rs 31 crore in stamp duty for the government.
The sale deed was finalized on Friday at the Sabarmati sub-registrar’s office, situated within the Ahmedabad district collector’s office premises.
Officials from the Sabarmati sub-registrar’s office have confirmed that this is the largest land sale deed ever registered in Ahmedabad city, which has also produced the highest revenue from stamp duty. Representatives from the state revenue department remarked, “Historically, sale deeds valued between Rs 300 crore and Rs 400 crore have been recorded in Ahmedabad city, but never has there been a document for a land transaction surpassing Rs 500 crore.
This particular sale deed has yielded Rs 31 crore in stamp duty revenue for the government.” On June 18 of the previous year, the Ahmedabad Municipal Corporation auctioned the plot on SP Ring Road in Chandkheda, starting at a base price of Rs 76,000 per square meter, and LuLu International Shopping Malls Pvt. Ltd secured the plot by bidding Rs 78,500 per square meter. Nevertheless, the execution of the sale deed faced delays.
The AMC only possessed 55,496 square meters of the land, while the possession of 10,672 square meters had not yet been secured. The remaining land was still under cultivation, which legally prevented the AMC from taking possession until the town planning scheme received preliminary approval. It took six months to finalize possession.
Subsequently, LuLu International Malls Pvt Ltd communicated with the AMC expressing their desire to execute a sale deed rather than a lease deed for the plot acquisition.
In response, the AMC revoked its policy of a 99-year lease deed for buyers of plots intended for residential or commercial development and approved the execution of sale deeds for such plots.
