Infibeam Projects Management Pvt Ltd, a subsidiary company of Infibeam Avenues Ltd, has reportedly bought a nearly ready Sintex Group corporate house from an Aditya Birla Group finance company, which was controlling the asset.Infibeam bought the 7,000 square metre plot and 4.20 lakh square feet of constructed property for between Rs 90 crore and Rs 100 crore, sources said. They added that the registration of the sale deed is underway.
Infibeam intends to develop a commercial space for startups and IT companies on the plot, which is near Vaishnodevi Circle.Real estate sources said the property fetched a good price. Vaishnodevi Circle is emerging as a corporate hub with companies such as Zydus Lifesciences and Adani Group setting up corporate headquarters in the area. Gujarat’s biggest IT SEZ by Ganesh Housing Corporation is also being developed in this area.
Sources privy to the development said, “The NBFC wanted to sell the half-constructed Sintex Corporate House, near Vaishnodevi Circle. IAL grabbed the deal to boost its plans to house tech companies and startups.” An Infibeam spokesperson declined to comment on the deal.
Infibeam Avenues Ltd last year incorporated Infibeam Projects Management Pvt Ltd to provide workspace to fintech startups and IT companies. A well-placed source said, “Infibeam started a fintech management company and is in talks with IT companies from outside the state to bring their operations to Ahmedabad.
Ahmedabad offers a good IT workforce at a reasonable cost and many technology workers are now open to moving to Ahmedabad from more expensive and saturated cities such as Bangalore, Hyderabad, Noida and Mumbai for a better quality of life. To push its new venture, Infibeam bought this almost ready property for between Rs 90 crore and Rs 100 crore.”