The sale of a 10,000 square yard plot in the area was closed recently for a whopping Rs 250 crore or Rs 2.5 lakh a square yard, according to sources in the real estate industry.The plot was bought by Madhav Group.
Real estate sector sources said this is the biggest land deal in Ahmedabad this year.
Amit Patel, the principal promoter of Madhav Group, said, “We recently bought this plot and plan to launch a residential project on it. We will build a 30-32 storey residential building with about 260 apartments.” Patel, however, did not disclose the land deal size. Patel said that the cost of the project will be around Rs 350 crore.
Industry sources say a land deal of this size has been reported in the city after a long time and has created a buzz.
Market sources say the plot in question is along a 36-metre road and has allowable FSI of 4.
An Ahmedabad-based real estate consultant said, “Even though plotting schemes were high in demand, there were no major land deals in Ahmedabad since Diwali.
A sizeable deal reflects rising interest among developers to launch new projects along transit corridors, which typically provide higher FSI.”
“Moreover, demand for high-end residential real estate has increased in Ahmedabad, especially after the pandemic, because people are looking for bigger, more spacious homes to upgrade to.
In the coming days, we may see many redevelopment projects being implemented.
Developers may seal buy-out deals with old residential societies, owing to the scarcity of available land in Ahmedabad,” the consultant added.