Nila Spaces Limited, a prominent real estate developer based in Ahmedabad, has recently made a substantial investment in Gujarat International Finance Tec-City (GIFT City), underscoring the city’s increasing allure for real estate ventures. The company secured a 5,550 square meter land parcel through a competitive auction, with a winning bid of Rs 342 crore. This acquisition is poised to pave the way for a significant residential development project.
The planned residential project by Nila Spaces Limited is projected to span 5.22 lakh square feet, featuring a striking 100-meter-tall residential tower. This ambitious undertaking aims to redefine the urban landscape of GIFT City in Gandhi Nagar. The total investment earmarked for this endeavor amounts to approximately Rs 750 crore, with anticipated revenues expected to surpass Rs 1,000 crore.
The competitive auction process witnessed Nila Spaces Ltd emerging as the top bidder among 11 contenders vying for the prime land parcel. The transaction values the residential plot at a noteworthy Rs 6,557 per square foot, reflecting the premium and robust demand associated with properties in this strategic location of Ahmedabad.
Director Deep Vadodaria articulated the company’s vision for the forthcoming project, emphasizing its commitment to developing urban living spaces that cater to global standards while addressing mental health concerns and corporate burnout. He remarked, “We are embarking on the construction of a 100-meter tower with an investment of Rs 750 crore. Our vision is to create urban living spaces that address global needs, focusing on mental health and combating corporate burnout.”
The acquisition of this prime land parcel marks a significant milestone in Ahmedabad’s real estate sector, particularly within the burgeoning landscape of GIFT City. The planned development not only promises to enrich the city’s urban fabric but also aims to elevate GIFT City’s profile as a preferred destination for premier residential projects.
Nila Spaces Limited’s strategic investment in GIFT City aligns with broader trends in urban development, where mixed-use and high-rise residential projects are becoming increasingly prominent. The company’s commitment to investing in this landmark project underscores its confidence in the long-term growth prospects of Ahmedabad’s real estate market and its vision for enhancing urban living standards.
Image source- financialexpress.com
