Sheetal Infrastructure buys a 17,500 sq yard plot near Vaishnodevi Circle. According to sources, the official deal size is about Rs 118 crore.
SG Road has been a site of a number of deals after it was widened. Corporates have focused on this area as have those developing residential projects. The latest deal is expected to result in the construction of about 15 lakh square feet of high-end residential development.
Sheetal Infrastructure CMD Paras Pandit said: “We have initiated the deal to buy about 17,500 sq yard plot near Vaishnodevi Circle and it will be complete soon.” Pandit added: “This area has seen big infrastructure development and connectivity has improved after the widening of SG Road.”
He went on to say: “A number of large corporate houses have been set up in this area and commercial development is also significant. We believe this area has high potential for high-end residential projects and we are planning to launch such a project on this plot.”
Pandit said that the company plans to construct 22 or 28 storey buildings on the plot.
Ahmedabad has recorded appreciable demand for high-end residential properties after the Covid lockdown. A leading real estate consultant said: “Improved connectivity between Ahmedabad and Gandhinagar has increased the deals on SG Road in recent times and a number of developers are planning to launch projects on the stretch.” The consultant added: “There is good demand for residential and commercial properties. This road is also getting most of the tall buildings in the city because developers are bullish about this stretch.”
