A mega deal has been finalized just 40 days after a similar sale went through. A developer has acquired a 21,000 square yard plot in the Gota area of the city.
Market sources peg the deal size to be at Rs 200 crore. A luxury residential building is expected to come up on the plot bought by Shilp Group.
In early April, a plot in Bodakdev was acquired for Rs 250 crore, where a 30-storey residential scheme will come up.
Confirming the deal, Yash Brahmbhatt, the chairman of Shilp Group, said: “The deal is set to be closed in a few days after the necessary paperwork is done. We are buying the plot in Gota, which is close to SG Road.” Brahmbhatt added: “Premium apartments with 3 BHK and 4 BHK units will soon come up in the locality.”
Shilp Group plans to build about 300 apartments as part of its scheme. Since the plot has an FSI of 4.0, builders say it can be developed well.
The recent opening of flyovers and better connectivity along SG Road has improved the accessibility of areas around the stretch. As a result, the demand and land prices have shot up.
Ahmedabad is also going to be the home of the tallest building of the state – a 41-storey commercial project will be launched near Rajpath Club.
Commenting on the deal, a real estate consultant said: “SG Road has seen great infrastructure push with the development of bridges. One can travel from Ahmedabad to Gandhinagar within minutes.” The consultant added: “Therefore, the entire stretch is seeing good traction in terms of demand for both commercial and residential spaces.”
The consultant said that over the years, there has been an influx of corporate houses along the stretch from Vaishnodevi Circle to Sarkhej. “This has propelled the demand for residential as well as commercial properties in pockets close to SG Road,” the consultant said.