Call it the resurgence of realty or boom time for developers, Ahmedabad has witnessed the biggest land deals amounting to over Rs 1000-crore in just two weeks following a slump for the past two years. Most of these deals are in the Gota area, beside SG Highway.
As per the buzz in real estate circles, two major land deals that are above Rs 350 crore have become the talk of the town. According to sources, HN Safal, Gala Group and Goyal Group are in a joint deal for the land parcel of 42,000 sq yard beside Gota flyover.
Similarly, Shanku’s Party Plot of 28,000 sq yard has been reportedly sold for a record price of Rs 1.25 lakh per sq yard. The sales amount is estimated at over Rs 350 crore.
Uday Vora of HN Safal Group confirmed the news. “We are yet to finalise the kind of project we wish to launch there. But it will be a mix of commercial and retail development,” Vora said.
On being asked about the size of the project, he said, “All I can say is – it will be will a state-of-the-art project with16 lakh sq feet built-up space. This will be the biggest ever project in Ahmedabad and probably Gujarat.”
The joint venture of HN Safal, Goyal and Gala is expected to come up with a mall-cum-commercial space in near future.
The land deals (worth Rs 1,000 crore) are said to be in the town planning scheme number 32, 33, 34 and 36 which cover mainly Gota area followed by Tragad and Jagatpur areas. There are three to four other deals, each between Rs 40 crore and Rs100 crore in Tragad area which includes Mohini farm which is said to be sold at Rs1.50 lakh per sq yard. Meanwhile, another 10,000 plot in Hebatpur area was sold at Rs 1.05 lakh per sq yard.
Industry experts believe the deals will boost the realty market in and around Gota. Moreover, the expected commercial, mall and retail projects will cover residences from the Gota flyover vicinity till Vaishnodevi circle which has observed a major residential development in past five years.
President of Gujarat Institute of Housing and Estate Developers – Confederation of Real Estate Developers of India (GIHED-CREDAI) Ashish Patel told Mirror, “These TPs (as mentioned above have been opened by the government and will be finalised soon. So the areas will observe more residential development in near future.”
Commenting on the major deals in Gota area, Patel added, “Considering the stretch from Gota flyover till Shantigram Township, currently an existing population of 10 lakh people is residing on this patch. In next five years we expect this number to rise to15 lakh or above. Therefore, there will be need for malls, commercial and retail development in these areas.”
Shanku’s owner Manoj Chaudary said, “The deal is in process and we are yet to finalise if we will go for a joint venture project (commercial project) or develop a club. We may decide by December.”
Chaudhary also confirmed their deal being in process with Babu Desai (a former MLA from Kankrej who also dabbles in real estate).
However, Mirror probe found that the Shanku group’s deal is through because they have stopped taking bookings for March 2019 and beyond.
Repeated efforts to reach out to Babubhai Desai’s son Ravi Desai, who is a realtor, did not materialise