AHMEDABAD: After over a decade of failed attempts, the Sabarmati Riverfront Development Corporation Ltd (SRFDCL) has finally struck a deal, auctioning off development rights on a prime plot on the western side of the riverfront for Rs 156.13 crore.
The successful bidder, a leading Mumbai-based real estate company, will now develop a mixed-use commercial building spanning 60,050 sq m, housing upscale offices, co-working spaces, restaurants, retail stores, lounges and a food court.
A senior official in SRFDCL told TOI, “The winning bid for the development rights of the Vallabh Sadan plot came from a Mumbai-based real estate firm, which offered Rs 26,000 per sq m — which is higher than the base price of Rs 23,676 per sq m.”
The SRFDCL official added. “We are not selling the land but development rights of the plot. In a press release, SRFDCL claimed, “The bid sets a benchmark with a land rate of Rs 3,52,941 per sq m, marking one of the highest land valuations in Ahmedabad.”
The auction comes on the heels of the state govt’s approval for the Sabarmati Riverfront Land Disposal Policy in July 2024, which paved the way for the sale of development rights for 17 plots totaling 1.49 lakh sq m.
“The successful bidder will now receive the letter of acceptance and must complete the construction in four years,” the SRFDCL official said, adding that the mixed-use development will feature a building height of 66.13m.
“For the first time a single plot has been approved for commercial mixed-use development,” claimed the official.
Official further added that the land will be leased for 99 years at an annual rate of just Rs 10 per sq m.
The successful bidding process, however, was not without its challenges. SRFDCL had initially floated tenders for two plots — one near Vallabh Sadan on the western side and another near Lemon Tree Hotel on the eastern side.
“During the pre-bid meeting, private companies raised queries about parking and experience criteria, leading us to amend the tender,” the SRFDCL official explained. While the Vallabh Sadan plot received bids from two companies, the eastern plot saw only a single bid, prompting authorities to restart the process.
