AHMEDABAD: The price of development rights for a plot at Vallabh Sadan along the Sabarmati Riverfront near Ashram Road in Ahmedabad rose substantially by Rs 8,824 per sq m over three months.
The Sabarmati Riverfront Development Corporation Ltd (SRFDCL) successfully sold development rights at Rs 26,000 per sq m in Nov 2024.
Currently, a new request for proposal (RFP) for a food park (Riverside Savouries) at another Vallabh Sadan plot has the development rights base price of Rs 32,500 per sq m, following the formula of the Sabarmati Riverfront Land Disposal Policy.
The SRFDCL issued an RFP on Sep 13 for development rights of two riverfront plots. The western plot, measuring 4,420 sq m, offered a base price of Rs 23,676 per sq m. A Mumbai-based company secured the rights with the highest bid of Rs 26,000 per sq m.
The bidder company made representations to modify the construction plan shown in the original RFP. Consequently, during a meeting of the SRFDCL held on Nov 28, 2024, the proposal was approved with changes to the construction plan.
“On Feb 7, the SRFDCL issued an RFP for the development of Riverside Savouries on the Sabarmati Riverfront. A 27,000 sq m land parcel opposite BJ Park on the west side of the Sabarmati Riverfront was identified, with plans to develop a food zone and other facilities on 6,300 sq m of land. According to the Sabarmati Riverfront Land Disposal Policy, the valuation for the plot for Riverside Savouries was conducted, with the base price for development rights set at Rs 32,500 per sq m. This plot will be leased for 25 years, with an annual lease amount of Rs 11.35 crore,” sources in SRFDCL said.
LuLu International deposits Rs 519 crore
LuLu International Shopping Malls Pvt Ltd had acquired a plot in Chandkheda along SP Ring Road for Rs 519 crore through an online auction conducted by the Ahmedabad Municipal Corporation (AMC) on June 18, 2024. The company transferred the full amount to the civic body.
