HomeLatestAhmedabad Civic Body Raises ₹236 Crore from Auctioning Four Land Plots

Ahmedabad Civic Body Raises ₹236 Crore from Auctioning Four Land Plots

The Ahmedabad Municipal Corporation (AMC) has achieved a significant financial milestone, generating ₹236 crore through the auction of four prime plots. This impressive figure highlights the burgeoning interest in real estate within the city, despite the fact that out of 13 plots auctioned, only four were sold. The sale exceeded the initial base price by over ₹40 crore, indicating a robust demand for property in Ahmedabad.

Among the standout transactions was a 4,658 square metre plot located in Bodakdev, which was originally listed with a base price of ₹2.70 lakh per square metre. Ultimately, it was sold for ₹3.07 lakh per square metre, netting the AMC ₹143 crore compared to the initial expectation of ₹125.76 crore. This particular sale not only underscores the escalating market value of prime locations but also illustrates the potential for substantial returns on civic assets. In another noteworthy auction, a 5,741 square metre plot in Nikol was sold for ₹49.37 crore, exceeding its base price of ₹40.18 crore. With an original valuation of ₹70,000 per square metre, the final price climbed to ₹86,000 per square metre. Similarly, a plot in Motera measuring 963 square metres achieved a remarkable ₹15.11 crore, up from a base price of ₹9.60 crore, while a 3,799 square metre plot in Makarba was sold for ₹28.49 crore, exceeding its base of ₹19 crore.

The AMC’s estate department is expected to present the proposal for final approval at the upcoming standing committee meeting, after which the sale deed process will commence. This swift turnaround reflects the AMC’s strategic efforts to capitalise on urban development opportunities while addressing the increasing demand for real estate. From a sustainability perspective, these land sales could pave the way for responsible urban development, contributing to a more structured and eco-friendly city landscape. The introduction of new commercial or residential projects can enhance urban infrastructure, which is critical for accommodating Ahmedabad’s growing population.

Public sentiment towards these auctions appears optimistic. Many local residents and investors view the increased interest in real estate as a sign of economic growth and urban renewal. However, concerns linger about potential overdevelopment and the need for balanced urban planning that preserves green spaces. Overall, the AMC’s successful land auctions not only bolster its financial standing but also set the stage for future developments that could enrich the city’s urban fabric. As Ahmedabad continues to evolve, these transactions reflect both the challenges and opportunities that come with urban expansion.

RELATED ARTICLES
- Advertisment -spot_img

Most Popular

Recent Comments

Maharashtra Chief Minister To Deliver First Batch Of BDD Homes In South Mumbai On July 21

Maharashtra Chief Minister To Deliver First Batch Of BDD Homes In South Mumbai On...

0
Maharashtra Chief Minister is set to hand over the first completed flats under the BDD chawl redevelopment project in Worli on July 21, marking...
Piramal Realty Sells Sea Facing Mumbai Penthouse and Duplexes for Rs 100 Crore

Piramal Realty Sells Sea Facing Mumbai Penthouse and Duplexes for Rs 100 Crore

0
Piramal Realty has successfully closed one of the most high-value luxury real estate transactions in Mumbai, selling a sea-facing penthouse along with two duplex...
Mittal Builders Partner With HoABL To Build Rs 2000 Crore 11 Acre MMR Township

Mittal Builders Partner With HoABL To Build Rs 2000 Crore 11 Acre MMR Township

0
Mittal Builders has entered a joint development agreement with The House of Abhinandan Lodha (HoABL) to co-develop a 3 million sq ft integrated township...

MAJHE GHAR, MAJHA ADHIKAR PROMISE OF A HOME OR BLUEPRINT FOR A NEW MAHARASHTRA?

Maharashtra has unveiled its most ambitious housing roadmap in nearly two decades—'Majhe Ghar, Majha Adhikar.' With a promise to construct 35 lakh homes by...
Kolkata Port Gets Major Upgrade as JSW Infrastructure Secures LoA for Berth Redevelopment

Kolkata Port Gets Major Upgrade as JSW Infrastructure Secures LoA for Berth Redevelopment

0
In Kolkata, JSW Infrastructure has secured a Letter of Award (LoA) from the Shyama Prasad Mookerjee Port Authority for reconstructing berth 8 and mechanizing...