The Ahmedabad Municipal Corporation (AMC) recently auctioned 13 plots but succeeded in selling only four, achieving impressive returns on each. The highest bid was for a 4,658 sq m plot in Bodakdev, which sold for INR 3.07 lakh per square metre, totaling INR 143 crore-well above its INR 125.76 crore base price. The total revenue from the four plots reached INR 235.97 crore, exceeding the base price of INR 194.57 crore by over INR 40 crore. This success reflects strong real estate demand in the region, with the AMC set to finalize sales after an upcoming standing committee approval.
The Ahmedabad Municipal Corporation (AMC) recently organised an auction for 13 plots, but ultimately managed to successfully sell only four of them, achieving remarkable returns on each sale. The auctions were conducted by the estate department of the AMC, showcasing the value of prime real estate in the region. Among the most notable transactions was a 4,658 sq m plot located in Bodakdev, which was initially listed with a base price of INR 2.70 lakh per square metre. This prime piece of land attracted significant interest and ultimately sold for an impressive INR 3.07 lakh per square metre. A company successfully acquired this desirable plot for a total of INR 143 crore, a substantial increase compared to the initial base price of INR 125.76 crore.
Overall, the AMC generated a total of INR 235.97 crore from the sale of the four plots, significantly surpassing the combined base price of INR 194.57 crore by over INR 40 crore. This impressive performance demonstrates the high demand for real estate in the area and the effective management of the auction process by the AMC.
In addition to the Bodakdev plot, another significant auction involved a 5,741 sq m plot situated in Nikol. This plot was initially set with a base price of INR 70,000 per square metre and garnered considerable attention, ultimately selling for INR 86,000 per square metre. This transaction resulted in a total payment of INR 49.37 crore, up from the base price of INR 40.18 crore, showcasing the profitability of the auction.
Furthermore, a 963 sq m plot located in Motera was also auctioned. Initially listed at a base price of INR 1 lakh per square metre, this plot sold for an impressive INR 1.57 lakh per square metre, yielding a total of INR 15.11 crore, significantly higher than the base price of INR 9.60 crore. This highlights the continued demand for land in the Motera area.
In Makarba, a 3,799 sq m plot was auctioned with a base price of INR 50,000 per square metre. It sold for INR 75,000 per square metre, resulting in a total revenue of INR 28.49 crore against a base of INR 19 crore. This successful sale further underscores the strong interest in real estate opportunities in the region.
Looking ahead, approval for the proposal to sell these four plots will be sought at the upcoming standing committee meeting scheduled for Thursday. Once approval is granted, the estate department will proceed with the necessary processes to initiate the sale deed for these valuable properties, paving the way for new developments and investments in the area.
The successful auction results demonstrate a robust interest in real estate within the region, setting the stage for future investments and developments that will benefit both the AMC and potential investors.
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