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The Ahmedabad Municipal Corporation (AMC) recently sold a 66,168 sq m plot in Chandkheda to LuLu International Shopping Malls Pvt Ltd for a notable INR 519 crore. However, AMC initially faced issues granting full possession, as 10,672 sq m of the plot was under cultivation and not fully owned by the civic body. Sources now confirm that AMC has obtained the entire plot, and a proposal will be presented at the upcoming standing committee meeting to authorize the municipal commissioner to finalize the sale deed, enabling the buyer to gain full possession.
The Ahmedabad Municipal Corporation (AMC) recently concluded a significant land sale, transferring a substantial 66,168 square meter plot in Chandkheda to LuLu International Shopping Malls Pvt Ltd for an impressive sum of INR 519 crore. This transaction, which translates to a rate of INR 78,500 per square meter, was marked by high expectations; however, AMC encountered an unexpected challenge in delivering full possession of the land to the buyer. Advertisement
At the time of the sale, a portion of the plot, approximately 10,672 square meters, remained under cultivation, and AMC had not yet secured complete ownership of that section. This situation led to delays in the handover process, preventing LuLu International from taking full possession of the land as initially agreed upon.
In recent developments, AMC has successfully obtained possession of the entire plot. To formalize this transaction, a proposal is set to be presented at the upcoming standing committee meeting on Thursday. This proposal aims to authorize the municipal commissioner to finalize the sale deed. Once approved, the transaction will move forward, allowing for the formal transfer of full possession of the land to LuLu International Shopping Malls, paving the way for the development of the shopping mall project.
In conclusion, the Ahmedabad Municipal Corporation's recent land sale to LuLu International Shopping Malls Pvt Ltd for INR 519 crore faced initial challenges due to incomplete ownership of the plot. However, AMC has successfully secured full possession of the 66,168 sq m land, including the previously cultivated area. A proposal to finalize the sale deed will be presented at the upcoming standing committee meeting, paving the way for the formal transfer of the land to LuLu International, thereby concluding this significant transaction.
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