Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
The Ahmedabad Municipal Corporation (AMC) saw a surge in land demand during an online auction, with four out of six plots surpassing their base prices. The sales totaled INR 60.34 crore, significantly higher than the combined starting price of INR 37.32 crore. Notably, a commercial plot in Isanpur sold for INR 10.03 crore at INR 1.57 lakh per square meter, exceeding its base price of INR 60,000 per square meter, while a prime plot in Motera sold for INR 9.73 crore. This auction is part of AMC's broader land sale, which has generated INR 997 crore from 10 out of 22 plots over four days, reflecting strong market demand.
The Ahmedabad Municipal Corporation (AMC) is witnessing a surge in land demand with four out of six plots exceeding their base prices during an online auction held last week. These sales fetched a combined total of INR 60.34 crore, significantly higher than the combined starting price of INR 37.32 crore. Advertisement
Interestingly, a commercial plot located in Isanpur garnered a higher price compared to a similar plot in the prime area of Motera. The Isanpur plot sold for INR 10.03 crore at a rate of INR 1.57 lakh per square meter, exceeding its base price of INR 60,000 per square meter. In contrast, the Motera plot went for INR 9.73 crore, only slightly above its base price of INR 1 lakh per square meter. This trend suggests growing investor interest in developing areas like Isanpur, potentially due to lower land costs and future development plans.
This auction is part of a larger land sale by AMC. Over the past four days, 10 out of 22 plots have been successfully sold,generating a total revenue of INR 997 crore. This strong sales momentum indicates a healthy demand for land in Ahmedabad,potentially driven by factors like ongoing infrastructure development and a growing local economy.
The auction witnessed a range of results for other plots. A commercial plot in TP Scheme 71 at Muthiya sold for INR 18.72 crore, exceeding its base price by reaching a rate of INR 95,000 per square meter. However, a commercial plot in TP Scheme 56 at Narol sold for just INR 5.04 crore, slightly above its base price of INR 50,000 per square meter.
It's important to note that this recent auction follows the record-breaking sale of a plot on SP Ring Road in Chandkheda on June 18th. LuLu International Shopping Malls Pvt Ltd purchased this massive 66,168 square meter plot for a staggering INR 519 crore. The plot surpassed its base price of INR 76,000 per square meter and reached a final price of INR 78,500 per square meter.
The success of these land auctions highlights the potential of Ahmedabad's real estate market. With continued infrastructure development and economic growth, the city is likely to see further land sales in the coming months,attracting investors and developers seeking opportunities in a booming market.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
