With back to back big land deals, the real estate market of Ahmedabad is moving ahead at a much faster rate. Recently, two land transactions with over 300 crores changed the overall realty market of the state generating a vast turnover.
The first deal was sealed between real estate giant HN Safal and Goyal & Co for 27,000 square yard plot in Shela on SP Ring Road. The two brought a major piece of land near Club O7 at Rs 75,000 per sq yd rate. Sources said that the deal size is estimated to be Rs 202 crores.
Talking about the second milestones transaction, city-based realtor Soham group has fetched 11,500 sq yd land between Vaishnodevi circle and Nirma University on SG Highway. The deal was done with Venus group at a price of over Rs 1lakh per sq yd taking the estimated transaction value to above Rs 115 crores.
Sources said that Soham Group is planning to develop a 20-storey commercial and office project with a built-up area of about 10 lakh sq.ft on the signed land parcel, which is in close proximity to Zydus group’s under-construction corporate headquarter.
“The area is expected to attract several companies from information technology and other industries in coming few years. Already a couple of large corporate houses are being built in the area. The area is fast developing as a commercial and office space hotspot,” source added.
Apart from the commercial developments, many renowned developers like Adani Realty, Soham Group, and others have come up with their residential projects near Vaishnodevi circle attracting many homebuyers towards the area.
HN Safal along with Gala Group and Goyal Group has acquired 42,000 square yard land parcel near Gota flyover, a few months back for their commercial and retail mixed-use project.
In last three months, the Ahmedabad real estate market has seen as many as 20 major land transactions which have also led to an increase in property prices in the state.