The Torrent Group, one of the leading pharmaceutical companies in the country has recently signed the biggest land deal in Ahmedabad boosting the real estate market of the city. The group brought a 28,000 sq yard plot worth Rs 350 crore in Ahmedabad’s Hebatpur, close to Shilaj Circle.
According to sources from the realty sector, the Torrent Group was eagerly waiting to shift its headquarters and had been searching for a land parcel for a very long time. They finally found the land of their choice and bought 28,000 sq yard land at a cost of Rs1.20 lakh per sq yard.
Sources further said, “The land was bought from BSafal Group and Shaan Zaveri. The buyer is one of the leading companies in the country.” Landowner Shaan Zaveri and MD of BSafal group Rajesh Brahmbhatt confirmed the deal.
Due to congestion in the city, the group wanted to expand their office and shift their employees to an all-new state-of-the-art facility. The above land is divided into two plots – 18,000 sq yard and 10,000 sq yard, which are separated by a road.
The company has offices in Nehrunagar and Ashram Road among other areas too.
Welcoming this deal, real estate experts say that these days the companies are looking for bigger offices with better infrastructure. The firms prefer to build a corporate house which gives them independence and ability to function more efficiently.
Another expert said that such deals will also help residential real estate development around SP Ring Road as the employees may buy or rent apartments or bungalows in the vicinity.
A few days back another milestone deal between city-based realtor Soham group and Venus group has rocked the city’s real estate market. It was 11,500 sq yd land deal situated between Vaishnodevi circle and Nirma University on SG Highway with an estimated transaction value to above Rs 115 crores.