Ahmedabad’s real estate market is witnessing a steady revival with two big-ticket land deals seen here along the SG Highway. Some of the largest land deals crossing more than Rs. 1, 000 crore have been inked in a very short span of time and most of these deals are adjacent to the SG Highway in the Gota micro-market. There are two big land deals that have created a stir in the city’s real estate market. The Gayla Group and Goyal Group have inked a joint venture for a 42, 000 sq. yard land parcel located next to the Gota flyover.
This plot will be used for a mixed-use project which will have commercial and retail development as per reports. This will have 16 lakh sq. ft. in terms of built-up area and the largest ever project in the city and even in the State as claimed by the developers. This joint venture is also expected to build a shopping mall cum commercial structure in the future.
The other land deals worth a whopping Rs. 1, 000 crore are reportedly in the town planning scheme numbers 34, 32, 36 and 33 which majorly encompass Gota, Jagatpur and Tragad. There are 3-4 deals between Rs. 40-100 crore in the Tragad zone and this covers the Mohini farm which could be sold at a whopping Rs. 1.50 lakh per sq. yard. There is another plot at Hebatpur which has been sold for Rs. 1.05 lakh per sq. ft. and this covered 10, 000 sq. yards. These deals have given a major boost to the real estate market in the area. The retail, mall and commercial ventures will also cater to the growing residential market from the Gota flyover till the Vaishnodevi circle. Around 10 lakh people currently stay in this zone and over the next 5 years, this could increase to 15 lakh individuals or even higher.
