See the news in Ahmedabad mirror
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It is a deal that the realty market of Ahmedabad needed to shake off the sentiment of stagnancy it has been mired in for a long time now. Once paperwork is completed, the expected rate of Rs 1 lakh a sq yard for a plot next to Iskcon Circle on SG Highway promises to make it the most expensive deal in the city so far. According to sources close to the development, “City-based realty firms Shivalik Projects and Shilp Infrastructure have bought the 8,000 sq yard plot, right at the corner of Iskon circle. The news has boosted the sentiment of the prevailing stagnant realty market.”
Post Vibrant Gujarat summit, this is the first landmark deal that may cross the Rs 100-crore mark. According to realty experts, prior to this deal NS Safal bought Kedar Bungalows, spread over 18,000 sq yard, at Rs 90,000 sq yard a year ago. This makes the Big Bazaar land deal the biggest on SG Highway. The property earlier had HN Safal and Goyal and Company as partners. After buying their stakes, Sandesh Group sold the property to Shivalik Group two days back. Sandesh Group MD Parthiv Patel, who looks after the real estate division, said “Yes we have sold our land to Shivalk Projects and Shilp Group.
However, we won’t be able to comment on the deal’s amount as it is still under negotiation.” Sources in the realty market said that the companies – Shivalik Projects and Shilp Infrastructure – have given the token amount to Sandesh Group towards finalising the deal and rest of the amount will be given in parts as per the terms and conditions finalised on paper. When contacted, Shivalik Projects Managing Director Chitrak Shah said, “We have bought the plot from Sandesh Group and are planning to come up with a state-of-theart commercial project.”
On the buzz of the deal being the most expensive on SG Highway, Shah said, “We are working on the project cost and other factors which will decide the final price of the plot. So, it is difficult to share the per sq yard price of the land deal. But we agree that it is a landmark deal so far as ‘per sq yard’ rate is concerned.” The piece of land next to the BRTS corridor and right on SG Highway. Shivalk Group will be getting floor space index (FSI) of four to construct the building which is an advantage to the developer. Therefore, the deal is noteworthy for Ahmedabad’s real estate market.
National Association of Realtors vice president Pravin Bavadiya said, “Being one of the biggest deals on SG Highway, in terms of price and strategic location, it will boost the sentiments of the realtors in the market.” Considering the strategic location and market value of the property, Bavadiya added, the deal should be around Rs 100 crore. At the time when Ahmedabad real estate market is struggling with the stagnancy, the deal will give sense of relief to many developers, anticipating revival of the real estate market in near future.”
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The apple wood town ship is worth around 320 cr investment wise for Sandesh group and s P ring road is developing very fast
With this in mind what could the the valuavation that is the big question
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