Ahmedabad
Back to back land deals have set Ahmedabad real estate market on fire. Two land parcels worth over Rs 315 crore have recently changed hands signalling a turnaround in realty business. In separate transactions, HN Safal and Goyal & Co has sealed a deal for 27,000 square yard plot in Shela on SP Ring Road, while city-based Soham group has fetched 11,500 sq yd land near Vaishnodevi circle.
On the other hand, Soham group has purchased the land parcel located between Vaishnodevi circle and Nirma University on SG High from another realtor Venus group at a price over Rs 1lakh per sq yd. This takes the estimated transaction value to above Rs 115 crore, sources added.
Area likely to be magnet for IT companies
Back to back land deals have set Ahmedabad real estate market on fire. Two land parcels worth over Rs 315 crore have recently changed hands signalling a turnaround in realty business. In separate transactions, HN Safal and Goyal & Co has sealed a deal for 27,000 square yard plot in Shela on SP Ring Road, while city-based Soham group has fetched 11,500 sq yd land near Vaishnodevi circle.
HN Safal
along with Goyal & Co have bought the prime piece of land near Club O7 in
Shela on SP Ring Road. At Rs 75,000 per sq yd rate, the deal size is estimated
to be Rs 202 crore, said sources close to the development.
On the other hand, Soham group has purchased the land parcel located between Vaishnodevi circle and Nirma University on SG High from another realtor Venus group at a price over Rs 1lakh per sq yd. This takes the estimated transaction value to above Rs 115 crore, sources added.
Area likely to be magnet for IT companies
However, the
deal sizes could not be officially confirmed from the concerned parties.
Soham Group
now plans to build a 20-storey commercial and office project with built up area
of about 10 lakh sqft on the land parcel, which is in close proximity to Zydus
group's under-construction corporate headquarter. Another company Sintex
Industries is also building its corporate house in this area near Vaishnodevi
Circle.
"The area is expected to attract several companies from information technology and other industries. 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," said a source.
"The area is expected to attract several companies from information technology and other industries. 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," said a source.
Few months
back, HN Safal, Gala Group and Goyal Group has acquired 42,000 square yard land
parcel near Gota flyover for their commercial and retail mixed-use project.
The Ahmedabad
real estate market has off-late seen a lot of traction in land deals. The
industry estimates suggest as many as 20 land deals have been struck in
Ahmedabad over the past three months.
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