Ahmedabad's commercial property sector is experiencing a resurgence, with new project launches expected to grow by 20-25% this year. This increase follows a period of low activity due to the COVID-19 pandemic. Data from GujRERA reveals 22 new commercial and 70 mixed-use projects in FY 2024-25, compared to 67 and 236 respectively in the previous year. Transaction volumes for office spaces surged by 219% in H1 2024, with significant contributions from local and out-of-state businesses. Despite a sluggish retail segment, the commercial market's recovery suggests a positive outlook for Ahmedabad's real estate sector.Read more

Ahmedabad-based Nila Spaces is investing INR 750 crore in a new residential project at GIFT City, signaling the area's evolution into an urban living hub. The developer secured a 5,550 sqm plot for INR 342 crore, with plans for a 100-meter tall residential building spanning 5.22 lakh sq ft. This project aims to generate over INR 1,000 crore in revenue and cater to professionals in the financial and technology sectors. With other developers like Sobha Limited also investing, GIFT City is poised to become a premier destination for both business and urban living.Read more

The Ahmedabad Municipal Corporation (AMC) saw a surge in land demand during an online auction, with four out of six plots surpassing their base prices. The sales totaled INR 60.34 crore, significantly higher than the combined starting price of INR 37.32 crore. Notably, a commercial plot in Isanpur sold for INR 10.03 crore at INR 1.57 lakh per square meter, exceeding its base price of INR 60,000 per square meter, while a prime plot in Motera sold for INR 9.73 crore. This auction is part of AMC's broader land sale, which has generated INR 997 crore from 10 out of 22 plots over four days, reflecting strong market demand.Read more

The Ahmedabad property market is thriving, with a 10% rise in average prices over the past year and a 45% increase since March 2019. Factors like strong developer credibility, timely project completions, and transparent financing are driving positive buyer sentiment. Despite a 64% drop in new property launches, home sales have surged by 78%, indicating healthy demand. The Gujarat International Finance Tec-City and infrastructure upgrades support long-term growth. Experts predict sustainable growth with a stable government post-election and a positive policy environment, making Ahmedabad a hotspot for homebuyers and investors.Read more

Housing redevelopment projects are booming in Ahmedabad, with around 50 projects finalized in the last eight months and 400 more in late stages of negotiation. Areas like Navrangpura, Naranpura, Paldi and Memnagar are seeing huge potential for redevelopment. Faster deals and recent High Court order mandating approval from only 75% residents, have prompted more societies to opt for redevelopment. This has also led to high demand for rental homes in these areas. Additionally, some homebuyers who previously sought new properties in the outskirts were now interested in redevelopment as they get additional amenities in prime locations.Read more

PNT Reporter

Ahmedabad's civic body, the AMC, has announced a significant policy change regarding temporary leases. Under the new regulations, revised jantri rates will be enforced by the AMC for these temporary leases. Notably, there will be a 25% concession on rent specifically for plots utilized for commercial purposes. Previous plots rented for various activities will now reflect updated jantri rates, signaling a significant policy shift. This move marks a shift in the city's land management strategy, aiming to streamline lease processes while also providing incentives for commercial activities within the region.Read more

PNT Reporter

The Gujarat High Court has intervened in the redevelopment saga of the Shilpalaya Co-operative Housing Society in Vasa, Ahmedabad. With buildings dating back to the mid-1980s and severely damaged, a majority decision for redevelopment was hindered by objections from just five of the 228 members. The High Court ruled in favor of progress, directing the dissenters to vacate their flats within eight weeks to pave the way for the proposed redevelopment plan. The court emphasized the urgent need for redevelopment and highlighted benefits including larger flats, financial incentives, and enhanced safety measures for residents.Read more

The NCLT rejects Express Group's revival plan for Neesa Leisure Ltd, dismissing the proposal due to flaws in transparency and fairness. Despite creditor approval, the plan favored secured over unsecured creditors, overlooking claims on disputed assets. Now, creditors must regroup to devise a revised strategy. The decision reflects broader trends in the hospitality sector, where strategic buyers and investors are eyeing distressed assets. With over 7,000 companies undergoing resolution, including 146 from hospitality, the sector faces challenges and opportunities for restructuring amidst economic uncertainties.Read more

The Ahmedabad Municipal Corporation's tax department sealed 2,950 properties, including commercial establishments, for failing to pay property tax. The West Zone had the most sealed properties, totaling 1,686. During the drive, officials managed to recover pending taxes amounting to INR 5.81 crore. This action underscores the municipality's efforts to enforce tax compliance and ensure revenue collection. The move sends a strong message to property owners regarding the importance of fulfilling their tax obligations promptly.Read more

In a meticulously executed three-day online auction series from January 29 to 31, the Ahmedabad Municipal Corporation (AMC) achieved a remarkable revenue of INR 298.65 crore by selling prime plots across the city, surpassing the previous record set in May 2021. The highlight was the Bodakdev plot opposite the Rajpath Club, fetching a record-breaking INR 148 crore and setting a new per-square-meter rate record at INR 3.20 lakh. The success continued with prime plots in Vatva and Makarba on the first day, followed by commercial plots in Makarba Town Planning Scheme 26 and Saipur Bogha Town Planning Scheme 48 on the second day. The AMC's adaptive strategy positions it favorably for future developments in Ahmedabad.Read more

The Ahmedabad Municipal Corporation (AMC) is set to conduct a fresh round of auctions for approximately 150 plots measuring less than 2,000 square meters. This decision comes after the lukewarm response to larger plot auctions in February 2023. Potential buyers have shown a preference for smaller plots suitable for bungalows or compact corporate offices. In response, the AMC's standing committee has directed officials to assess and prepare 10 to 15 smaller plots for sale in the western parts of the city. This adjustment in approach aims to cater to evolving buyer preferences and maximize participation in future auctions, aligning with current market demands.Read more

The Maharashtra Government has allocated Rs 239.60 crore for a 'Maharashtra Pavilion' at the National Maritime Heritage Complex in Lothal, Gujarat. The pavilion is set to showcase the state's rich maritime legacy with a spotlight on historical ports and Chhatrapati Shivaji Maharaj's strategic navy. The move aligns with the broader NMHC project initiated by PM Narendra Modi in 2019, reflecting a commitment to preserving India's maritime history. The complex, slated to complete by March 2024, will offer a comprehensive exploration of India's maritime heritage with museums, amusement parks, and recreations of ancient cities.Read more

The Ahmedabad Municipal Corporation (AMC) has announced the auction schedule for eight plots, including a prominent Bodakdev plot valued at Rs 333.14 crore. After an unsuccessful February auction, the re-auction includes six commercial and two residential plots with a collective reserve price of Rs 835.77 crore. Bidders must register by January 17, with the online auction scheduled for January 29–31. The AMC expects to raise about Rs 1,000 crore from these plots, showcasing a strategic effort to leverage real estate potential, attract diverse investors, and contribute to Ahmedabad's overall growth.Read more

Ahmedabad's civic bodies, AUDA, AMC, and SRFDCL, are set to auction 21 plots before the Vibrant Gujarat Global Summit 2024, with expectations of raising Rs 3,000 crore in revenue. The most expensive plot, owned by SRFDCL, is valued at Rs 3.68 lakh per sq m. The 21 plots include 8 plots by AMC, AUDA's 11 plots, and SRFDCL's 2 plots. Despite challenges in previous auctions, interest from real estate firms is prominent. The Vibrant Gujarat Global Summit, established in 2003, remains a prestigious forum for business networking and sustainable development, with the 2024 edition focusing on key themes and national priorities.Read more

In a significant move, Gap Associates, SUN Realty Partnership, and BMS Projects have acquired a 42,241 sq meter plot in Dholera Special Investment Region (SIR) for Rs 17.42 crore. This joint venture, facilitated by Dholera Industrial City Development Limited's first land auction, aims to leverage the plot's high Floor Space Index (FSI) for extensive development. The deal signals a major boost in Dholera's economic growth and infrastructure, reinforcing its position as a key industrial and urban hub near Ahmedabad, and is set to transform the region's real estate and commercial landscape.Read more

The Ahmedabad Municipal Corporation (AMC) has introduced the 'GreenBlueYellow Roof' (GBY Roof) incentive program, aiming to promote eco-friendly practices among owners of independent houses such as rowhouses, bungalows, and tenements. Under this scheme, residents can avail themselves of benefits and incentives for incorporating green and sustainable features into their roofs. The initiative underscores the municipality's commitment to environmental sustainability and encourages citizens to contribute to a greener and more eco-conscious community. The GBY Roof initiative aligns with the AMC's broader vision of fostering responsible and environmentally conscious urban living.Read more

The Ahmedabad Municipal Corporation (AMC) is set to provide relief to plot owners who lost portions of their land due to errors in town planning schemes. Landowners will receive TDR certificates, which can be sold to developers in their designated areas. This initiative is pending approval and will initially benefit plot owners within Naranpura Town Planning Scheme 29, who have been in a 25-year dispute with the AMC over the error that occurred in 1973 when a smaller area was allocated than expected. The compensation is valued at Rs 3.35 crore, aiming to rectify the long-standing issue.Read more

Ganesh Housing Corporation is partnering with US real estate firm Tishman Speyer to develop a massive IT Special Economic Zone (SEZ) called "Million Minds Tech City" in Ahmedabad, Gujarat, with an investment of Rs 8,000 crore. Spanning 65 acres near Chharodi village along SG Road, this SEZ will offer office space for IT and ITes companies, along with dedicated residential, commercial, and hospitality areas. The project will encompass 80 lakh sq.ft. of IT office space, 53 lakh sq.ft. of residential space, and more. It is expected to create direct employment for 1.6 lakh people and attract major tech companies like Apple, IBM, Google, and Amazon. The project will commence by 2026 and is aimed at positioning Ahmedabad as a hub for the IT sector.Read more

The Ahmedabad Municipal Corporation (AMC) has suspended the HR Exeter-2 construction project in Ambawadi following the tragic death of a girl on-site. An immediate inspection revealed a lack of safety measures, including the absence of essential gear for workers. Engineers Chitrarth Parani and Anjana Kumari Chaudhary have had their licences revoked for not enforcing safety regulations. Developer Utsav Patel and engineer Bhargav D Patel face potential licence cancellations, with AMC seeking explanations for the glaring safety omissions. This incident underscores the vital importance of rigorous safety protocols in construction.Read more

The Asian Development Bank (ADB) has approved a $181 million loan for the Ahmedabad Peri-urban Liveability Improvement Project in Gujarat, India. The initiative focuses on enhancing urban liveability and mobility in Ahmedabad's peri-urban areas. Key components include the construction of a 166 km water distribution network, 126 km climate-resilient stormwater drainage, 300 km sewerage systems, and four sewage treatment plants. Additionally, the project supports 10 junction improvements along the Sardar Patel Ring Road for better connectivity. ADB aims to strengthen technology-based urban planning, emphasizing climate resilience, gender equality, and social inclusion. The initiative can serve as a model for controlling urban sprawl in a rapidly urbanizing India.Read more