The Ahmedabad Municipal Corporation has introduced a revised policy affecting parking spaces in commercial complexes and malls. Under this new policy, these establishments charging parking fees will now be required to pay property taxes on their dedicated parking areas. However, the policy offers exemptions for residential properties, including bungalows and tenements with unauthorized parking sheds or sunshades, along with basements' access ramps and runway spaces, which collectively make up about 35% of the total parking area. This move comes after inconsistent application of property taxes for parking spaces in the city, as some properties were exempted based on unclear guidelines. The policy aims to bring uniformity and transparency to parking taxation in commercial settings.Read more

The Ahmedabad Urban Development Authority (AUDA) is set to auction two plots in Chandkheda Town Planning Scheme 44, attracting interest from the Dubai-based Lulu Group. One of the plots is in AUDA's possession, while the ownership of the other is unclear due to historical land disputes. These lands were originally acquired by Sardar Sarovar Nigam Ltd. (SSNL) for a canal project but later became the subject of legal disputes between the government, original landowners, and Gujarat Housing Board (GHB). AUDA's decision to auction the plot with unclear ownership has raised questions and speculations about potential legal complications.Read more

The Ahmedabad real estate market is witnessing a resurgence in redevelopment deals following a significant increase in jantri rates. Over 30 redevelopment agreements have been finalized in the past three months, with approximately 500 housing societies in active negotiations with developers. What's intriguing is that even relatively young societies are exploring redevelopment options. However, developers are grappling with floor space index (FSI) limitations that make many projects economically unfeasible. Despite these challenges, the drive to rejuvenate older societies remains strong, with hope for more feasible solutions in Transit Oriented Zones (TOZs).Read more

Arvind Smartspaces Limited (ASL) has successfully pre-launched Arvind Uplands 2.0, a golf-themed plotted development in Adroda, South Ahmedabad. The first phase, covering around 4 million sq. ft. with a booking value exceeding Rs. 300 Crore, sold out in just three days. As part of a joint development project spread over approximately 100 acres, the initiative offers world-class infrastructure. Buyers of Arvind Uplands 2.0 will receive membership to Monogram Resort, providing access to amenities like a golf course. South Ahmedabad, with robust connectivity and proximity to industrial hubs, is emerging as a promising micro-market for plotted development and weekend homes.Read more

In a recent policy change, the Gujarat Real Estate Regulatory Authority (RERA) has exempted Ahmedabad Municipal Corporation (AMC) from seeking its counsel on real estate project cost assessments for construction cess calculations. This comes after concerns over developers understating costs, leading to revenue losses. The updated directive mandates officials to cross-check cost figures provided by developers in both building use (BU) and RERA applications. Officials are now also required to obtain a verified project cost from developers, eliminating the need for RERA consultations.Read more

The Ahmedabad Municipal Corporation (AMC) is drafting a new policy to facilitate the sale of 49 prime Sabarmati riverfront plots. This decision follows a decade of challenges faced by the Sabarmati Riverfront Development Corporation Ltd in selling these plots to private developers. Previous valuations, last conducted in 2016, were deemed excessive by industry experts. With the new policy in the works, potential buyers and stakeholders are keenly awaiting its implications for future riverfront development in Ahmedabad.Read more

The Ahmedabad Urban Development Authority (AUDA) has temporarily halted the allocation of development permissions (DPs) for both residential and commercial projects within knowledge institute zones spanning 24.1 square kilometres around Ahmedabad city. This decision aims to protect the original purpose of these zones, which were designated for knowledge institutions. While no official circular has been issued, AUDA anticipates potential changes to the general development control regulations (GDCR) for these zones. The move comes in response to concerns that residential and commercial constructions have been encroaching upon the knowledge institute zones, which were initially intended solely for educational institutions.Read more

The Income Tax Department has launched an extensive search operation targeting a prominent local real estate developer, Swati Procon, in Gujarat. Over 100 officials from Ahmedabad, Baroda, and Rajkot are involved, focusing on around 35 to 40 properties, potentially uncovering benami (proxy) transactions. The investigation scrutinizes key figures like Ashok Agarwal and Saket Agarwal, with the founder, Ashok Agarwal, at the centre of attention. Details remain guarded, but officials are delving into financial transactions to detect tax evasion and corporate irregularities. Parallelly, in Chennai, tax officials have conducted searches involving procurement practices and coal-handling materials. The real estate landscape faces continued vigilance from tax authorities, especially in redevelopment projects with cash components.Read more

The Ahmedabad Municipal Corporation (AMC) has taken a proactive stance on construction debris disposal in the city, announcing the allocation of 15 new disposal plots, bringing the total to 25. This move addresses the challenges posed by rapid urban development and infrastructure projects, aiming to minimize environmental impact. Citizens and construction companies can now request debris removal services from the AMC for a reasonable fee of Rs 200 per haul, streamlining the waste management process. The AMC also introduced a fairer fee structure for renting party plots and community halls, ensuring cost-effective access for various events.Read more

A record-breaking land deal has taken place in Ahmedabad, with a plot of approximately 4,000 square yards situated between Iskcon Circle and Prahladnagar selling for a remarkable Rs 3.25 lakh per square yard. An investor acquired the plot and is currently in discussions with a prominent developer for a joint venture project on the land. This transaction is considered the highest in the city to date and is notable as the first major land deal following the jantri revision in mid-April. While such high land prices are impacting project viability, positive sentiments about Ahmedabad's infrastructure development and economic growth persist.Read more

Four builders involved in a tragic construction accident in Naroda, resulting in the deaths of three workers, were arrested and later released on bail. The incident, which occurred at the Fortune Empire construction site, prompted charges under IPC sections 304 (A) and 114 for negligence and abetment. The Bandhakam Majdoor Sangathan has called for strict action against the builders, citing a rising trend in construction accidents due to inadequate safety measures.Read more

Lulu Group, a prominent UAE-based retail conglomerate, is set to construct a massive shopping mall in Ahmedabad, India, as part of its strategic expansion plans. This ambitious project, one of the largest in the region, aims to offer modern amenities and generate significant employment opportunities in the area. In addition to Ahmedabad, Lulu Group is planning another substantial shopping mall in Chennai and is about to inaugurate one in Hyderabad. This move underscores the group's commitment to enhancing India's retail landscape, boosting the local economy, and providing a world-class shopping experience while reaffirming India's appeal for international investment.Read more

The renowned jewellery brand Tanishq, a part of the Tata Group, has celebrated the grand reopening of its store at Shivranjani Cross Road in Ahmedabad. The event was attended by C K Venkataraman and Niraj Bhakare, Regional Business Head (West) of Titan Company Limited. Tanishq is known as India's beloved jewellery brand, offering a wide range of gold, diamond, solitaire, and bridal collections, including a High-Value Studded Zone from Rivaah, their wedding jewellery sub-brand. The revamped 14,000 sq ft store in Ahmedabad features iconic designs and unique sub-brands, and to mark its reopening, it offers special promotions like free gold coins and discounts on jewellery purchases.Read more

Motilal Oswal Financial Services has made a strategic acquisition by procuring a standalone commercial tower in Ahmedabad's financial district, spanning 12 floors and nearly 110,000 square feet. The undisclosed transaction with Claris Life Sciences heralds the creation of the Motilal Oswal Tower, their third independent commercial property alongside Mumbai and Bengaluru. This brownfield project on Sindhu Bhavan Road is set for completion by September 2024.Read more

The AMC is embarking on a sophisticated venture to digitize and enhance its property tax reassessment procedure through a specialized mobile application. Spearheaded by the Revenue Committee, this innovation aims to expedite the reassessment process, eliminate errors, and ensure meticulous property visits. Linked with Google Maps, the app operates through the registered mobile devices of assessment officers, facilitating photo uploads and real-time verification. AMC envisions concluding the entire process within 75–90 days, promising accuracy and efficiency. Additionally, the corporation plans to introduce QR code-based online property tax payments, further simplifying the taxpayer experience.Read more

Nisus BCD Advisors LLP, managing Nisus Finance's RESO-1 Fund, has infused Rs 95 crore into Ahmedabad's Swaminarayan Business Park, partnering with Phoenix ARC and Kotak's Asset Reconstruction Arm. This signals Nisus Finance's entry into Ahmedabad's real estate market, focusing on projects with robust cash flows and risk-mitigated returns. The project, owned by Dharmadev Group, is nearly 80 percent complete and aligns with RESO-1's strategy. This investment underscores Nisus Finance's expansion beyond its target markets, including Indore and NCR, and marks its debut in late-stage commercial projects.Read more

Ahmedabad has been named India's most affordable city for homebuyers, according to the latest Affordability Index by real estate consultancy Knight Frank. In H1 2023, Ahmedabad registered a low ratio of 23% between monthly instalments and average household income, followed by Pune and Kolkata at 26%. In contrast, Mumbai recorded a high ratio of 55%, marking it as the least affordable city in India. The report also highlights shifts in housing demand due to RBI's rate hikes to curb inflation, impacting the under Rs 50 lakh price segment significantly. Despite increased EMIs, housing demand continues to sustain at multi-year highs.Read more

Ahmedabad Municipal Corporation advocates satellite towns to counter urbanization challenges. The plan aims to distribute population, resources, and infrastructure to nearby self-sustained urban centres. By reducing congestion and promoting sustainability, satellite towns offer a solution to overpopulation and inadequate amenities. The strategy aligns with a balanced growth approach, attracting investment, creating jobs, and enhancing living standards. Collaboration with experts and stakeholders is integral to successful execution, with potential to set a precedent for innovative urban solutions.Read more

The Ahmedabad Municipal Corporation has increased refund amounts for tree plantation deposits, with residential and commercial projects eligible for Rs 3,000 and Rs 5,000 per tree respectively after five years. This move, in line with city regulations, encourages builders to maintain successful tree plantations. Additionally, a refundable surcharge for percolating wells has been introduced to promote sustainable water management, although recent inspections revealed challenges in compliance.Read more

Ahmedabad, the largest city in central Gujarat, faced a proposal in June to convert its eastern agricultural zone into industrial and residential areas. The plan aimed to transform around 12,000 hectares of land across 19 villages, intending to boost economic growth and urbanization. However, the proposal was put on hold after the Ahmedabad Urban Development Authority decided to review its feasibility, speed, scope, and impact on land use patterns. This sudden decision has caused disappointment and controversy among developers and residents who anticipated the city's development.Read more