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

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