A real estate broker from Sola has filed a police complaint against a bullion trader and builder from Prahladnagar, alleging a fraud of Rs34.56 crore in property sales. The accused, Rakesh Shah, presented himself as a bullion trader with real estate expertise and promised to help the broker sell his properties. After an initial payment, Shah allegedly avoided scheduled payments, claiming his bank account in Dubai was frozen. Additionally, the broker acted as a guarantor in the sale of two properties belonging to his friend, adding to the complexity of the fraud. The police are investigating multiple offenses, and the case has raised concerns about the need for tighter regulations and due diligence in real estate transactions.Read more

The AMC has introduced a decisive plan to streamline property tax valuation for new properties. The corporation has set a 45-day timeline for evaluating properties with building use permission. Any delays will have strict consequences for both the department and the officials involved. AMC's proactive approach includes prompt notification of BU permissions to the tax department, ensuring timely evaluations. This initiative aims to prevent disputes between buyers and builders, promoting transparency and efficiency.Read more

Arvind SmartSpaces Limited (ASL), a prominent real estate development company in India, has announced the acquisition of two expansive golf-themed development projects in Ahmedabad. These projects cover approximately 704 acres and have a potential worth of around Rs. 2,300 crore. Positioned in South Ahmedabad, they mark ASL's 17th and 18th projects in the area. The projects will follow a joint development model, enhancing returns through low capital intensity.Read more

DevX, Gujarat's premier managed office space provider, unveils its grand 4th coworking space in Ahmedabad, a colossal 1,80,000 square feet centre on SBR road, the largest in Gujarat. With an investment of Rs 60 crore, DevX plans to double its India portfolio. Founded in 2017, it fosters innovative start-ups, offering world-class infrastructure and strategic partnerships. DevX garners praise from clients, enhancing productivity and fostering growth. This dynamic ecosystem extends beyond workspaces, facilitating hackathons, seminars, and events. The company aims to consolidate its pan-India presence by 2023. A trailblazer in Gujarat's managed office space segment, DevX sets new standards and embodies collaboration and innovation.Read more

The RLDA embarks on an innovative journey to revitalize Ahmedabad Railway Station. With an estimated budget of Rs 2,563 crore, the project features modern amenities, a spacious roof plaza, and a focus on sustainability. The station will connect different transportation modes and be a new city centre, embracing seamless access and enhanced passenger experiences. RLDA's visionary approach ensures green building techniques, inclusivity, and advanced security measures. This transformative undertaking reflects India's indomitable spirit, uniting connectivity, progress, and grandeur in a symphony of aspirations and ambition.Read more

Ahmedabad's real estate association, CREDAI GIHED, has raised concerns over the city's civic body, the Ahmedabad Municipal Corporation, for collecting water tax from commercial property owners without providing them with water connections. The issue has sparked controversy as property owners argue that they are being charged for a service they are not receiving. CREDAI GIHED has urged the authorities to address the matter promptly and ensure that property owners are granted the necessary water connections corresponding to the taxes they pay.Read more

The AMC plans to auction five properties in Law Garden and Swastik Society to recover outstanding property tax dues. The auction is scheduled for the final week of July, with failing property owners facing non-compliance consequences. The AMC aims to reclaim the dues and return the surplus amount to the original owners. If no bidders emerge, the AMC will take possession of the properties. The AMC has collected Rs 842 crore in taxes since April, surpassing last year's figures by Rs 220 crore, highlighting their commitment to tax recovery.Read more

The Ahmedabad Urban Development Authority's ambitious plan to sell 17 plots for Rs 1,238.35 crore has encountered significant challenges. In the initial auction phase, only four plots were sold, raising concerns. High prices and uncertainty over the new Jantri rates has deterred bidders. Two expensive plots in Vejalpur failed to attract any interest. AUDA refrained from auctioning six plots in Bhopal. Despite their efforts, the auction fell short of expectations. AUDA has not officially disclosed auction details, but insiders suggest disappointment. Nonetheless, two plots in Manipur-Godhavi and two in Chandkheda were successfully sold.Read more

The Ahmedabad Municipal Corporation (AMC) has introduced a new policy requiring property owners to obtain a 'no due' certificate from the property tax department before being granted building use (BU) permission. The move aims to address the issue of unpaid property taxes for open land. The revised guidelines ensure that property owners settle all outstanding tax dues before utilizing their buildings. The AMC intends to crack down on tax evasion and the duplication of tax entries, promoting accountability and accurate tax billing. The implementation of these measures reflects the AMC's commitment to maximizing revenue and creating a fair and transparent system.Read more

Shivalik Group's residential tower project in GIFT City, Ahmedabad, has garnered immense success, selling 250+ apartments worth Rs 300 crore within a mere 15 days. The strong demand for luxurious homes in GIFT City and trust in the Shivalik Group have contributed to this achievement. The project offers 2BHK and 3BHK homes to diverse buyers, including NRIs. With top-notch amenities and innovative construction techniques, it aims to be completed by early 2027. Shivalik Group is proud to contribute to GIFT City's vision as an international financial hub, with more projects planned in the future.Read more

According to a circular from the Ahmedabad Municipal Corporation (AMC), after getting building use (BU) authorization, builders who disregard trees would face enforcement action. After gaining BU approval, the AMC will mandate that builders plant trees and construct tree guards that are tall enough, as well as ensure that builders maintain the trees. The AMC will take legal action if the tree planting regulations are not followed, and the garden department will check for compliance. The circular intends to encourage accountability and openness in tree-planting procedures among contractors and to ensure sustainable development methods.Read more

A controversy has emerged in the Ahmedabad Municipal Corporation (AMC) regarding a new urban development scheme. Landowners have discovered that their final plots were allotted in different villages, potentially violating state government guidelines. The issue was raised during a town planning committee meeting, where a proposal for objections and modifications to the draft plan was presented. The scheme, similar to a previous controversial plan, awaits further approval. The AMC must address concerns and ensure transparency in the town-planning process.Read more

Adani Infrastructure and Developers Pvt Ltd have emerged successful in acquiring 1.45 lakh square metres of land from Anil Ltd in Ahmedabad, for a total of Rs 325 crore. With Rs 70 crore already paid, the remaining Rs 255 crore will be settled imminently as per an NCLT order. The land, situated in the Bapunagar area, will be developed into a major real estate project. The deal marks a significant stride in Adani Group's infrastructural expansion.Read more

Escalating land costs in Ahmedabad are pushing real estate developers towards joint development projects. Two major developers, Bakeri Group and Shivalik Group, have inked joint development deals with landowner groups, spurred by increased jantri rates and premium FSI charges. These partnerships, allowing shared investments in construction and revenue, offer developers a way to bypass massive initial land investment while providing landowners potentially greater returns than conventional land sales.Read more

The AUDA (Ahmedabad Urban Development Authority) has made a significant decision that affects plotting schemes authorized before 2010. Any developer who modifies the designated purpose of a subplot within a plotting scheme will now face a mandatory land deduction of 40 percent. This means that if a plotting scheme initially approved for exclusive bungalow construction is altered to include merged subplots with residential or commercial buildings, the developer must allocate 40 percent of the land for public spaces, such as roads and gardens. Previously, developers were exempt from land deductions if the subplots were already sold.Read more

In a move that could further impact the cost of living in Ahmedabad, the Ahmedabad Urban Development Authority (AUDA) has recently announced its decision to raise development charges by a significant margin. The proposed increase would see development charges surge by 15-20 times the current rates, potentially burdening property owners and developers alike. With development charges being a crucial factor in the overall cost of construction projects, this move is expected to have far-reaching implications for the real estate sector and urban development in Ahmedabad.Read more

The land valuation policy of the Ahmedabad Municipal Corporation (AMC) has come under scrutiny due to inconsistencies in pricing guidelines for auctions of plots and constructed properties. Deviations from established practices and varying base prices have raised concerns about transparency and fairness. Stakeholders are urging the AMC to provide clarification and ensure a consistent valuation process to maintain trust and a level playing field in property auctions.Read more

The Ahmedabad Urban Development Authority (AUDA) has unveiled an audacious plan to auction eight prestigious plots worth Rs 561.28 crore. These prime lands are located in Chandkheda, Bopal, Vejalpur, and Manipur-Godhavi. The auction offers an exceptional opportunity to acquire these sought-after properties at a significant discount. The event is scheduled for June 30th and July 1st, following a meticulous evaluation by the Land Disposable Price Fixing Committee. AUDA's decision to auction these plots comes after the state government doubled the Jantri rates.Read more

PNT Reporter

The Ahmedabad Municipal Corporation (AMC) is set to implement a groundbreaking reform by offering its newly built properties for direct sale instead of the customary 99-year lease, thereby avoiding the 18% Goods and Services Tax (GST) levied on property auctions based on lease deeds. The move comes after the AMC faced a hefty GST payment of Rs 36 crore on an auctioned property valued at Rs 197 crore. The shift aligns with industry trends and may have implications for other municipal corporations in the country.Read more

PNT Reporter

The Ahmedabad Municipal Corporation (AMC) is considering deviating from its regulations on land deduction for urban planning schemes to assist select property owners in the Shahwadi-Behrampura area. The proposed town planning (TP) Scheme 32 would deduct only 25 percent of land from private plot owners, instead of the required 40 percent. This reduction would result in a smaller area for public utilization and an estimated loss of land worth approximately Rs 1,700 crore for the AMC. The decision to deviate from the regulations has raised concerns and may lead to disputes among landowners. The TP Scheme mechanism is a well-established part of Gujarat's urban planning framework.Read more