Advertisement
The Gujarat government will receive 50% of the revenue from the sale of development rights for a 4,420 sq m plot on the Sabarmati Riverfront, generating INR 156.13 crore. This is mandated by a 2004 agreement for state-owned land. The Sabarmati Riverfront Development Corporation Ltd. (SRFDCL) approved the sale. The land disposal policy, updated in October 2023 and January 2024, uses value zones based on the GIFT City model. One previous auction was successful, while another was canceled due to a single bid, amid discussions about alleged plan changes favoring a bidder.
The Sabarmati Riverfront Development Corporation Ltd. (SRFDCL) will allocate a portion of revenue from a recent plot sale to the Gujarat government. This decision concerns a plot located on the Sabarmati Riverfront in Ahmedabad, Gujarat. It follows an existing agreement where 50% of the revenue generated from the sale of development rights on state-owned land is shared with the government. Advertisement
SRFDCL approved the sale of development rights for a 4,420 square meter plot situated near Vallabhsadan. This specific sale is valued at INR 156.13 crore. The arrangement for revenue sharing is in accordance with a 2004 agreement, where the revenue department mandated this 50% allocation for state-owned land used in the riverfront development project.
The Sabarmati Riverfront Land Disposable Policy has evolved over time. It was initially approved in October 2023 and then amended in January 2024. This policy divided the land into value zones, with base prices for development rights determined using a model similar to GIFT City.
A Request for Proposal (RFP) was issued in September 2024 for two plots. One plot was successfully auctioned to a Mumbai-based company. However, the auction for the other plot was canceled due to receiving only a single bid.
There were also discussions about alleged illegal changes made to the construction plan, which reportedly benefited the bidder company. Riverfront development projects are a significant aspect of urban planning, aiming to rejuvenate urban areas and create new public and commercial spaces. Land disposal policies for such projects are crucial for transparency and revenue generation for the government.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
