Advertisement
LuLu International Shopping Malls Pvt Ltd has purchased a 66,168 sq m plot in Chandkheda, Ahmedabad, for INR 519.41 crore, marking the city's largest-ever property transaction. The deal, registered at the Sabarmati sub-registrar's office, generated INR 31 crore in stamp duty, a record for Ahmedabad. The Ahmedabad Municipal Corporation had auctioned the land at a base price of INR 76,000 per sq m, with LuLu securing it at INR 78,500 per sq m. After resolving land possession issues, the AMC approved a full sale deed instead of a 99-year lease, reflecting a policy shift towards investor-friendly practices and signalling rising confidence in Gujarat's real estate market.
LuLu International Shopping Malls Pvt Ltd has finalised the purchase of a 66,168 square metre plot in Chandkheda, Ahmedabad, for INR 519.41 crore. The registration of the sale deed, completed at the Sabarmati sub-registrar's office earlier this month, generated INR 31 crore in stamp duty for the state exchequer the highest ever recorded from a single transaction in the city. Advertisement
Officials from the state revenue department confirmed that while Ahmedabad had previously seen transactions in the INR 300-400 crore range, none had crossed the INR 500 crore mark until now. This deal has, therefore, set a new milestone for the city's property market and stamp duty collection records.
The Ahmedabad Municipal Corporation (AMC) had earlier put the land up for online auction with a base rate of INR 76,000 per square metre. LuLu International secured the plot at INR 78,500 per square metre. However, the transaction faced a delay as the AMC initially possessed only 55,496 square metres of the total land parcel, with 10,672 square metres still under cultivation. Full possession was handed over after the approval of the relevant town-planning scheme, nearly six months after the auction.
Following a request from LuLu International, the AMC decided to execute a sale deed rather than a 99-year lease deed. Subsequently, the corporation revised its policy, cancelling the previous lease arrangement for plots designated for sale and approving full sale deeds instead.
The record-breaking Chandkheda land deal has not only boosted Ahmedabad's real estate reputation but also signalled a shift in municipal policy towards greater investor flexibility. By moving from lease deeds to outright sale agreements, the AMC has demonstrated its willingness to adapt to changing market dynamics. The transaction underscores growing investor confidence in Gujarat's property market and paves the way for more large-scale investments in the near future.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
