In one more land bargain in Ahmedabad, a city-based engineer has as of late purchased a land package estimating 5,000 square yard on the Science City Road for around Rs 102 crore.
The prime land parcel is situated inverse Hetarth party plot on the Science City Road in Sola zone. The plot is about 1km from Shukan Mall Crossroads towards the Science City Circle.
“Going by the estimated deal size of Rs 102 crore, the rate per square yard works out to be Rs 2.05 lakh,” said sources aware of the development.
As per the land area players, the plot has brought rates higher than the common land costs in the region for what it’s worth in closeness of the principle street, where the floor space list (FSI) is likewise higher. The land bundles off the fundamental Science City Road are valued at normal Rs 1 lakh for every square yard.
“The buyer plans to develop a residential project on the land,” said a source privy to the development.
This is the subsequent significant land bargain in Ahmedabad in the course of the last one month. Scarcely any weeks prior, two or three city-based designers bought a 5,000 square yard real estate parcel close to the city’s luxurious Iskcon Circle on SG Highway for around Rs 150 crore.
This land bargain was supposedly done at Rs 3 lakh for each square yard, which is the most noteworthy rate for land in city up until now, said land sources. These land bargains have been struck when the land, similar to a few different areas, is confronting a difficult stretch because of the Covid-19 incited stoppage.
“This augurs well for the city’s real estate because such deals show that there is still an appetite for new development. Given the fact that land transactions have dried up since the outbreak of Covid-19, these deals also signal at the gradual improvement in market sentiment,” added a source.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Ahmedabad Local journalist was involved in the writing and production of this article.