AHMEDABAD: Ahmedabad Urban Development Authority (Auda) has netted Rs 871.2 crore from the sale of three plots in three days, with two of the deals setting new price records. A residential plot in Kathwada sold for Rs 697.5 crore, the highest-ever amount for a single plot auctioned by Auda or AMC, while a commercial plot in Thaltej fetched a record Rs 4.07 lakh per sq m.The deals stood out in an auction where only three of the 16 plots found buyers. Auda put 16 plots across Thaltej, Bopal, Chandkheda and Kathwada up for e-auction, with a combined base price of Rs 1,415 crore. The auction was held between Oct 21 and 23. Auda will place the auction results before its board for approval, after which sale deeds will be executed.
A commercial plot in Thaltej also set a record at Rs 4 lakh per square meter.
The biggest deal came from Kathwada, where a chemical group company bought a 73,428 sq m residential plot. Against a base price of Rs 65,000 per sq m and a reserve value of Rs 477.2 crore, the plot fetched Rs 95,000 per sq m. The final sale value was Rs 697.5 crore, or Rs 220.2 crore above the reserve price.While Kathwada recorded the highest total sale value, Thaltej emerged as the costliest plot by price per sq m. A pharmaceutical company bought a 2,581 sq m commercial plot for Rs 105 crore. The winning bid of Rs 4 lakh per sq m was significantly higher than the base price of Rs 2.8 lakh per sq m, taking the sale value to Rs 32.7 crore above the reserve price of Rs 72.2 crore.The third plot, in Bopal, was bought by a private builder for Rs 68.6 crore. The 4,104 sq m commercial plot had a base price of Rs 1,12,300 per sq m and a reserve value of Rs 46 crore. The winning bid reached Rs 1,67,300 per sq m, earning Ahmedabad Urban Development Authority an additional Rs 22.5 crore. “We are planning to develop a commercial project on the land in the future,” the builder said.The Kathwada deal surpassed Ahmedabad Municipal Corporation’s previous record. On June 18, 2024, AMC sold a 66,168 sq m plot on SP Ring Road in Chandkheda for Rs 519.4 crore. AMC has sold 30 plots over the past two years, generating Rs 3,134.9 crore.A senior Credai Ahmedabad office-bearer attributed corporate groups’ interest in city’s real estate to its expanding infrastructure, education and employment opportunities. “CWG and the potential Olympics 2036 supports a bullish outlook for real estate.”
