Ahmedabad: Development rights for plots in Gandhinagar’s GIFT City are 38% costlier than for Ahmedabad’s iconic Sabarmati Riverfront project. The Sabarmati Riverfront Development Corporation Ltd, managed by Ahmedabad Municipal Corporation, recently sold development rights for a commercial plot at Vallabhsadan on the riverfront for Rs 26,000 per sq m.
In contrast, GIFT City last month issued a request for proposal (RFP) for selling development rights for two plots, with a base price for residential development rights set at over Rs 36,000 per sq m. The residential plot in GIFT City is priced at Rs 3,383 per sq ft.
On Sep 13, 2024 SRFDCL issued an RFP to sell development rights for two plots on the riverfront. An auction was announced for a 4,420 sq m plot near Vallabh Sadan in the western part and another 3,045 sq m plot near Lemon Tree Hotel in the eastern part of the riverfront.
The rights for the plot near Vallabh Sadan were set to sell for 60,050 sq m of construction, with a base price of Rs 23,676 per sq m. Two companies bid, with a Mumbai company acquiring the rights by the highest bid of Rs 26,000 per sq m. On Oct 28, 2024, SRFDCL approved a bid of Rs 156.13 crore for selling development rights for the plot near Vallabh Sadan. The base price for its development rights was evaluated according to the Sabarmati Riverfront Land Disposable Policy, bringing it to Rs 32,500 per sq m.
Meanwhile, rights for the plot near Lemon Tree Hotel, on sale for 41,385 sq m of construction, had a base price of Rs 20,833 per sq m. However, the auction had to be cancelled with only one bid received.
On Feb 7 this year, SRFDCL issued an RFP to develop Riverside Savouries on the riverfront for which a 27,000 sq m parcel opposite B J Park was identified, with plans to have a food zone over 6,300 sq m.
Last month, GIFT City issued RFPs for selling development rights for plots in the Domestic Tariff Area, with plot 41A and 41B having a footprint of 3,129 sq m and development rights for 613,000 sq feet. Construction can reach up to 67.40m in height, with a base price of Rs 3,383 per sq foot, equivalent to approximately Rs 36,414 per sq m. The total base price for these development rights is set at Rs 207.37 crore.
Additionally, GIFT City plans to sell development rights for a 1,244 sq m plot with a 41,000 sq m foot print and rights for 100,000 sq ft, also priced at Rs 3,383 per sq ft. The base price per square metre for these plots exceeds that of a sold plot’s development rights on the Sabarmati Riverfront.