Ahmedabad civic body to frame new policy to sell 49 Sabarmati riverfront plots, ET RealEstate

September 27, 2023

<p>File Photo</p>
File Photo

AHMEDABAD: For over a decade, the Sabarmati Riverfront Development Corporation Ltd (SRFDCL), a public entity under the city’s municipal corporation, has been trying to sell 49 parcels of prime riverfront land to private developers. However, the process has seen prolonged delays, with the last valuation conducted by the state government in 2016.

Now, Ahmedabad Municipal Corporation (AMC) is working on a new policy to govern the sale of these plots, addressing a range of issues such as building footprint and development rights.

Inside sources from SRFDCL have disclosed that a sample of five plots situated on the western bank of the riverfront is being considered for sale once the new policy is finalized. “The crucial question remains whether this fresh valuation will set base prices that surpass the 2016 rates or align more closely with 2022 figures,” says a senior AMC official. According to SRFDCL’s official website, the sale of these 49 plots accounts for approximately 15 per cent of the entire riverfront area.

In 2016, the initial valuation conducted by AMC set the prices for two plots earmarked for a public auction. These valuations raised eyebrows, with one plot valued at Rs 7.86 lakh per sq m and the other at Rs 2.96 lakh per sq m. Many observers considered these rates exorbitant, the senior official added.

In January 2021, SRFDCL invited potential buyers once more. AMC provided comprehensive details about the plots, including their area, height, development rights, volumetric FSI for development, and construction specifications. This resulted in 21 proposals out of 28 being submitted by real estate companies.

However, in March 2022, AMC faced challenges selling a plot on the east bank of the riverfront. This plot was divided into two parts – one with an FSI of 4 and the other with an FSI of 2. The AMC turned to the land valuation committee of Ahmedabad Urban Development Authority (AUDA) to determine the base price for the plot. Yet, the committee concluded that the proposed prices were too low compared to the rates achieved in the previous auction.

  • Published On Sep 27, 2023 at 09:20 AM IST

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