Yet another change in the alignment of Metro rail route has flustered the real estate developers.
The developers believe that flip-flop on the route creates fluctuation in the real estate market.
Moreover, they do not find the new route lucrative from the development point of view.
Authorities of the Metro Express Link between Gandhinagar and Ahmedabad (MEGA) have kept on changing the metro train project alignment in Ahmedabad. The authorities have reverted to the original plan in a partial manner. Instead of Akshardham in Gandhinagar to APMC at Vasna in Ahmedabad, the authorities have decided to build the corridor between Motera and APMC.
Similarly, they removed the eastern corridor and preferred west-east corridor from Thaltej to Vastral.
The Ahmedabad Urban Development Authority (Auda) has linked the floor space index (FSI) relaxation with urban transport corridor. In the second revised draft development plan of Ahmedabad, Auda has proposed FSI of four within 200-metre area of Metro and BRTS corridors.
The developers do not believe that the new Metro route will be beneficial for them from this point of view. “There was much more scope of development on the old route. The revised route may be good for commuters as it is already a high density area, but there is little scope for real estate development,” said Yogesh Bhavsar, president of Gujarat Institute of Housing and Estate Developers (Gihed).
According to developers, re-development is still a new concept for the city. They find implementation of the re-development project difficult. Change in any of the urban transportation corridors leads to fluctuation in the realty prices in the city. If higher FSI is provided in certain areas, land prices will obviously go up accordingly.
“Change in route will also hit many deals on the earlier proposed Metro route that are either in process or in the finalising stage,” said a leading real estate consultant in the city. Moreover, the current sentiments indicate that the developers will think twice before sealing any deal on the Metro route till the actual work begins.
The developers want the state government to declare a proper long-term plan for the ambitious Metro rail project. Jaxay Shah, national vice-president of Confederation of Real Estate Developers Association of India (Credai), said that such projects should be planned with a long-term vision.
“The authorities should declare their 10-year vision on development of the project,” said Shah.
“We have sought an appointment with Anandiben Patel to express our concerns. We will request her to provide some kind of surety over the project and its route,” said Bhavsar.