The Sabarmati River Front Development Corporation Ltd (SRFDCL) will complete, by November 2009, the ‘plotting’ of the 79 acres of riverfront land that are earmarked for commercial projects.
The Sabarmati River Front Development Corporation Ltd (SRFDCL) will complete, by November 2009, the ‘plotting’ of the 79 acres of riverfront land that are earmarked for commercial projects.
Once this task is over, the SRFDCL, which is a special purpose vehicle floated by the Ahmedabad Municipal Corporation (AMC) to implement its riverfront project, can go ahead and auction the plots. The board of the company will have the final say on plot size and the nature of construction on the plots.
Municipal commissioner IP Gautam said once the plots had been carved out, the process to auction them for commercial use will be initiated. He, however, did not say anything to indicate how long will it be before the plots are auctioned.
Talking about the expected income from the auction of the plots, Gautam said investment in land usually accounts for around 10-20% of the total investment in a project. By this calculation, SRFDCL will get between Rs1,000 crore and Rs2,000 crore from the auction of the plots as the riverfront land marked out for commercial use is expected to draw Rs10,000 crore in investments. Out of a total of 415 acres of riverfront land, 79 acres will be developed for commercial use.
“We will decide the floor space index (FSI) as per the size of the plot,” Gautam said. Sources said the FSI for the riverfront land is expected to be very high. Meanwhile, the SRFDCL has invested a total of Rs552 crore in this project.
Out of this, Rs421 crore has been spent on construction work. In the first phase of the project, 85% of the retaining wall, and interceptor were completed. The company has already floated tenders for roads which are expected to cost around Rs20 crore.
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