Mumbai's Ajmera Group and Ahmedabad-based Bakeri Realty plan to undertake housing projects on the vast tract of Calico Mills' land acquired by them at a public auction on Saturday.
In what could be good news for those looking for a house within a reasonable budget, Mumbai's Ajmera Group and Ahmedabad-based Bakeri Realty plan to undertake housing projects on the vast tract of Calico Mills' land acquired by them in a public auction on Saturday.
The two groups jointly purchased 2.39 lakh sq mt land at Behrampura for a sum of Rs211 crore during the auction of Calico Mills' assets.
Speaking to DNA after winning the bid, a visibly pleased Pawan Bakeri, director of Bakeri Group, said, "We haven't finalized the exact project we plan to undertake on the Calico Mills land. But, it will possibly be a mixed-use project, largely comprising residential buildings with a few commercial projects."
Bakeri Group is famous for building houses for all segments of the society, including elite class, middle class and even the under-privileged. Asked why the auction did not witness aggressive bidding, Bakeri said the upset price fixed for the land (Rs203.46) crore was high, which could have dissuaded bidders.
"This same plot that we have purchased today for Rs211 crore would have fetched around one-third of the price two or three years back. The land prices have shot up in the city," he said."The realty sector is stable right now, and demand is good. Realty prices are likely to show positive strain due to increase in prices of steel, cement, and even land," he said in response to a question.
He also described as a myth the general belief that there is no vacant land available in the city, saying there are lots of textile mills located within the city, which can offer huge tracts of vacant land.
Manoj Ajmera of Mumbai's Ajmera Group, who jointly bid for the land with Bakeri Group, said, ". We decided to join hands with Bakeri Group because we wanted to tap the l Ahmedabad realty sector.”
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