Realtors in Ahmedabad appear quite confident of the success of upcoming commercial projects to be set up on the Sarbarmati Riverfront, with indications of higher land prices doing little to dent their optimism.
Realtors in Ahmedabad appear quite confident of the success of upcoming commercial projects to be set up on the Sarbarmati Riverfront, with indications of higher land prices doing little to dent their optimism.
In case the Sabarmati Riverfront Development Corporation Ltd (SRFDCL), the special vehicle floated by the Ahmedabad Municipal Corporation, decides to reduce the land parcel for auction, upset prices for the plots are likely to go up. Taking into account the company's plan to recover the project's cost from the auction of the land, the price is likely to be in the range of Rs70,000 to Rs1 lakh per square yard.
However, realtors believe that SRFDCL is a one-of-its-kind project in India and has the potential to attract national and even international real estate developers. The project is centrally located in the city, and is hence fit for both residential and commercial kinds of projects. "The riverfront is suitable for hospitality, health, office and residential projects," said Vijay Shah, a city-based realtor.
Moreover, developers are also of the opinion that the real estate scenario in the city has changed in the last five years and market prices are going up with every passing day. Office premises on Ashram Road are quoted in the range of Rs3200 to Rs4000 per square feet. So the sentiment is that people will not hesitate to pay Rs6500 to Rs7,000 per square feet for the riverfront area. Some players were also of the opinion that the area is well-suited for corporate offices.
"The market is moving upwards, so the land on the riverfront can get a good deal," said Yogesh Bhavsar, vice president of Gujarat Institute of Housing and Estate Developers (GIHED). He also said that the floor space index (FSI) allowed on the riverfront will be a major factor in deciding ultimate prices.
Shah said that it will be good if the SRFDCL reduces the land parcel for the auction, to allow construction and allot more space to the general public. He said that the 'jantri' rates have gone up, so the civic body could get the same amount by selling less land.
Besides, the realtors also expect the civic body to fulfil its promises. "If the Ahmedabad Municipal Corporation (AMC) implements its project exactly as it was conceived and provides all the amenities, realtors will not mind paying a little more," said Rajesh Bramhbhatt, managing director of Safal Constructions Pvt Ltd.
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