Rs150 crore paid for Law Garden plots in Ahmedabad

In a major land deal, two plots in the Law Garden area were sold last fortnight for around Rs150 crore. The two plots measuring around 8,000 square yards and 6,700 square yards, respectively, changed hands at the rate of around Rs1 lakh per square yard.
The plot adjoining Swati Restaurant in Law Garden area belonged to a Mumbai-based investor. He had bought the 8,000 square yard plot from one of the leading realtors of the city with an office in the same area. In the deal last fortnight, the plot was sold to another Mumbai-based investor at around Rs92,000 per square yard, making the deal worth around Rs75.40 crore.

Another plot measuring around 6,700 square yard known as Smaran Bungalows in the area also changed hands. Here, the value of land was quoted at around Rs1.05 lakh per square yard.

The plot is believed to have been purchased by a city-based developer for commercial purposes. It should be noted that the plot has changed hands as many as 5-6 times in the last one decade.

The real estate market of Ahmedabad is on the radar of investors from Mumbai and other cities of the country and even abroad. Recently, a Dubai-based jeweller made the highest bid for a plot belonging to the Heart Foundation and Research Institute.
Vijay Shah, a city-based real estate player, said that recent land deals indicated that the Ahmedabad realty market has huge scope of growth. "The city has been successful in attracting investors from outside the state. They have faith in Ahmedabad's growth story," he said.

Moreover, the Delhi-Mumbai industrial corridor (DMIC) and other infrastructure-building activities have boosted confidence in the market.