Of 10 bidders, Mumbai-based Ajmera Group came out with the highest bid quoting Rs56.75 crore against the upset value of Rs55 crore.
Although the real estate market in the city is booming, The Gujarat Institute of Chemical Technology did not benefit much from the sale of its plot as the highest bidder quoted a price just a little bit higher than the upset value.
The charity commissioner of Gujarat had set Rs55 crore as the upset value of the 7661 square metre (8378 sq yard) plot, which is located near Hotel Cambay on SG Highway.
The highest bid for the plot was quoted at around Rs56.75 crore. Those close to the development suspect a cartel to be behind the modest rise in price quoted. They allege that this was the case in many previous public auctions of land in the city.
The brokers and realtors were expecting the value of the plot to touch Rs75,000 per square yard as it is located in residential zone I (R-I).
The recent sale of land in R-II zone (which is not as good as R-I) has revealed that land prices are in the range of Rs60,000-Rs62,000 per square yard.
"Compared to these figures, the price quoted by the highest bidder is considerably low," said a source in the realty market.
HM Dholakia, charity commissioner of Gujarat, said that only it is only a formality. "The final decision will be taken after the trust board passes the proposal," he said.
Of the total 10 bidders, Mumbai-based Ajmera Group of Companies came out with the highest bid quoting Rs56.75 crore against the upset value of Rs55 crore.
"We plan to launch high-end 3 and 4 BHK apartment scheme on the plot provided the deal goes through," said Manoj Ajmera, director of Ajmera Group of Companies.
The charity commissioner has also received two objections against the auction of the plot. One Alkesh B Thakar along with one Udiba have claimed their right to the said plot.
Official in the charity commissioner's office said that both have claimed that their ancestors sold the land in an illegal way.
The charity commissioner will take the final decision in this regard by hearing both the parties. "If their claim is proven then, the auction will be cancelled," said an official.
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