Ahmedabad bourse to erect new bldng on Ellisbridge plot

The Ahmedabad Stock Exchange (ASE) Ltd wants to construct a new building at the place where its half-constructed building stands unused at Ellisbridge for 16 years.

The stock exchange wants to first demolish the half-constructed building before it undertakes the construction of the new building.

In an extraordinary general meeting on Friday, the board members of the exchange decided on erecting a new building at Ellisbridge. The plan is still at nascent stage. The ASE wants to demolish the half-constructed building because it wants to adhere to the new building norms announced after the 2001 earthquake.

The 117-year-old ASE, which had launched its operations from its building at  Manekchwok, now however does not run any operations since 2004. In the early 90s, the ASE realised the need of expansion. So it bought a 6,000-sq yard plot near the Gujarat College level crossing on May 31, 1991.

At that time, the stock exchange had sought permission from AMC to build the city’s tallest building and the permission was granted
to construct a 15 storey building with three levels of basement.

“After the AMC nod, the contract was awarded to Delhi-based Utility Engineers. But the Delhi-based company went for liquidation in 1995. And since then, the building has remained under construction,” said an official of ASE.

When the construction of the building could not proceed further, the ASE bought its current office at Panjrapole in 1996 and started the operations. But in 2004, the operations discontinued. 

"Now, after 16 years, the board members have agreed on demolishing and reconstructing the building. We want to make the building ready in three years. The new building will have more space than what we have at Kamdhenu at Panjarapole," said ASE chairman Hemantsinh Jhala. He also said to fund the construction of the Ellisbridge building, the ASE may either sell or give on rent the buildings at Panjarapole and Manekchowk.