Ahmedabad's deal No 1: Plot off SG Road sold for Rs 1,11,111/ sq yd

AHMEDABAD: For city’s realty business, it’s a cracker of a start to the festive season. A strategically located plot along the posh SG Road has been sold for Rs 1.11 lakh per sq yd. The land, about 7,500 sq yards near Prahaladnagar junction was sold at around Rs 85 crore. If sources are to be believed the plot was purchased by a realty company, which has launched projects in south Bopal.The land belonged to a five-decade-old realty firm. The deal was sealed recently after months of negotiations. After initially having quoted Rs 1.40 lakh per sq yard, the seller agreed to Rs 1.11 lakh a sq yard, say sources close to the development.
While the deal has been sealed, the registration process will take some time to finish. As the land falls under R1 zone, which allows a floor space index (FSI) of 1.8, the buyer plans to launch a high-rise commercial building, said sources. The development comes at a time when negotiations are on for sale of three prime plots of land in Law Garden, along CG Road and Naranpura. All three deals, ranging from Rs 1.10 lakh a sq yard to Rs 1.40 lakh a sq yard are likely to be sealed soon. Exactly a year ago, a Dubai-based NRI successfully bid for 3,700 sq yard land near Shalby Hospital. He paid Rs 34 crore at around Rs 95,000 per sq yd. Earlier in May 2010, a group of local realtors along with some NRI investors bought 2,800 bighas for a whopping Rs 800 crore on Thol-Sanand road. The deal was said to be struck at Rs 25-30 lakh per bigha.