Several mega land deals have created a boom in the Ahmedabad real estate market. Two plots which are worth more than Rs. 315 crore have recently been sold and this also indicates a revival in the real estate sector of the city. HN Safal and Goyal & Co have purchased a plot of 27, 000 square yards on the SP Ring Road and Soham Group has acquired a plot of 11, 500 square yards located near the Vaishnodevi Circle. The former transaction is for a prime plot near the Club O7 at Shela on the SP Ring Road. The deal is expected to be worth Rs. 202 crore with an estimated rate of Rs. 75, 000 per square yard.
Soham Group has bought the plot situated between the Nirma University and Vaishnodevi Circle on the SG Highway from Venus Group at a price point of Rs. 1 lakh per square yard as per reports. The transaction value is expected to be around Rs. 115 crore. Soham Group is reportedly planning to develop a 20 storeyed office and commercial project which will have 10 lakh sq. ft. of built-up area and this lies near the under-construction corporate headquarters of the Zydus Group.
Sintex Industries is also developing its own corporate house in this locality near the Vaishnodevi Circle. The area is expected to draw multiple companies from IT and other sectors. Several corporate houses are building offices in this area and this will soon become a major commercial hub. A land parcel of 42, 000 Square Yards has been acquired by the Gala Group, HN Safal and Goyal Group near the Gota flyover for a retail and commercial mixed-use project. More than 20 land deals have been closed over the last 3 months in Ahmedabad as per reports.