Ahmedabad's Ekta Farm Society Sells at over Rs. 3.3 Lakh Per Sq Yard

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Ahmedabad’s Ekta Farm Society Sells at over Rs. 3.3 Lakh Per Sq Yard

| Updated: July 2, 2024 16:42

A groundbreaking land deal along Ahmedabad’s Iscon-Ambli Road has set a new benchmark, with the Ekta Farm Society fetching an impressive Rs. 3.3-3.4 lakh per square yard. The transaction, valued at over Rs. 200 crore, marks a significant transformation for this particular stretch of the city.

Advantages and Potential

The location boasts several advantages, including its proximity to a BRTS (Bus Rapid Transit System) station right opposite the society’s gate—a well-known landmark. Additionally, the potential for increased Floor Space Index (FSI) adds to its allure. The planned building may claim a 5.4 FSI due to the wide roads in the vicinity.

Highest Price on the Stretch

Realty experts confirm that this is the highest price ever paid for a land parcel along this stretch. Consequently, the overall value of the deal falls within the range of Rs. 200 crore to Rs. 250 crore.

Swati Group’s Ambitious Plans

City-based Swati Group has acquired the plot, spanning 6,000 to 7,000 square yards, with ambitious plans to develop an iconic building. The group already has ongoing projects in the vicinity.

A source close to the development revealed that the land includes multiple bungalows, and most owners within the scheme agreed to proceed with the deal, having received fair compensation.

Iconic Building Ahead

Saket Agrawal, Managing Director of Swati Procon, explained, “Given the advantages of wide roads connecting to the city’s high-end streets, the BRTS corridor, and the 5.4 FSI, we intend to create an iconic building.”

When asked for further details, Agrawal deferred, stating that his father oversees the deal. However, he emphasized the project’s worth, considering the rising demand for both high-end residential and commercial developments in this area.

Iscon-Ambli: The Manhattan of Ahmedabad

Realty expert Nagrendra Rathore predicts that the Iscon-Ambli stretch will evolve into the “Manhattan of Ahmedabad” due to its multiple iconic structures and tall buildings. The surge in land prices has led to current property rates varying between Rs. 8,000 and Rs. 12,000 per square foot.

Growth Ahead

Between the Iskcon Crossroads and Bopal Crossroads, the Iscon-Ambli stretch is witnessing a surge in high-end development. Approximately 50 lakh square feet of construction is planned for the Ambli-Bopal stretch, solidifying its reputation as a prime location for luxury projects.

Rajesh Sharma, Director of Binori Group, concurs: “Like us, many other developers are launching high-end realty projects here, driven by promising prospects.”

Last year, in May, two land deals worth Rs. 3 lakh per square yard occurred on the same stretch, with buyers initiating commercial projects.

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