Land Deal Injects Optimism into Ahmedabad’s Real Estate Market
Amid a slowdown in Ahmedabad’s real estate market, a recent high-value land deal has sparked renewed optimism. A prime plot located behind the Rajpath Club was sold for over ₹143 crore, marking one of the most expensive transactions in the city’s recent history.
Details of the Deal
The Ahmedabad Municipal Corporation (AMC) auctioned the commercial plot in the Bodakdev area under Town Planning Scheme No. 50. The plot, identified as FP No. 379/B, spans 4,658 square metres (approximately 5,570 square yards). The land, situated behind Under the Neem Tree Restaurant and near Rajpath Club, was sold at ₹3.07 lakh per square metre—significantly above the base price of ₹2.70 lakh per square metre.
The winning bidder, Niyogi Enterprise Pvt. Ltd. (NEPL), is reportedly a subsidiary of the Ahmedabad-based Nirma Group. Sources reveal that the company plans to consolidate its business verticals—Nirma Enterprise, cement, and pharmaceuticals—into a new corporate office on the site.
A source close to the company stated:
“Currently, the company’s offices are spread across various locations. The new facility aims to bring them all under one roof.”
Impact of Sindhu Bhavan Road (SBR) Growth
Experts highlight that the Sindhu Bhavan Road (SBR) area has experienced rapid commercial and retail growth, particularly after the pandemic. This development has led to increased demand and rising land prices in nearby areas, including around Rajpath Club.
- Current land prices on SBR: ₹3 lakh per square yard
- Office space prices: ₹8,000 to ₹10,000 per square foot
- Retail space on the ground floor: Up to ₹30,000 per square foot
Prashant Shah, a veteran developer, remarked:
“SBR’s sudden growth has driven property prices up significantly. Ground floor retail prices range from ₹30,000 to ₹15,000 per square foot, depending on the floor. As a result, areas like Rajpath Club will benefit from this trend.”
Nirma Group’s Real Estate Expansion
The Nirma Group has already ventured into real estate through its subsidiary, Constera Realty, managing both residential and commercial projects. This recent acquisition opens the door for the development of a mixed-use commercial property.
Real estate expert Vijay Shah commented:
“Given the size of the plot, if Nirma develops commercial space in addition to its corporate office, it would attract significant interest due to the group’s strong brand reputation.”
This landmark deal not only demonstrates Nirma Group’s strategic ambitions but also highlights the growing potential of Ahmedabad’s emerging commercial zones.