Ahmedabad: Dubai-based Lulu Group has purchased a 66,168 square meter plot for Rs 519.41 crore from the Ahmedabad Municipal Corporation (AMC) to construct India’s largest mall. The plot, located in Chandkheda, was sold through an e-auction on Tuesday, attracting three bids. The base price was set at Rs 76,000 per square meter, with Lulu International Shopping Malls Pvt Ltd offering the highest bid at Rs 78,500 per square meter.

Initially priced by AMC at Rs 502.87 crore, the final sale brought in an additional Rs 16.54 crore. Reserved for commercial use, the plot will host Gujarat’s largest mall, projected to cost Rs 4,000 crore. This project follows an MoU signed during Chief Minister Bhupendra Patel’s visit to Dubai for the Vibrant Gujarat Global Summit roadshow.

Although there were initial plans to purchase a plot on the Riverfront, Lulu Group opted for the land on S P Ring Road in Chandkheda. The plot comprises five parcels under TP scheme no 76/B FP 381+382+383+391+396. Originally intended for a 99-year lease, AMC agreed to a sale at Lulu Group’s request, following state government approval.

AMC plans to auction 22 additional plots valued at Rs 2,250 crore in areas such as Bodakdev, Shilaj, Motera, Nikol, and Vastral, with auctions occurring in phases. The funds raised will be allocated for infrastructure development. Additionally, AMC is developing a policy to commence e-auctioning plots on the Sabarmati Riverfront.