Online auction of Sabarmati Riverfront plots

Gujarat Deputy chief minister Nitin Patel announced that online auctions of two plots by Sabarmati Riverfront Development Corporation Limited on the western part of the river will be conducted for private developers on June 21 and 22.

“This will be first auction in the country where real estate will be sold in a zone governed by volumetric bylaws,“ said Patel. The premium plot measuring 1,280 sq m near Nehru Bridge will be auctioned for a 99-year lease for a whopping Rs.7.86 lakh per sq m and is expected to yield a minimum of Rs.100.64 crore.The plot has been granted one of the highest FSI of 17. The second plot near Gandhi bridge, measuring 2,240 sq m, will be auctioned at a rate of Rs.2.96 lakh per sq mt with an FSI limit of 6.

Patel said the registration for bidding will be open from May 5 to June 5. Patel also announced second phase riverfront development construction on 7-km stretch between Dafnala to Indira bridge at the cost of more than Rs.350 crore. The first plot will yield Rs.100.64 crore while the second plot will be sold at Rs.66.45 crore..

Municipal commissioner Mukesh Kumar said, “The winning bidder has to complete the project within four years.“ He said that a total of 51 plots -26 plots on the east bank and 25 plots on west bank covering an area of 3.26 lakh sq m constituting 14.5% of riverfront space-have been earmarked for future auction.

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