Ahmedabad: Ahmedabad Urban Development Authority (Auda) has netted Rs 871.2 crore from the sale of three plots in three days, with two of the deals setting new price records. A residential plot in Kathwada sold for Rs 697.5 crore, the highest-ever amount for a single plot auctioned by Auda or AMC, while a commercial plot in Thaltej fetched a record Rs 4.07 lakh per sq m.The deals stood out in an auction where only three of the 16 plots found buyers. Auda put 16 plots across Thaltej, Bopal, Chandkheda and Kathwada up for e-auction, with a combined base price of Rs 1,415 crore. The auction was held between Oct 21 and 23. Auda will place the auction results before its board for approval, after which the sale deeds will be executed.The biggest deal came from Kathwada, where a chemical group company purchased a sprawling 73,428 sq m residential plot. The plot, which had a base price of Rs 65,000 per sq m and a total reserve value of Rs 477.2 crore, fetched Rs 95,000 per sq m. This pushed the final price to Rs 697.5 crore — Rs 220.2 crore above the base price.While Kathwada set a record for total sale value, Thaltej emerged as the costliest by price per square metre. A 2,581 sq m commercial plot in the area was sold to a pharmaceutical company for Rs 105 crore. Against a base price of Rs 2.8 lakh per sq m, the winning bid reached Rs 4 lakh per sq m, bringing the sale value to Rs 32.7 crore above the Rs 72.2 crore reserve price.The third plot to find a buyer was in Bopal, where a private builder purchased a 4,104 sq m commercial plot for Rs 68.6 crore. Auda had fixed its base price at Rs 1,12,300 per sq m, valuing the plot at Rs 46 crore. The winning bid stood at Rs 1,67,300 per sq m, fetching the authority an additional Rs 22.5 crore. “We are planning to develop a commercial project on the land in the future,” the builder told TOI, confirming the sale.The Kathwada deal has also surpassed AMC’s previous record. On June 18, 2024, AMC sold a 66,168 sq m plot on SP Ring Road in Chandkheda for Rs 519.4 crore. The plot had a base price of Rs 76,000 per sq m (Rs 502.8 crore) and attracted three bidders. A shopping mall company eventually secured it at Rs 78,500 per sq m, paying Rs 16.5 crore above the reserve price.A senior AMC official said, “The Chandkheda plot was the largest AMC had sold by value. Over the past two years, AMC has sold 30 plots, generating Rs 3,134.9 crore.”A senior office-bearer of Confederation of Real Estate Developers’ Associations of India Ahmedabad said the high-value transactions reflected growing interest among corporate groups in the city’s real estate market. He attributed this interest to Ahmedabad’s expanding infrastructure, along with better education and employment opportunities that continue to attract people from other cities and states.“Commonwealth Games 2030 and the potential Olympics 2036 will completely transform the city’s image in the coming years, supporting a bullish outlook for real estate. All plots auctioned so far have received prices higher than the base price,” the CREDAI office-bearer said.
