Ahmedabad:
Ahmedabad's real estate market, which didn't do particularly well during the monsoon, picked up significantly during the festive Diwali season - all thanks to four major land deals, making up a whopping Rs 400 crore.
Some deals, that had been in the pipeline for quite some time, got clinched during the festive season, adding to the joy and glitter of the festival of lights.
The deals, involving big money and even bigger players, have remained hush-hush, even within the fraternity. No wonder then that corporate giants are also taking a fancy to this industry in a big way. Some have revealed their plans, but others remain tight-lipped.
Bopal - Sanand and SG Highway were at the centre of these land deals that took place during the Diwali season. It is believed that a major land deal, involving a transaction of around Rs80 crore -Rs100 crore, has taken place in Bopal.
"A deal of around 5,000 square yards has taken place in Bopal at a price that is higher than the prevailing market rates in the area," said one of the leading real estate brokers of Bopal.
At present, the land rates in Bopal are quoted to be anywhere between Rs14,000 to Rs20,000 per square yard, depending on the development zone along with location. However, this particular broker did not reveal anything about the buyer and the seller of the land. He said that the land can be utilised for residential or even commercial purpose.
Corporate giant Nirma is also believed to have bought around 3 lakh-square yard land in Godhavi near Sanand.
The company had recently indicated that it wants to enter the real estate sector, after delisting from the Bombay Stock Exchange (BSE). It is also believed that the parcel of land actually belonged to Virendra Patel of Popular Group. However, it was sold to some investor from Saurashtra some time back. The value of the deal is pegged at around Rs150 crore.
On SG Highway, two land deals have taken place; one in Makarba and another near Vaishnodevi temple. Around 32,000 square yards, 11-bigha land was sold for around Rs60 crore just before Diwali. The land belonged to a resident of Khatraj village. However, the buyer's name could not be confirmed.
"We were trying to sell the land and a party had shown interest, but someone else booked the land before we could proceed further," said Pinakin Dave, a broker.
Moreover, Goyal Group is also believed to have purchased land worth Rs35 crore - Rs40 crore in Makarba.
Deepak Patel, secretary of Gujarat Institute of Housing and Estate Developers (GIHED), said that such deals could boost confidence in the market, which is already booming.
Copyright restricted. Under license from www.3dsyndication.com
Some deals, that had been in the pipeline for quite some time, got clinched during the festive season, adding to the joy and glitter of the festival of lights.
The deals, involving big money and even bigger players, have remained hush-hush, even within the fraternity. No wonder then that corporate giants are also taking a fancy to this industry in a big way. Some have revealed their plans, but others remain tight-lipped.
Bopal - Sanand and SG Highway were at the centre of these land deals that took place during the Diwali season. It is believed that a major land deal, involving a transaction of around Rs80 crore -Rs100 crore, has taken place in Bopal.
"A deal of around 5,000 square yards has taken place in Bopal at a price that is higher than the prevailing market rates in the area," said one of the leading real estate brokers of Bopal.
At present, the land rates in Bopal are quoted to be anywhere between Rs14,000 to Rs20,000 per square yard, depending on the development zone along with location. However, this particular broker did not reveal anything about the buyer and the seller of the land. He said that the land can be utilised for residential or even commercial purpose.
Corporate giant Nirma is also believed to have bought around 3 lakh-square yard land in Godhavi near Sanand.
The company had recently indicated that it wants to enter the real estate sector, after delisting from the Bombay Stock Exchange (BSE). It is also believed that the parcel of land actually belonged to Virendra Patel of Popular Group. However, it was sold to some investor from Saurashtra some time back. The value of the deal is pegged at around Rs150 crore.
On SG Highway, two land deals have taken place; one in Makarba and another near Vaishnodevi temple. Around 32,000 square yards, 11-bigha land was sold for around Rs60 crore just before Diwali. The land belonged to a resident of Khatraj village. However, the buyer's name could not be confirmed.
"We were trying to sell the land and a party had shown interest, but someone else booked the land before we could proceed further," said Pinakin Dave, a broker.
Moreover, Goyal Group is also believed to have purchased land worth Rs35 crore - Rs40 crore in Makarba.
Deepak Patel, secretary of Gujarat Institute of Housing and Estate Developers (GIHED), said that such deals could boost confidence in the market, which is already booming.
Copyright restricted. Under license from www.3dsyndication.com
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