GIFT City Becomes Ahmedabad’s Hottest Property Zone

News Source: timesnownews.com

GIFT City Overtakes Ahmedabad’s Riverfront as the Hottest Property Zone with 38% Price Lead

Development rights in Ahmedabad’s real estate market have seen a notable surge, especially in Gandhinagar’s GIFT City, where current prices are 38% higher than those at the iconic Sabarmati Riverfront. According to a TOI report, the Sabarmati Riverfront Development Corporation Ltd, managed by the Ahmedabad Municipal Corporation, recently sold development rights for a commercial plot at Rs 26,000 per square metre.

Comparative Pricing Analysis

GIFT City has recently invited bids for two plots, with the starting price for residential development rights set at over Rs 36,000 per square metre (around Rs 3,383 per square foot). This significant price difference highlights the increasing demand for development in GIFT City, which is positioning itself to attract major investments.

On September 13, 2024, the Sabarmati Riverfront Development Corporation Ltd invited bids for two plots along the riverfront. One of these plots near Vallabh Sadan offers 4,420 square metres of construction area, with a starting price of Rs 23,676 per square metre. The highest bid for this plot reached Rs 26,000 per square metre, highlighting the strong competition in the market.

Future Developments in GIFT City

GIFT City also plans to sell development rights for more plots, including one that covers 3,129 square metres with a total construction area of 613,000 square feet. The price for this plot is set at Rs 3,383 per square foot. This pricing reflects GIFT City’s strategic positioning as a key hub for both commercial and residential projects in the region.