45 offices at Sindhu Bhavan multilevel parking complex to be auctioned to raise ₹100 crore

Amdavad Municipal Corporation (AMC) has developed a multilevel parking facility on Sindhu Bhavan Road with a base cost of ₹197 crore. 

The AMC will hold an auction on September 3 to sell 16 shops on the first floor and 29 offices with an open terrace on the fifth floor of this complex of the multilevel parking facility, built with a base cost of ₹197 crore on the Sindhu Bhavan Road in Ahmedabad.

The offices include 16 shops on the first floor and 29 offices with an open terrace on the fifth floor of this complex.

Earlier, 4,158 sqm of ground floor space in the parking complex was sold to Manidhar Infra for ₹80 crore, of which only ₹8 crore has been deposited with the AMC. 

Since the company requested an extension to pay the remaining amount, the Standing Committee has accepted the proposal and forwarded it to the State Government for approval.

Located in the Bodakdev ward on Sindhu Bhavan Road, the complex includes two basement levels with capacity to park 750 two-wheelers and 125 four-wheelers. A common plot is situated on the ground floor. The second, third, and fourth floors are designated for pay-and-park facilities with a total capacity of 91 four-wheelers.

The five-storey complex, including an open terrace, has a built-up area of 3470.43 sqm on the first floor, where 16 shops are up for sale. The upset value (base auction price) for this is set at ₹1.44 lakh per sqm. On the fifth floor, 29 offices have been built across a built-up area of 2239.86 sq.m, to be sold in bulk, with an upset value of ₹1.27 lakh per sqm.

The AMC expects to generate ₹67 crore from the sale of the first-floor units with the open terrace, and ₹50 crore from the fifth-floor offices, estimating a total revenue of ₹100 crore from this auction.

Notably, this is the third auction being conducted by the AMC to sell properties in the Sindhu Bhavan Multilevel Parking Complex since 2023.