AMC to sell 22 plots to raise over ₹2 crore

A proposal was submitted on June 5 by the Amdavad Municipal Corporation (AMC) standing committee to raise funds by selling 22 plots through e-auction for ₹2,500 crore for residential and commercial purposes.

The Estate Department has called for a meeting with the standing Ccommittee to discuss amending the procedure for selling 22 plots, opting for permanent sale instead of converting them to 99-year leases. This adjustment requires changes to the previously issued tender from Mar 12. 

Owing to Lok Sabha elections, the e-auctions were postponed two times and later decided to hold between June 18 and June 21.

The commercial plots, located on Sardar Patel Ring Road near Vastral, are expected to fetch over ₹507 crore and over ₹502 crore for commercial purposes in Chandkheda.

As per reports,13 out of 22 plots will be for commercial and 9 for residential purposes. The commercial plot adjacent to Under The Neem Tree Restaurant is valued at ₹2.70 lakh per square metre.

Meanwhile, the residential plots in Vatva are priced at ₹40,000 per square metre. The municipal corporation had earlier announced a tender to lease out 22 plots for 99 years, but it’s now seeking approval to sell them instead.

The proposal before the standing committee mentioned an application by GIHED (Gujarat Institute of Housing and Estate Developers) and CREDAI (Confederation of Real Estate Developers’ Associations of India), seeking from the AMC to sell 22 plots under corporation instead of transferring them to a 99-year lease. These plots are spread across 11 different wards of the city.

Which plots will be sold by AMC?

Also read:

AMC sets 22 plots for auctions to raise over ₹1,000 cr