Sabarmati Riverfront’s prime plot leased for Imagicaa at below market value?

Updated: Mar 8th, 2024

Sabarmati Riverfront

A 46,000 sq m plot in the Lemon Tree value zone of Ahmedabad’s Sabarmati Riverfront, valued at a base price of ₹2.5 lakh per sq m, has been selected to be developed into an entertainment hub.

This move, however, is stirred into controversy as the Amdavad Municipal Corporation (AMC) has approved a proposal to lease this land located near Ellisbridge through a single tender to Imagicaaworld Entertainment Limited (AEL) for a minimal annual rent of ₹46 lakh.

This piece of land is estimated to be around ₹1,150 cr by sources close to realty developments in the city.

The decision has raised several eyebrows, with many questioning the rationale behind leasing the land at such a low price. Moreover, doubts linger regarding whether the project can be executed within the designated two-year timeframe.

This instance isn’t the first where concerns have been raised over the Sabarmati Riverfront’s development projects.

Several prominent ventures on these plots of the riverfront, including one initiated by Indian actor Sunil Shetty, have encountered setbacks, failing to materialise as proposed.

In the past, allegations swirled about the people in power allocating land worth crores to their associates at below-market rates.

It is noteworthy that the AMC has mapped out the the riverfront land in seven different value zones. The total value of this land is estimated to be around ₹5,000 cr. The land will be leased to private developers along with development rights.

Also read:

East and West areas of Sabarmati Riverfront to get makeover

Sabarmati Riverfront set for expansion till GIFT City

Boating on Sabarmati Riverfront unauthorised, claims AMC leader of opp’n

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