Ahmedabad Biggest Land Deal: Lulu Group bought 16.35 acres of land in Ahmedabad for Rs 519.41 crore, which is the biggest land deal in the city so far. The government has also got huge revenue from this single transaction, due to which a new record has been created in the city.
Lulu Group Ahmedabad Land Deal: A big record has been made in the real estate world of Ahmedabad. Lulu Group has made the biggest land deal in the city till date by purchasing 16.35 acres of land in Chandkheda, Gandhinagar. This deal of Rs 519.41 crore not only provided a huge business opportunity to Lulu Group, but the government also got stamp duty revenue of Rs 31 crore from this single deal. This is the biggest stamp paper record of Ahmedabad so far.
Direct sale of land, not lease
Lulu Group purchased this land through the auction of Ahmedabad Municipal Corporation on June 18, 2024. The land was priced at Rs 78,500 per square meter and was acquired through outright sale rather than a 99-year lease. Officials said the sale was done as per the rules of the Town Planning Scheme and was aimed at attracting large investments in the city. Earlier, deals worth Rs 300-400 crore were made in Ahmedabad, but for the first time a deal worth more than Rs 500 crore has been registered, which makes it special in history.
Big business opportunities in Ahmedabad
Lulu Group is planning to expand its business in Gujarat through this land. This land is located near SP Ring Road, which is considered the best place for big projects. Here Lulu Group is planning to build a big mall, hypermarket and other commercial projects. This place in Gandhinagar falls in the constituency of Union Home Minister Amit Shah, which further increases its strategic importance. This investment will boost the economic growth of Ahmedabad and the commercial and infrastructural growth of the city will reach new heights.
Big benefit for the government too
The government has also benefited heavily from this deal. This land deal worth Rs 519.41 crore generated stamp duty revenue of Rs 31 crore, which is Ahmedabad’s highest ever stamp paper revenue record. This has not only proved to be a big earner for the government, but has also proved to be a step to give a new direction to investment and commercial activities in the city.