Ahmedabad: A string of high-value land deals in Ahmedabad has improved sentiment among developers and brokers, even as homebuyers continue to hold back. Transactions in the western growth corridors of Thaltej and Shela suggest major developers are buying land in anticipation of a revival in demand, supported by infrastructure expansion, commercial activity, and the city’s preparations to host the 2030 Commonwealth Games.A prominent real estate group has acquired an additional 4,000 sq yard plot in Thaltej, where it already has projects and has been consolidating its presence, sources familiar with the transactions said.“The transaction is estimated at nearly Rs 3 lakh per sq yard, taking the total transaction value to around Rs 120 crore,” said a person familiar with the transaction.Another major transaction involved a 14,000 sq yard plot near VIP Road in Shela. The property, which was owned by a leading group with a sizeable land bank in Ahmedabad, was sold to a diversified real estate company with projects across the affordable, mid-income and luxury segments.
Thaltej, Shela land deals uplift property sentiment
“The land was sold for around Rs 1 lakh per sq yard, putting the estimated value of the deal at more than Rs 140 crore. A large residential project is expected to be launched on the plot,” a source tracking the negotiations said.Brokers said developers were increasingly seeking to secure land parcels ahead of an anticipated improvement in demand. While sales remain slow in the immediate term, market participants expect infrastructure upgrades, commercial expansion, job creation and migration into the city to support housing demand over the medium term.“Overall, the market is slow, but the sector is bullish on Ahmedabad’s growth,” said a leading property broker. “There is significant infrastructure development and faster economic activity. People are moving here for jobs and opportunities, and that will continue to support housing demand.”Kishore Dedhia, a leading broker, said, “The recent transactions in western Ahmedabad showed that developers were confident about the city’s future growth due to infrastructure development and the overall strength of the economy. The Commonwealth Games will create new opportunities for Ahmedabad.”
