The Ahmedabad Urban Development Authority (AUDA) has sold three land parcels in Ahmedabad for a combined Rs. 8.71 bn, with winning bids exceeding the base prices by between 45 and 49 per cent. The transactions involved residential and commercial development sites in Kathwada-Nikol, Thaltej and South Bopal.

The highest-value sale was for a 73,428 sq metre plot in Kathwada-Nikol. Orixien Energy, part of the Kiri Dye-Chem Group, acquired the parcel for Rs. 6.98 bn, equivalent to Rs. 95,000 per sq metre, against a base price of Rs. 4.77 bn, or Rs. 65,000 per sq metre. The bid was about 46 per cent above the reserve price.

The plot has access from four roads and is designated for residential development. The acquisition marks the Kiri Dye-Chem Group’s entry into real estate development, with the area’s expanding activity and connectivity identified as factors supporting the purchase.

In Thaltej, pharmaceutical company Intas Pharma acquired a 2,581 sq metre plot for about Rs. 1.05 bn. The winning rate was approximately Rs. 407,000 per sq metre, compared with the base rate of Rs. 280,000 per sq metre, resulting in a premium of about 45 per cent.

The Thaltej parcel is adjacent to Intas Pharma’s existing office and is expected to support the company’s future requirements. In South Bopal, Ahmedabad-based Iscon Group bought a 4,104 sq metre commercial plot opposite Sun South Street for about Rs. 686 mn. Its bid of Rs. 167,000 per sq metre was nearly 49 per cent above the base rate of Rs. 112,300 per sq metre, highlighting strong demand for well-located urban land.