Amdavad Municipal Corporation (AMC) generated around ₹1000 crore in revenue over five days by selling 10 plots through a public auction. Major companies, including LuLu Group, purchased these plots for commercial and residential development. The auction began on Tuesday and ten plots were sold above the upset value set by AMC.
AMC decided to sell 22 plots located in areas like SG Highway, Chandkheda, Motera, Nikol, Sheelaj, and Isanpur with an expected revenue of ₹2224 crore. From those plots, 10 plots in Chandkheda, SG Highway, Makarba, Nikol, Naroda, Isanpur, and Motera yielded ₹996.60 crore. The largest plot, measuring 66,168 square meters near Balaji Agora Mall on SP Ring Road, was acquired by Dubai-based Lulu Group.
The sale included plots for both commercial and residential purposes, promising rapid development in these areas. LuLu Group plans to construct the largest mall on their plot, which could raise surrounding property values.