Ahmedabad’s Sabarmati Riverfront is set for a high-value property auction, with two commercial plots on the western bank offered at a base price of Rs 112 crore each. Located near the Metro Rail Bridge, the two plots carry a combined base price of Rs 224 crore, which could rise further depending on bidding.
The Sabarmati Riverfront Development Corporation has fixed the base rate at Rs 3.50 lakh per sq metre. Each plot measures 3,200 sq metres and offers substantial development potential, with a permissible built-up area of around 43,154 sq metres. Buildings of up to 66 metres in height may also be permitted.
The online auction will be held on September 2. The corporation has invited online tenders, with bidders required to deposit Rs 11.22 crore as earnest money.
The auction marks the resumption of commercial plot sales by the Riverfront Corporation after a prolonged gap. The process had earlier been stalled due to a dispute over old-condition and new-condition land. Following the resolution of the issue at the state government level, the corporation has decided to restart commercial plot sales in phases.
The two plots near the Metro Rail Bridge will be the first batch to be auctioned. The state government has recently approved the sale method and pricing mechanism for the Riverfront plots.