The Lulu Group, headquartered in Dubai, has bought a 66,168 sq m plot for Rs 519.41 crore from the Ahmedabad Municipal Corporation (AMC) to set up India’s largest mall.
The e-auction of the plot was held on Tuesday. AMC had received three bids for the prime Chandkheda plot. The base price of the plot was fixed at Rs 76,000 per sq m but Lulu International Shopping Malls Pvt Ltd quoted the highest price of Rs 78,500 per sq m.
The AMC had fixed the price of the plot at Rs 502.87 crore and got Rs 16.54 crore more than expected. The plot was reserved for commercial purposes.
There was speculation that the group might buy a plot on the Sabarmati Riverfront but the company chose the land on S P Ring Road in Chandkheda.
MoU signed by CM
Lulu will build Gujarat’s largest mall on the plot at an estimated cost of Rs 4,000 crore. The group had signed an MoU in this regard when Chief Minister Bhupendra Patel visited Dubai for the Vibrant Gujarat Global Summit road show.
The plot is on TP scheme no 76/B FP 381+382+383+391+396 (total five plots). The AMC had planned to lease it for 99 years but the Lulu group requested for a sale. The AMC got clearance from the state government and the plot was auctioned off.
AMC has plans to auction 22 plots worth Rs 2,250 crore in various areas of the city like Bodakdev, Shilaj, Motera, Nikol and Vastral in a phased manner. The proceeds will be used to develop infrastructure. AMC is also planning to begin e-auction of plots on the Sabarmati Riverfront. A policy is being worked out for this purpose.
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