Rajkot civic physique nets Rs 118 crore in e-auction of plush plot

The Rajkot Municipal Corporation (RMC) on Monday offered a 9,438-square metre plot on the 150 toes Ring Road for Rs 118.16 crore in an e-auction, the bid for which was received by a city-based builder, Gopal Chudasama. This is the best ever income earned from a sale of land by the civic physique, city planning officers mentioned.
Three events had taken half within the public sale, of them, two submitted bids. Om9square LLP, a partnership agency, run by Chudasama and Chetan Rokad, positioned Rs 1,25,200-per-square-metre (sqm) bid for the plot, which was the best.
“Given a slump in the property market, we are happy with the rate at which the plot has been sold. We had fixed Rs 1.25 lakh per sqm as the upset price for the plot and set auction rules, which mandated that bids can be submitted in multiples of Rs 100,” MD Sagathiya, city planning officer (TPO) of RMC, instructed The Indian Express.
The plot is positioned adjoining to Silver Heights, a 23-storey residential tower at posh Nanamava Chowk on 150 Feet Ring Road. A flyover, proposed to return up within the space, was one of many elements that RMC thought would dissuade bidders.

Chudasama, who can also be the president of Rajkot Petrol Pump Owners Association, plans to assemble an “iconic building” that might go as much as “70 storeys”.
“The fact that only two or three parties bid for the plot, means the land was priced at market rate or slightly above it,” mentioned Rajkot Builders Association (RBA) president Paresh Gajera.

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Two extra plots will go below the hammer on Tuesday – the 4,679 sqm plot reverse The Spire industrial constructing close to Ayodhya Chowk, and the three,713 sqm plot close to Synergy Hospital, additionally close to Ayodhya Chowk. The RMC has mounted Rs 55,000 per sqm because the upset worth for each plots.

Rajkot municipal commissioner Udit Agrawal termed the public sale successful. “We had apprehensions that a proposed flyover in Nanamava Chowk might bring the price of this plot down but we could manage to sell it at a price which is above the upset price. This is a success. This good for development of Rajkot,” Agrawal mentioned. He added that dividing the plot into sub-plots would have lowered the dimensions of salebale land, therefore the RMC didn’t try this.