14 Sep 2023

Four builders involved in a tragic construction accident in Naroda, resulting in the deaths of three workers, were arrested and later released on bail. The incident, which occurred at the Fortune Empire construction site, prompted charges under IPC sections 304 (A) and 114 for negligence and abetment. The Bandhakam Majdoor Sangathan has called for strict action against the builders, citing a rising trend in construction accidents due to inadequate safety measures.Read more

14 Sep 2023

Lulu Group, a prominent UAE-based retail conglomerate, is set to construct a massive shopping mall in Ahmedabad, India, as part of its strategic expansion plans. This ambitious project, one of the largest in the region, aims to offer modern amenities and generate significant employment opportunities in the area. In addition to Ahmedabad, Lulu Group is planning another substantial shopping mall in Chennai and is about to inaugurate one in Hyderabad. This move underscores the group's commitment to enhancing India's retail landscape, boosting the local economy, and providing a world-class shopping experience while reaffirming India's appeal for international investment.Read more

13 Sep 2023

The renowned jewellery brand Tanishq, a part of the Tata Group, has celebrated the grand reopening of its store at Shivranjani Cross Road in Ahmedabad. The event was attended by C K Venkataraman and Niraj Bhakare, Regional Business Head (West) of Titan Company Limited. Tanishq is known as India's beloved jewellery brand, offering a wide range of gold, diamond, solitaire, and bridal collections, including a High-Value Studded Zone from Rivaah, their wedding jewellery sub-brand. The revamped 14,000 sq ft store in Ahmedabad features iconic designs and unique sub-brands, and to mark its reopening, it offers special promotions like free gold coins and discounts on jewellery purchases.Read more

12 Sep 2023

Motilal Oswal Financial Services has made a strategic acquisition by procuring a standalone commercial tower in Ahmedabad's financial district, spanning 12 floors and nearly 110,000 square feet. The undisclosed transaction with Claris Life Sciences heralds the creation of the Motilal Oswal Tower, their third independent commercial property alongside Mumbai and Bengaluru. This brownfield project on Sindhu Bhavan Road is set for completion by September 2024.Read more

04 Sep 2023

The AMC is embarking on a sophisticated venture to digitize and enhance its property tax reassessment procedure through a specialized mobile application. Spearheaded by the Revenue Committee, this innovation aims to expedite the reassessment process, eliminate errors, and ensure meticulous property visits. Linked with Google Maps, the app operates through the registered mobile devices of assessment officers, facilitating photo uploads and real-time verification. AMC envisions concluding the entire process within 75–90 days, promising accuracy and efficiency. Additionally, the corporation plans to introduce QR code-based online property tax payments, further simplifying the taxpayer experience.Read more

29 Aug 2023

Nisus BCD Advisors LLP, managing Nisus Finance's RESO-1 Fund, has infused Rs 95 crore into Ahmedabad's Swaminarayan Business Park, partnering with Phoenix ARC and Kotak's Asset Reconstruction Arm. This signals Nisus Finance's entry into Ahmedabad's real estate market, focusing on projects with robust cash flows and risk-mitigated returns. The project, owned by Dharmadev Group, is nearly 80 percent complete and aligns with RESO-1's strategy. This investment underscores Nisus Finance's expansion beyond its target markets, including Indore and NCR, and marks its debut in late-stage commercial projects.Read more

21 Aug 2023

Ahmedabad has been named India's most affordable city for homebuyers, according to the latest Affordability Index by real estate consultancy Knight Frank. In H1 2023, Ahmedabad registered a low ratio of 23% between monthly instalments and average household income, followed by Pune and Kolkata at 26%. In contrast, Mumbai recorded a high ratio of 55%, marking it as the least affordable city in India. The report also highlights shifts in housing demand due to RBI's rate hikes to curb inflation, impacting the under Rs 50 lakh price segment significantly. Despite increased EMIs, housing demand continues to sustain at multi-year highs.Read more

17 Aug 2023

Ahmedabad Municipal Corporation advocates satellite towns to counter urbanization challenges. The plan aims to distribute population, resources, and infrastructure to nearby self-sustained urban centres. By reducing congestion and promoting sustainability, satellite towns offer a solution to overpopulation and inadequate amenities. The strategy aligns with a balanced growth approach, attracting investment, creating jobs, and enhancing living standards. Collaboration with experts and stakeholders is integral to successful execution, with potential to set a precedent for innovative urban solutions.Read more

14 Aug 2023

The Ahmedabad Municipal Corporation has increased refund amounts for tree plantation deposits, with residential and commercial projects eligible for Rs 3,000 and Rs 5,000 per tree respectively after five years. This move, in line with city regulations, encourages builders to maintain successful tree plantations. Additionally, a refundable surcharge for percolating wells has been introduced to promote sustainable water management, although recent inspections revealed challenges in compliance.Read more

09 Aug 2023

Ahmedabad, the largest city in central Gujarat, faced a proposal in June to convert its eastern agricultural zone into industrial and residential areas. The plan aimed to transform around 12,000 hectares of land across 19 villages, intending to boost economic growth and urbanization. However, the proposal was put on hold after the Ahmedabad Urban Development Authority decided to review its feasibility, speed, scope, and impact on land use patterns. This sudden decision has caused disappointment and controversy among developers and residents who anticipated the city's development.Read more

07 Aug 2023

A real estate broker from Sola has filed a police complaint against a bullion trader and builder from Prahladnagar, alleging a fraud of Rs34.56 crore in property sales. The accused, Rakesh Shah, presented himself as a bullion trader with real estate expertise and promised to help the broker sell his properties. After an initial payment, Shah allegedly avoided scheduled payments, claiming his bank account in Dubai was frozen. Additionally, the broker acted as a guarantor in the sale of two properties belonging to his friend, adding to the complexity of the fraud. The police are investigating multiple offenses, and the case has raised concerns about the need for tighter regulations and due diligence in real estate transactions.Read more

07 Aug 2023

The AMC has introduced a decisive plan to streamline property tax valuation for new properties. The corporation has set a 45-day timeline for evaluating properties with building use permission. Any delays will have strict consequences for both the department and the officials involved. AMC's proactive approach includes prompt notification of BU permissions to the tax department, ensuring timely evaluations. This initiative aims to prevent disputes between buyers and builders, promoting transparency and efficiency.Read more

05 Aug 2023

Arvind SmartSpaces Limited (ASL), a prominent real estate development company in India, has announced the acquisition of two expansive golf-themed development projects in Ahmedabad. These projects cover approximately 704 acres and have a potential worth of around Rs. 2,300 crore. Positioned in South Ahmedabad, they mark ASL's 17th and 18th projects in the area. The projects will follow a joint development model, enhancing returns through low capital intensity.Read more

29 Jul 2023

DevX, Gujarat's premier managed office space provider, unveils its grand 4th coworking space in Ahmedabad, a colossal 1,80,000 square feet centre on SBR road, the largest in Gujarat. With an investment of Rs 60 crore, DevX plans to double its India portfolio. Founded in 2017, it fosters innovative start-ups, offering world-class infrastructure and strategic partnerships. DevX garners praise from clients, enhancing productivity and fostering growth. This dynamic ecosystem extends beyond workspaces, facilitating hackathons, seminars, and events. The company aims to consolidate its pan-India presence by 2023. A trailblazer in Gujarat's managed office space segment, DevX sets new standards and embodies collaboration and innovation.Read more

29 Jul 2023

The RLDA embarks on an innovative journey to revitalize Ahmedabad Railway Station. With an estimated budget of Rs 2,563 crore, the project features modern amenities, a spacious roof plaza, and a focus on sustainability. The station will connect different transportation modes and be a new city centre, embracing seamless access and enhanced passenger experiences. RLDA's visionary approach ensures green building techniques, inclusivity, and advanced security measures. This transformative undertaking reflects India's indomitable spirit, uniting connectivity, progress, and grandeur in a symphony of aspirations and ambition.Read more

25 Jul 2023

Ahmedabad's real estate association, CREDAI GIHED, has raised concerns over the city's civic body, the Ahmedabad Municipal Corporation, for collecting water tax from commercial property owners without providing them with water connections. The issue has sparked controversy as property owners argue that they are being charged for a service they are not receiving. CREDAI GIHED has urged the authorities to address the matter promptly and ensure that property owners are granted the necessary water connections corresponding to the taxes they pay.Read more

19 Jul 2023

The AMC plans to auction five properties in Law Garden and Swastik Society to recover outstanding property tax dues. The auction is scheduled for the final week of July, with failing property owners facing non-compliance consequences. The AMC aims to reclaim the dues and return the surplus amount to the original owners. If no bidders emerge, the AMC will take possession of the properties. The AMC has collected Rs 842 crore in taxes since April, surpassing last year's figures by Rs 220 crore, highlighting their commitment to tax recovery.Read more

10 Jul 2023

The Ahmedabad Urban Development Authority's ambitious plan to sell 17 plots for Rs 1,238.35 crore has encountered significant challenges. In the initial auction phase, only four plots were sold, raising concerns. High prices and uncertainty over the new Jantri rates has deterred bidders. Two expensive plots in Vejalpur failed to attract any interest. AUDA refrained from auctioning six plots in Bhopal. Despite their efforts, the auction fell short of expectations. AUDA has not officially disclosed auction details, but insiders suggest disappointment. Nonetheless, two plots in Manipur-Godhavi and two in Chandkheda were successfully sold.Read more

07 Jul 2023

The Ahmedabad Municipal Corporation (AMC) has introduced a new policy requiring property owners to obtain a 'no due' certificate from the property tax department before being granted building use (BU) permission. The move aims to address the issue of unpaid property taxes for open land. The revised guidelines ensure that property owners settle all outstanding tax dues before utilizing their buildings. The AMC intends to crack down on tax evasion and the duplication of tax entries, promoting accountability and accurate tax billing. The implementation of these measures reflects the AMC's commitment to maximizing revenue and creating a fair and transparent system.Read more

05 Jul 2023

Shivalik Group's residential tower project in GIFT City, Ahmedabad, has garnered immense success, selling 250+ apartments worth Rs 300 crore within a mere 15 days. The strong demand for luxurious homes in GIFT City and trust in the Shivalik Group have contributed to this achievement. The project offers 2BHK and 3BHK homes to diverse buyers, including NRIs. With top-notch amenities and innovative construction techniques, it aims to be completed by early 2027. Shivalik Group is proud to contribute to GIFT City's vision as an international financial hub, with more projects planned in the future.Read more