look news india
Ahmedabad News: Sabarmati Riverfront Development Corporation Limited (SRFDCL), a special purpose vehicle (SPV) company of Ahmedabad Municipal Corporation, has today completed the financial bidding process for a mixed-use commercial development project in a land parcel on the western bank. River behind Vallabhasadan and near Metro Bridge.
This commercial development will be carried out towards the overall development of the city while promoting the cultural heritage of Ahmedabad. The luxurious 4,420 square meter area will house restaurants, retail stores, lounges, food courts, ATMs and other commercial facilities as well as high-end office and co-working spaces. This prestigious commercial hub will not only boost business growth but also provide a pedestrian-friendly, energy efficient environment, thereby enlivening central Ahmedabad and the surrounding areas.
Among the survey players participating in this bidding is Mumbai's E-City Real Estate Pvt Ltd (H-1), whose bid has given the historical valuation of the land at Rs 3,52,941 per square metre. This valuation of land is likely to be the highest valuation of any land in the history of Ahmedabad. Now as per the next process, the work of declaration of allotment letter of H-1 bidder will be presented before the Project Committee and SRFDCL Board.
A mixed-use commercial development that does not include residential and is located along the Sabarmati River near the Metro Bridge behind Vallabh Sadan.
The Sabarmati Riverfront makes the '15-minute city concept' worthwhile. Every important place of the city can be reached from here in just 15 minutes journey. All types of transport are available on the river bank. From here, BRTS, Metro Train, Propod Station for Bullet Train, Kalupur Railway Station and Airport are all connected to the riverfront within 15 minutes.
This development on the Sabarmati Riverfront will prove to be a game changer and it is certain that this connectivity and the feasibility of the '15-minute city concept' will play an important role in the tender process for such developments in future.
Phase-II, which is currently under development process, extends over an area of 5.8 km from Dafnala to Indira Bridge on the eastern bank of the river and 5.2 km from Torrent Power to Indira Bridge on the western bank. This is the same region that has every possibility of hosting the Olympics in the future and this possibility brings with it the hopes of huge investment and business growth. With this infusion of investment, Riverfront Phase-2 is set to become a prime choice for business and leisure.
Additionally, Shobha Realty also plans to invest Rs 1,000 crore for the development of the third phase of Sabarmati Riverfront in the next five years. The third phase of Sabarmati Riverfront, under the nodal authority and supervision of SRFDCL, will transform the 5 km stretch from Indira Bridge to Narmada Canal and enhance the riverfront, which is still a world-class attraction.