AHMEDABAD: A landmark land transaction in the city has resulted in the highest stamp duty from a single sale deed to date. A 66,168 sq m plot in Chandkheda has been sold to LuLu International Shopping Malls Pvt Ltd for Rs 519.41 crore, generating Rs 31 crore in stamp duty revenue for the government.
The deed was finalized on Friday at the Sabarmati sub-registrar’s office within the Ahmedabad district collector’s office.
According to sources at the sub-registrar’s office, this is the largest land sale registered in Ahmedabad, thus marking a significant increase in stamp duty revenue.
Officials from the state revenue department mentioned, “Previously, transactions in Ahmedabad valued between Rs 300 crore and Rs 400 crore were common, but nothing exceeded Rs 500 crore until now. This transaction has generated Rs 31 crore in stamp duty for the government.” The plot was auctioned by the Ahmedabad Municipal Corporation on June 18 last year, starting at Rs 76,000 per sq m, with LuLu International Shopping Malls Pvt. Ltd successfully bidding Rs 78,500 per sq m.
However, the execution of the sale deed faced delays, as the AMC only had possession of 55,496 sq m of the land, with 10,672 sq m still needed and parts of the land remaining under cultivation. Legal possession could only be established once the town planning scheme was preliminarily approved, which took six months to finalize.
Subsequently, LuLu International Malls Pvt Ltd requested the AMC to proceed with a sale deed instead of a lease deed for the property. As a result, the AMC revoked its previous lease policy of 99 years for plots meant for residential or commercial purposes and approved the execution of sale deeds for such plots.
