Tag: Ahmedabad

IndustryLatest Stories

Gujarat’s New Policy: Freehold Status for Housing Colonies

GANDHINAGAR: The Gujarat government’s new urban housing policy, under revision for the first time in a decade, includes relaxed redevelopment rules and the transition of housing board colonies to freehold status. This more liberal policy aims to encourage affordable housing by revitalizing old colonies established by local or state authorities, as well as aging private societies. The urban development and housing department is currently drafting the policy, which is anticipated to be released soon. “We have created a new draft policy following initial consultations with stakeholders and plan to unveil it for public feedback shortly,” a knowledgeable source stated. “The…

CommercialLatest Stories

Ahmedabad Civic Body Gets ₹365.8 Crore from Bodakdev Auctions

Representative AI image AHMEDABAD: The Ahmedabad Municipal Corporation (AMC) recently auctioned two commercial plots in Bodakdev for a total of Rs 365.8 crore. The AMC had previously announced the online auction of 19 residential and commercial plots. However, only five plots located in Bodakdev, Thaltej, Motera, and Shilaj were auctioned on Tuesday, with the latter three attracting no bids. Final Plot No. 353/Part 1 from TP Scheme 50, covering 8,167 sq m, sold for Rs 2.52 lakh per sq m, slightly above its base price, resulting in a total sale of Rs 205.9 crore, just above its upset price of…

IndustryLatest Stories

Crude Price Surge Delays Redevelopment Projects in Gujarat

AHMEDABAD: The ongoing conflict in West Asia is beginning to impact Gujarat’s real estate market, leading to a slowdown in redevelopment projects due to increasing construction costs and labor shortages. Industry sources report that many redevelopment negotiations have been stalled as developers reevaluate financial feasibility in light of rising costs. The surge in raw material prices resulting from the conflict has made previous offers untenable, exacerbated by labor shortages that are affecting project timelines. According to Ankur Desai, secretary of CREDAI Ahmedabad, the West Asia war has disrupted the supply of crude-related construction materials, complicating project execution and financial planning.…

Latest StoriesRegulatory

Gujarat: Popular Builders Owner Denied Bail in Forgery Case

AHMEDABAD: A sessions court denied bail to 67-year-old Dashrath Patel, owner of Popular Builders, concerning a 2022 land fraud case. Currently imprisoned at Sabarmati Central Jail, Patel is accused of conspiring to forge land records for a sale deed from 1983 in Godhavi village. Patel’s legal representative contended that the issue is primarily civil and pointed out that the FIR was lodged almost 39 years after the alleged event without sufficient justification. He also mentioned that all evidence is documentary, with no forged documents featuring Patel’s signature or handwriting. His age, health conditions, cooperation with investigators, and the fact that…

Latest StoriesRegulatory

Ahmedabad: Partners Charged in ₹11.3 Crore Real Estate Scam

AHMEDABAD: A businessman has lodged a complaint with the Detection of Crime Branch, alleging a fraud of ₹11.3 crores involving a partnership real estate firm. He accuses two partners of misappropriating funds, misusing company documents, and unlawfully selling flats. The complainant, who manages a game zone and owns a 5% share in the real estate business, claims that the two managing partners exercised financial and administrative control over the firm. The partnership was formed in 2021 and has engaged in various real estate projects, including a residential initiative in the Sola area. The complaint emerged after an earlier application was…

Latest StoriesRegulatory

Gujarat HC mandates aeronautical survey before SVPI airport demolition

AHMEDABAD: The Gujarat High Court issued an important ruling on Thursday, directing the Airports Authority of India (AAI) and relevant authorities to conduct an aeronautical survey of buildings after complaints from six developers. These developers received demolition notices for construction exceeding permitted heights, posing a potential risk to flights near Sardar Vallabhbhai Patel International Airport. Advocate Nimit Shukla, representing one of the developers, stated, “The developers—Mahil Infra, Abjibapa Infra, Preyas Infra, Balaji Developers, Kalash Infra, and Parth Developers—constructed multiple towers with a maximum height of 102.7m in Hanspura, Naroda, Nana Chiloda, and adjoining areas, all with the necessary clearances from…

IndustryLatest Stories

Builders request Gujarat RERA to extend project deadlines by 6 months

AHMEDABAD: The real estate developers’ association, Credai Ahmedabad, has requested the Gujarat Real Estate Regulatory Authority (GujRERA) for a six-month extension on ongoing housing projects under the force majeure provision of the RERA Act. The appeal comes in light of increased construction costs, supply chain disruptions, and labor shortages. In its communication to the regulator, the association highlighted that the ongoing conflict in West Asia has severely impacted the availability of crude-related construction materials, which is hindering project execution and straining financial planning in the sector. Developers are struggling to meet completion deadlines for current projects, with new launches and…

IndustryLatest Stories

PropShare Celestia Units Drop Over 1% on Trading Debut

NEW DELHI: PropShare Celestia’s units concluded their first trading day over 1% lower on Friday. The units commenced trading at ₹9,99,900.01, reflecting a 4.77% drop from the issue price of ₹10,50,000 per unit listed on the BSE. They eventually settled at ₹10,35,000, down by 1.42%. The market valuation of the company is now at ₹241.16 crore. On the final day of the subscription last Thursday, PropShare Celestia’s initial public offering (IPO) received a subscription rate of 1.33 times. This marks the third Small and Medium Real Estate Investment Trust (SM REIT) launched by Property Share Investment Trust. The ₹244-crore issue…

IndustryLatest Stories

Real Estate Strained by Material Shortages and Labor Crunch in Ahmedabad

AHMEDABAD: The city’s real estate sector is facing significant challenges, including shortages of essential construction materials, rising input costs, and a lack of labor, all of which are disrupting project timelines and planning, according to developers following a meeting on Friday. Builders gathered under the Confederation of Real Estate Developers’ Associations of India (CREDAI), Ahmedabad, to evaluate the deteriorating situation and its implications for both ongoing and upcoming projects. They highlighted severe shortages of critical materials such as aluminum pipes, CPVC products, ceramics, and electrical fittings that have greatly hindered construction activities. Developers noted that the situation is exacerbated by…

InfrastructureLatest Stories

Ahmedabad Penalizes Four Construction Sites for Violations

AHMEDABAD: On Thursday, the North Zone estate department of the Ahmedabad Municipal Corporation (AMC) imposed penalties ranging from Rs 25,000 to Rs 2 lakh at four construction sites located in Gota, Bodakdev, and Chandlodia for violating environmental regulations and worsening air quality. The Arambh Greens construction site in Chandlodia failed to install the required green net and encroached upon the roadway with materials, resulting in a penalty of Rs 50,000. Similarly, the Orium Zenith site in Chandlodia was fined Rs 50,000 for not having the green net in place. The Valenor site in Bodakdev faced a Rs 25,000 fine for…