Ahmedabad: Lulu International has purchased a 66,168 square meter commercial plot from the Ahmedabad Municipal Corporation (AMC) at a cost of Rs. 519.41 crore.

The plot is located near existing Balaji Agora mall and it is located on the Sardar Patel ring road with Chandkheda, Motera, Koba circle,  Narmada canal nearby. Lulu plans to build a large mall here.

United Arab Emirates (UAE)-based Lulu International Shopping Malls Pvt. Ltd. made the highest bid of Rs. 78,500 during the e-auction on Tuesday, June 18.

The plot is located in Town Planning(TP) scheme number 76/B(Chandkheda) final plot number 381+382+383+391+396.

Three parties participated in the online auction. The upset price was Rs. 76,000, against which Lulu made the top offer of Rs. 78,500.

With this, the plot, which was valued at Rs. 502,87,68,000, may offer revenue of Rs. 519,41,88,000, which is Rs. 16,54,20,000 more than the original value.

AMC is in the process of selling 22 plots through auction to earn Rs. 2,250.96 crore in revenue. DeshGujarat