SRFDCL declares Sabarmati Riverfront Land Disposal Policy 2024; RFP for 3 land parcels soon
July 10, 2024
Sabarmati: The government has today announced Sabarmati Riverfront Land Disposal Policy 2024 and stated that Sabarmati Riverfront Development Corporation Ltd (SRFDCL) will soon publish RFPs for three different land parcels on Sabarmati Riverfront in Ahmedabad.
The new policy will be effective for:
- Sale of development rights and lease of land.
- Lease of land without sale of development rights.
As per the policy, seven value zones are fixed with their base prices in the SRFDCL project area. The base price for sale of development rights will be revised once every three years.
In the case of sale of development rights through lease without land, SRFDCL will decide the base price considering the present market value and prevailing economic conditions. The approval will be as per the decision taken by the competent authority. The scope of inclusion of prospective allottees with revenue-sharing models or other required models when needed is open.
On request of Government institutions for their own use only, the development rights will be given at the base price or land will be allotted.
Bidders will be allotted the land or granted development rights through the Request For Proposal (RFP) process. SRFDCL will select the H1 (highest bidder). If two or more bidders propose the highest bid value, then an auction will take place among such bidders.
For all allotments, the time for completion of development will be four years after allotment. The allottee/developer will need to submit all mentioned documents to SRFDCL, DGDCR, and building plan for approval by the prescribed authority within six months. The allottee/developer will be responsible to commence construction work within 12 months. Failure to do so will attract a fine of up to 10 percent of the total consideration amount for development rights and 2 percent of the total consideration for each month of delay.
SRFDCL will have the right to take action and apply penal charges against the allottee/developer in case of delay in project development or payment. Allottees/developers will not be allowed to mortgage the development rights/allotted land for development activities from financial institutions without prior approval from the competent authority. SRFDCL can amend or change any portion of this policy after approval from the Gujarat government.
Payment timelines and penal interest: For the first year, 25% payment within 30 days from LOA date and the remaining 25% within 12 months from the LOA date. In the second year, 25% payment within 18 months from the LOA date and the remaining 25% from the LOA date to the submission period of occupancy certificate application or to building use application period, whichever is earlier, within 24 months. If an allottee/developer makes the total payment of the development rights consideration amount within 45 days from the issuance of intent, such party shall receive a 10 percent discount on the total development rights consideration amount.DeshGujarat
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