Sabarmati: The Sabarmati Riverfront Development Corporation Ltd (SRFDCL) has announced that it has auctioned development rights for a prime plot on the riverfront’s western side for Rs 156.13 crore. The winning bid, submitted by a prominent Mumbai-based real estate firm, will enable the construction of a 60,050 sq m mixed-use commercial complex that will include high-end offices, co-working spaces, restaurants, retail stores, lounges, and a food court.

The official statement from SRFDCL said, “The development of this 4,420 square meter footprint area is planned to offer upscale office and co working spaces, integrated with premium facilities such as restaurants, retail outlets, lounges, food courts, ATMs, and other commercial amenities—all designed to exclude residential use.”

“Out of the participating entities, E-City Real Estates Private Limited from Mumbai emerged as the highest bidder (H-1) for the project. The bid set a historic benchmark with a land rate of ₹3,52,941 per square meter, marking one of the highest land valuations in Ahmedabad. Further, work for
issuing the Letter of Allotment to the H-1 bidder shall be placed before the upcoming Project Committee and Board of SRFDCL,” the statement added.

SRFDCL has also clarified in a press statement that the auction grants development rights, not land ownership. This auction follows the state government’s approval of the Sabarmati Riverfront Land Disposal Policy in July 2024, which allows the sale of development rights for 17 plots covering 1.49 lakh sq m.

The winning bidder will now receive a letter of acceptance and must complete the project within four years. The development will have a building height of 66.13 m, marking the first commercial mixed-use approval for a single plot. The land will be leased for 99 years at an annual rate of Rs 10 per sq m. DeshGujarat