Sabarmati: The Sabarmati Riverfront Development Corporation Limited (SRFDCL) has approved the ‘Sabarmati Riverfront Land Disposal Policy 2023′. This policy, outlines the framework through which SRFDCL will have the authority to sell or lease land along the riverfront. In the policy the riverfront land into eight distinct value zones, with valuation determined by the building’s footprint.

According to SRFDCL sources, this policy draws inspiration from the GIFT City policy and is expected to enable developers to construct remarkable structures along the riverfront. It’s worth noting that a meeting between Ahmedabad Municipal Commissioner M Thennarasan and Hasmukh Adhia, Chairman of GIFT City, on September 27 led to the discussion and approval of this policy.

The new policy categorizes the riverfront land into eight distinct value zones namely VZ 1-Event Centre, 2-Vallabh Sadan, 3-Torrent Power, 4-Picnic house, 5-Dhadichi Bridge, 6-Shankar Bhuvan, 7-Lemon Tree Hotel, 8-Jagannath Temple.

Developers will have the option to acquire land development rights in these zones, with land values assessed based on the respective plots’ building footprints. The land can be leased on a short-term or long-term basis or made available through a leave and license agreement. The base price for land will be determined by SRFDCL, considering various factors such as the valuation zone, lease purpose, and prevailing market prices. Additionally, the policy incorporates a revenue-sharing model, offering developers the choice of purchasing development rights instead of outright land acquisition.

Some of the plots will be leased for public amenities like theme parks, art centers, and food parks, with lease terms based on the revenue potential of these facilities. Other land parcels will be sold with development rights, allowing buyers to implement their own projects.

In 2016, the state government sanctioned the sale of two riverfront plots through auctions. The pricing for these plots was based on factors like land area, height limitations, and potential floor space. The first plot, spanning 7.86 lakh square meters, was valued at Rs 100.64 crore, while the second plot, covering 2.24 lakh square meters, had a value of Rs 66.45 crore. Notably, the per square meter price of the second plot was higher at Rs 2.96 lakh than the first plot. DeshGujarat