Riverfront realty on roll, AMC hits paydirt Plans to sell 34 hectares of reclaimed land by floor space, pocket Rs 458.54 crore

Architexturez. wrote:

| another one from the folks who brought you the
| bye-bye delhi laws.

Riverfront project for cleaner Ahmedabad environment

Ahmedabad: The development of the Sabarmati riverfront will help this principal city of Gujarat acquire a cleaner environment and open up more space in the heart of Ahmedabad, a top official said here Tuesday.

Ahmedabad, March 11: As work on the Sabarmati Riverfront project enters the third stage, properties along the river bank, especially between Nehru Bridge and Usmanpura, have become hot stuff. So much so that now the Ahmedabad Municipal Corporation (AMC) plans to sell reclaimed land along the river bank according to floor space, says riverfront architect Bimal Patel. A deal that may add Rs 458.54 crore to AMC coffers, say AMC officials.

Of the 162.80 hectares the Sabarmati Riverfront Development Corporation (SRDC) is in the process of reclaiming, there are plans to sell 34 hectares (21 per cent) for residential and commercial purposes. The reclaimed land will take the shape of a 20.5-km stretch from the Vasna barrage to the Narmada main canal near Gandhinagar.

The prices of residential properties, built in the early ‘60s, next to the river bank have been climbing in tune with progress on the riverfront project.