Nila Spaces Limited Buys Land in GIFT City for Rs 342 Crore for Residential Project

Nila Spaces Limited, an Ahmedabad-based real estate developer, has recently made a significant acquisition in Gujarat International Finance Tec-City (GIFT City). The developer has purchased 5,550 square meter of land for Rs 342 crore, with plans to develop a residential project. This major investment underscores the growing attractiveness of GIFT City as a prime location for real estate development.

Project Details

The residential project planned by Nila Spaces Limited is expected to have a development potential of 5.22 lakh square feet. The company intends to construct a 100-meter-tall residential tower, which will contribute to the urban landscape of GIFT City in Gandhi Nagar. According to company executives, the total investment for the project will be around Rs 750 crore, with the topline projected to exceed Rs 1,000 crore.

Auction and Acquisition

The acquisition of the land parcel was finalized through an auction process, where Nila Spaces Ltd emerged as the top bidder out of 11 participating bidders. This competitive tender saw the developer securing the rights to develop the 5.22 lakh square feet area on the 5,550 square meter plot. The per-square-foot transaction value for this residential plot in Ahmedabad has reached Rs 6,557, reflecting the high demand and premium associated with properties in this strategic location.

Deep Vadodaria, director of Nila Spaces Ltd, highlighted the company's vision for the project, stating, "We are embarking on the construction of a 100-meter tower with an investment of Rs 750 crore. Our vision is to create urban living spaces that address global needs, focusing on mental health and combating corporate burnout. This initiative marks a significant step towards shaping the future of urban living."

Nila Spaces Limited's acquisition of a prime land parcel in GIFT City for Rs 342 crore marks a significant milestone in Ahmedabad's real estate market. The planned development of a 100-meter residential tower with a total investment of Rs 750 crore is set to contribute to the urban development of GIFT City and enhance its appeal as a prime location for residential projects.