One of Ahmedabad’s Major Deals: Godrej Properties Limited Acquires Vastrapur Land for Rs 400 Crore

Ahmedabad’s real estate market saw a major development with the sale of a 14,800 sq yard plot in Vastrapur for Rs 400 crore. The transaction, finalized between the city-based Synthesis Group and Mumbai’s Godrej Properties Limited, marks a significant development in the city's real estate sector.

The plot, located near GMDC Ground, was sold at a rate of over Rs 2.70 lakh per sq yard. It is speculated that the land will host a high-end residential project, adding to Godrej Properties Limited’s portfolio in Ahmedabad. This transaction, conducted entirely through cheque payment, highlights the growing demand for premium real estate in the city.

Synthesis Group’s Director, Sharvil Shah, confirmed the sale and expressed plans to reinvest the proceeds in a new project. The deal has also been officially reported to regulatory authorities by Godrej Properties Limited, emphasizing transparency in the process.

According to real estate experts, the potential saleable value of the project could reach Rs 1,300 crore. The high price tag reflects the premium status of the Vastrapur area, known for its thriving real estate market and demand for luxury properties.

Godrej Properties Limited may utilize the plot for a luxurious residential-cum-commercial project. The Residential-1 zoning of the area allows for a higher Floor Space Index (FSI), potentially offering a saleable area of 9 to 10 lakh sq ft.

Amit Bhargava, a consultant associated with Godrej Properties Limited in Ahmedabad, indicated that the project might target affluent buyers. Apartments in the project could range between Rs 3 crore and Rs 4 crore, catering to the city’s salaried and business class residents who can avail of up to 80% housing loans.

This marks Godrej Properties Limited’s second major project in Ahmedabad. The company’s first venture, Godrej Garden City Township in Jagatpur, has already established its footprint in the city. The Vastrapur project, if confirmed, will further strengthen Godrej Properties Limited’s position in Ahmedabad’s luxury real estate market.

 For the Synthesis Group, the sale provides an opportunity to explore new ventures, while for Godrej Properties Limited, the acquisition is a strategic move to expand its high-end offerings.

The deal has revived Ahmedabad’s real estate market, which had slowed after Diwali. As the city continues to develop, Vastrapur’s prime location and infrastructure make it an attractive destination for luxury projects.