Nila Spaces Limited, an Ahmedabad-based real estate developer, has recently made a substantial investment in Gujarat International Finance Tec-City (GIFT City). They have acquired a plot of land measuring 5,550 square meters for Rs 342 crore, with plans to develop a residential project. This acquisition highlights the increasing attractiveness of GIFT City as a premier location for real estate development.
Project Details
The residential project planned by Nila Spaces Limited is slated to cover 5.22 lakh square feet of area. The company aims to construct a 100-meter-tall residential tower, which will significantly contribute to the urban landscape of GIFT City in Gandhi Nagar. The total investment for this project is estimated at approximately Rs 750 crore, with expected revenues exceeding Rs 1,000 crore.
Acquisition Process
The acquisition of the land parcel was finalized through a competitive auction, where Nila Spaces Ltd emerged as the highest bidder among 11 participants. They secured 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 reached Rs 6,557, reflecting the strong demand and premium associated with properties in this strategic location.
Vision for the Project
Deep Vadodaria, director of Nila Spaces Ltd, outlined the company’s vision for the project, emphasizing their commitment to creating urban living spaces that address global needs, particularly focusing on mental health and combating corporate burnout. This initiative is viewed as a significant step towards shaping the future of urban living.
Nila Spaces Limited’s acquisition of this prime land parcel in GIFT City for Rs 342 crore represents 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 poised to enhance the urban development of GIFT City and bolster its appeal as a prime location for residential projects.