Rs140-crore realty deal on SG Road in offing

One more residential society is on the block in Ahmedabad. Kedar Bungalows, located near Wide Angle multiplex on SG Road, is up for sale and is likely to give way to a commercial complex.

Members of Kedar Bungalows published an advertisement for getting the title clearance certificate on Tuesday which indicates that the whole society is up for sale. According to market sources, a couple of developers are interested in buying space despite the stagnant real estate market as it is situated in a prime location on SG Road. There are total 31 plots in Kedar Bungalows and owners of 28 plots have given their consent for selling the land. The society is spread over around 15,000 sq yards including common plots and common roads of the society. It is believed the owners have quoted around Rs90,000 per square yard which takes the deal to around Rs140 crore.

It is believed that HN Safal and Gallops Infrastructure are in the race for acquiring the land. Narsinh Patel, one of the members of Kedar Bungalows, who happens to be managing director of Gallops Infrastructure said, “Once we get title clearance certificate, we can also launch a realty project on our own.” Chairman and managing director of HN Safal, Uday Vora, said that he had got an offer but nothing had been finalised as yet. However, HN Safal is close to seal the deal and is planning to launch a commercial complex, said market sources.

The sources also said that efforts to sell the land were made in the recent past but were unsuccessful. The market is sluggish and no major land deals are taking place. Such deals may give some hope of revival but will not change the sentiment in the market, said the sources.