Of the three plots of Ahmedabad Education Society (AES) that have been sold-off in the recent bidding, one plot of 5,500 sq yard has been bought by Amrapali Group, a city-based realty company. The company is planning to come up with a hotel project with investment of Rs35 crore.
The Rs35 crore also includes land cost, which was bid for Rs27 crore.
According to reliable sources, Amrapali Group has tied-up with a Delhi-based hospitality company that will run the hotel.
Owner of Amrapali Group, Yashwant Thakkar said, "We can't reveal the company's name because of professional reasons. But we will announce it once the agreement is formally completed. The project, he said, is likely to be completed in one or one-and-a-half years.
The hotel will be of three-star budget category with around 100 rooms. It will work on revenue sharing model. Apart from this, the other plot that have been sold for nearly Rs 73 core are said to be bought by some Ashrita Constructions. However realty sources are claiming that city based realty company Venus Group has bought the land. But the executive director of Venus Group, Rajesh Vaswani, denied any such development.
He said "We did bid for the AES plots but I am unaware about any such development because I was out of town and my bother was involved in the same."
However, his brother, Deepak Vaswani was not available for comment.
The two plots of AES are on Drive-in Road and near Vastrapur lake respectively. The open bid for the sale for AES's plots took place at charity commissioner's office on Thursday. The bids are yet to be examined and a decision regarding the sale is pending with the commissioner's office.
There were 30 bidders present during the procedure. While 29 bidders took part in the Drive-in plot auction, 11 were present for Vastrapur lake plot.
