Ahmedabad-based developer buys land parcel in GIFT City for Rs 342 cr for residential project

Ahmedabad based developer purchases land parcel in GIFT City for Rs 342 crore to develop residential project

Ahmedabad-based real estate developer Nila Spaces Limited have purchased a 5,550 square metre land parcel in Gujarat International Finance Tec-City (GIFT City) for Rs 342 crore to develop a residential project, people aware of the matter said.

They said that the residential project will have a development potential of 5.22 lakh square feet where Nila Spaces will set up a 100-metre-tall residential tower at the GIFT City in Gandhi Nagar.

The total investment in the project will be around Rs 750 crore and the topline is likely to remain above Rs 1,000 crore, company executives told Moneycontrol.

The developer has purchased the land parcel in an auction for Rs 342 crore. The tender, conducted on Friday, saw Nila Spaces Ltd emerge as the top bidder, out of 11 participating bidders, securing rights for the development of 5.22 lakh square feet on a 5,550 square metre plot.

With this latest real estate deal, the per-square-foot transaction value for a residential plot in Ahmedabad reached Rs 6,557.

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Ashish Mishra

Prinicipal Correspondent|moneycontrol

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“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," Deep Vadodaria, director of Nila Spaces Ltd, said.

GIFT City hosts over 600 entities spanning financial services, technology, banking, and insurance sectors. It is home to some prominent institutions including the International Financial Services Centres Authority (IFSCA), Gift Nifty, India International Exchange (India INX), and India International Bullion Exchange (IIBX).