50% from riverfront plot rights sale to go to govt
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In 2004, when the revenue department allocated state-owned land along the banks of the Sabarmati for the riverfront development project, it mandated that 50% of the total revenue from sale of such land will have to be given to the govt, sources said. An official, speaking on condition of anonymity, said, "The state govt provided land for the project with the condition on revenue sharing. This will be implemented."
On Oct 18, 2023, SRFDCL's board approved the Sabarmati Riverfront Land Disposable Policy 2023.
Under this, the land for sale on the riverfront was divided into eight value zones, and sale of their development rights was opened. However, the policy was amended in Jan 2024, dividing the 1.49 lakh sq m of land for sale into seven value zones. Based on the GIFT City model, the base price for each value zone as well as the base price for development rights in each value zone were also determined.
The state govt them granted approval to the policy.
On Sep 13, 2024, SRFDCL issued an RFP (request for proposal) to sell development rights for two plots on the riverfront — one near Vallabhsadan on the western side and the other near Lemon Tree Hotel on the eastern side. For the 4,420 sq m plot near Vallabhsadan, it was decided to sell development rights for 60,050 sq m of construction, with the base price set at Rs 23,676 per sq m.
Two companies submitted bids, with a Mumbai-based company brought the rights making the highest bid of Rs 26,000 per sq m.
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Meanwhile, it was decided to sell development rights for 41,385 sq m of construction on the 3,045 sq m plot near Lemon Tree Hotel. The base price for construction was set at Rs 20,833 per sq m, but the auction was cancelled due to a single bid.
SRFDCL sources said, "The sale of 60,050 sq m of built-up development rights for a 4,420 sq m plot on the western side of the Sabarmati Riverfront was conducted with a Mumbai company.
"Meetings were held between representatives of this company and SRFDCL officials, where the bidder company requested changes to the construction plan outlined in the original RFP. llegal changes to the RFP were made, benefiting the bidder company by crores of rupees. Changes to the construction plan were made specifically concerning public utility."
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