Ahmedabad has witnessed its largest-ever land transaction, setting a new benchmark for stamp duty collection from a single sale deed. A 66,168 sq m (approximately 15.6 acres) plot in Chandkheda was sold to LuLu International Shopping Malls Pvt. Ltd for ₹519.41 crore, generating ₹31 crore in stamp duty revenue for the state government.
The sale deed was executed at the Sabarmati sub-registrar’s office, located within the Ahmedabad district collector’s premises. Officials at the sub-registrar’s office confirmed that this transaction represents the highest-value land sale ever registered in Ahmedabad city, both in terms of transaction amount and stamp duty collection.
According to sources in the state revenue department, “In the past, sale deeds worth up to Rs 300 crore to Rs. 400 crore have been registered in Ahmedabad city, but never a document for a land deal exceeding Rs 500 crore. This sale deed has generated a revenue of Rs 31 crore in stamp duty for the govt”.
The plot, located along SP Ring Road in Chandkheda—a key commercial corridor connecting the city’s northern and western zones, was initially put up for online auction by Ahmedabad Municipal Corporation (AMC) on June 18, 2024. With a base price of ₹76,000 per sq m, the plot was ultimately secured by LuLu International at ₹78,500 per sq m, indicating strong investor demand for prime commercial land.
Execution of the sale deed faced delays due to possession challenges. AMC held legal possession of 55,496 sq m of the land, while the remaining 10,672 sq m was still under cultivation. As per regulations, the municipality could not legally transfer this portion until the town planning scheme received preliminary approval, which took six months to obtain.
Initially, LuLu International had proposed acquiring the land through a lease deed. However, the company later requested AMC to allow a sale deed instead. Responding to this, AMC amended its policy, which had previously permitted only 99-year lease deeds for plots designated for residential or commercial purposes, and approved the execution of sale deeds for such plots, reflecting a flexible approach to attracting large investors.
Experts say areas like SP Ring Road are increasingly appealing to major developers due to excellent connectivity, proximity to highways, and high commercial potential. “The success of this transaction underscores the attractiveness of prime locations like Chandkheda for large-scale commercial development,” said a real estate analyst. “We can expect more high-value investments along this corridor in the coming years, which will further enhance Ahmedabad’s position as a commercial hub.”
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