Ahmadabad-Based Riddhi Siddhi Group Makes City’s Biggest Land Deal
Riddhi Siddhi Group, Ahmadabad based developer, has signed city’s biggest land deal of Rs. 268 Cr with Inductotherm India by acquiring 69000 sq. yards of plot. This year, it is the biggest real estate deal so far in Ahmadabad. Since Inductotherm India has moved its facility to Sanand, the plot remained vacant. The registration and deal has been done with Riddhi Siddhi Infraspace recently, according to the sources. Riddhi Siddhi Group is the firm owned by the Chowdhary Family which is based in chemical and commodity business. The plot is positioned at the prime location connecting Ghuma and SP Ring Road. The land is located on BRTS Route. The plot is located opposite to yet another vacant land which is currently a vegetable market and it is fully covered by commercial properties and plots.
According to the real estate sources, negotiations had been continuing over the last six months and some of the real estate players backed from the acquisition even after some papers have been signed. According to the sources, Rs. 2.68 Cr and Rs. 13.13 Cr have been paid as registration fee and stamp duty respectively in registrar’s office. The media couldn’t connect to Riddhi Siddhi Group and Inductotherm officials for comments. There are two important land deals happened last year in Ahmadabad. A real estate arm of Sheetal Infrastructure Ltd, Mahika LLP has owned 27000 sq. yard of plot near Alpha One Mall, Vastrapur for Rs. 228.31 Cr. Originally, the plot belonged to AES (Ahmadabad Education Society) and auctioned by Charity Commissioner in October.
Earlier this year, an Aarohi Group enterprise, Essam Infrastructure bought 50000 sq. yard land for Rs. 368 Cr near Surdhara Circle at Memnagar. The Charity Commissioner has also auctioned that land also which was owned by the Ahmadabad Panjrapole Sansthan. South Bopal area of Ahmadabad is witnessing great infrastructure development in Gujarat and it has become the major real estate market in the nation. It is one of the leading growth drivers in the state. A lot of smart cities have been planned to be developed across the country.
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