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The Ahmedabad Urban Development Authority (AUDA) recently reevaluated five of its plots in Bopal, a fast-growing suburb of Ahmedabad, and found that their prices had increased by 0.55% to 28.4% within a two-year span. The combined base price for these plots in 2021 was set at INR 290.76 crore, and 14 bidders had registered for an auction that was ultimately canceled for undisclosed reasons.
Real estate experts attribute this rapid growth in property values to Bopal's strategic location and improving infrastructure. Situated near major highways and enjoying easy access to public transportation, Bopal is becoming an attractive destination for both residential and commercial investments. The area is witnessing a surge in the construction of new housing societies, shopping malls, and office spaces, catering to the growing demand.
Before implementing the new jantri rates on April 15, AUDA's land disposal and price fixing committee assessed 17 of its plots, including the Bopal properties. The combined value for all 17 plots, located in various areas such as Chandkheda, Vejalpur, and Godhavi-Manipur, was determined to be INR 1,238.35 crore. Notably, the committee found that the Bopal plots experienced a significant price increase between 2021 and 2023.
For example, commercial plot F/p in Bopal TP Scheme 3 saw its value rise from INR 84,980 per sq m in 2021 to over INR 1 lakh per sq m in 2023, an increase of INR 15,620 per sq m. Additionally, residential plot FP 86 in Bopal TP Scheme 1 increased from INR 88,000 per sq m in 2021 to over INR 1.13 lakh per sq m in 2023, a jump of INR 25,000 per sq m.
AUDA sources explained that if these plots had been re-evaluated after the new jantri rates were implemented, the price increase would have been even more dramatic. Land prices are assessed using the latest sale deed prices of adjacent plots as a base. The new jantri rates, which have doubled now, will likely contribute to an even higher price surge for real estate in Bopal and other nearby areas.
The impressive growth in Bopal's property market is also drawing the attention of real estate developers and investors, both domestic and international. Many major developers are planning new residential and commercial projects in the area, further fuelling the real estate boom. As a result, homebuyers and investors are increasingly considering Bopal as a lucrative investment destination.
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