A New Era of Development: Sabarmati Riverfront's progressive land disposal policy

The Sabarmati Riverfront Development Corporation Limited (SRFDCL) has recently gained approval for its highly anticipated "Sabarmati Riverfront Land Disposal Policy 2023." This policy marks a significant departure from the previous norms set by the state government, offering a comprehensive roadmap that empowers SRFDCL to not only sell but also lease land along the riverfront, ushering in a new era of development and transformation along the Sabarmati River.
This transformative policy, which takes cues from the successful GIFT City policy, paves the way for developers to create iconic structures and edifices that will redefine the riverfront's skyline. The policy's genesis is attributed to a pivotal meeting held on September 27 between Ahmedabad Municipal Commissioner M Thennarasan and Hasmukh Adhia, the chairman of GIFT City, where they thoroughly discussed and subsequently gave the green light to this progressive land disposal framework.
Under the newly instituted policy, the land along the Sabarmati Riverfront is meticulously divided into eight distinct value zones, each with its own unique set of characteristics and potential. Developers will now have the opportunity to acquire land development rights within these zones, and the value of the land will be determined based on various factors, such as the building's footprint on the respective plots. This innovative approach opens up new avenues for developers to make the most of the land's potential while adhering to the policy's guidelines.
Moreover, the policy provides flexibility in terms of land utilization. Land can be either purchased outright, leased on a short-term or long-term basis, or even offered under a leave and license arrangement. The base price for land will be established by SRFDCL, taking into account a multitude of factors, including the specific valuation zone, the intended purpose of the lease, and prevailing market prices. The inclusion of a revenue-sharing model further adds to the policy's appeal, as developers will have the option of acquiring development rights rather than procuring the land itself.
An intriguing facet of this policy is the allocation of certain plots for public facilities, including theme parks, art centres, food parks, and more. The lease for these plots will be determined by the revenue-generating potential of the respective facility, ensuring that they contribute positively to the community and the city's vibrant atmosphere. In contrast, other parcels of land will be available for outright purchase as development rights, enabling buyers to embark on their own projects and create architectural marvels that will grace the riverfront.
To provide context, it is worth recalling that in 2016, the state government had authorized the sale of two plots on the Sabarmati riverfront through auction. The prices of these plots were determined based on several parameters, including the land's area, permissible building height, and allowable floor space. The first plot, spanning 7.86 lakh square meters, was valued at Rs 100.64 crore. Meanwhile, the second plot, covering 2.24 lakh square meters, had a price tag of Rs 66.45 crore. Notably, the second plot commanded a higher price per square meter at Rs 2.96 lakh, surpassing the valuation of the first plot.
In sum, the "Sabarmati Riverfront Land Disposal Policy 2023" sets the stage for a new chapter in the development of the Sabarmati Riverfront. With its innovative approach to land utilization, flexible leasing and purchasing options, and a focus on public amenities, this policy promises to usher in an era of transformation and growth along this iconic river, allowing both the public and private sectors to participate in shaping the future of this vibrant region.

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A New Era of Development: Sabarmati Riverfront's progressive land disposal policy

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