Ahmedabad's Real Estate Market Soars with Costliest Land Deal in History
Ahmedabad's real estate market has seen a significant boost with the costliest land deal ever recorded. A 3,500 square yard plot on Sindhu Bhavan Road (SBR) was sold for Rs 4.14 lakh per sq yard, setting a new city record.
Real EstateAhmedabadLand DealRetail BuildingConstructionReal EstateMay 29, 2025
An Ahmedabad-based construction company-turned-developer has bought a 3,500 square yard land parcel beside SBR, just 500 metres from SG Highway, from Ganesh Housing Group. The deal was struck at Rs 4.14 lakh per sq yard, making it the costliest land transaction in Ahmedabad’s history, according to sources.
These rates may surpass many areas of Pune and Mumbai, according to realty experts. The buyer, Spartan Builders, plans something unprecedented—a six-floor exclusive all-retail building for sale.
There hasn’t been a single building of this kind in the city which would be up for sale, noted realty sources. Spartan aims to complete the project by December 2027 and has already floated the concept with realtors for feedback.
The pricing structure reflects the premium land cost. Ground floor space is tentatively priced at Rs 32,000 per square foot super built-up area, dropping to Rs 11,000 for higher floors. Floor heights will vary from 14 feet to 11 feet based on pricing tiers.
A highly-placed source in Ahmedabad Realtor Association suggested the developer is quoting higher rates than usual to test the market. “Due to the high-rated land deal, this could be their strategy along with the project’s unique proposition of all retail floors,” the source explained.
Some realtors are questioning the initial planning, noting the proposed project has higher super built-up area than typically practised by commercial developers.
Whilst Ganesh Housing MD Shekhar Patel wasn’t available for comment, Spartan Builders promoter Dinesh Raghuvanshi confirmed the upcoming project. Ritesh Mehta from Spartan Builders said they are obtaining clearances from authorities like AMC and are not ready with final planning. Mehta claimed to have entered a joint venture with Ganesh Housing Group but didn’t disclose the land rates for the deal.
Meanwhile, Madhav Group, another city-based developer, is said to be planning a six-floor all-retail project directly opposite Spartan’s site. Their 2,150 sq yard plot reportedly sold at Rs 3.9 lakh per sq yard—the second highest-priced land deal in Ahmedabad’s history.
The twin developments signal renewed confidence in Ahmedabad’s premium retail real estate, despite broader market challenges, as developers believe it is an end user-driven market.
An all-retail proposed building in the city would be the first of its kind due to focused and singular commercial utility. Unlike mixed-use developments, this project is solely dedicated to retail, offering curated, high-footfall spaces that cater exclusively to businesses. Currently on SBR, retail space in a traditional commercial building goes up to third floor, with the ground-floor priced between Rs 30,000 and Rs 35,000 per sq ft, first floor between Rs 15,000 and Rs 20,000 per sq ft, second between Rs 12,000 and Rs 14,000 per sq ft and third about Rs 10,000 per sq ft. The proposed project has six floors, all of which will be for retail and will go up to reportedly Rs 11,000 per sq ft, which is unprecedented, especially considering the cost of the land which is the highest rated deal.
Frequently Asked Questions
What is the costliest land deal in Ahmedabad's history?
The costliest land deal in Ahmedabad's history is a 3,500 square yard plot on Sindhu Bhavan Road (SBR) that was sold for Rs 4.14 lakh per sq yard.
Who bought the land and what are their plans?
Spartan Builders, an Ahmedabad-based construction company, bought the land. They plan to develop a six-floor all-retail building for sale.
What is the proposed pricing structure for the retail building?
The ground floor space is tentatively priced at Rs 32,000 per square foot super built-up area, dropping to Rs 11,000 for higher floors. Floor heights will vary from 14 feet to 11 feet based on pricing tiers.
What other significant land deal has been reported in Ahmedabad?
Madhav Group, another city-based developer, is planning a six-floor all-retail project on a 2,150 sq yard plot that reportedly sold at Rs 3.9 lakh per sq yard.
Why is this retail building project unique?
The proposed six-floor all-retail building is unique because it is solely dedicated to retail, offering curated, high-footfall spaces that cater exclusively to businesses, unlike mixed-use developments.
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