Gujarat High Court sells plot in Gandhinagar for 2.17 crore
Gandhinagar- A plot in Gandhinagar’s prime commercial area, which was a property of Calico has been sold at Rs 2.17 crore.
Four years ago, the same plot, having a total area of 131.25 square metre, was valued to be worth nearly Rs 50 lakh. But surprisingly it has now fetched Rs 2.17 crore, signifying a very high appreciation rate of properties in Gandhinagar.
The plot belonged to the Calico Mills of Sarabhai family with a superstructure of 345 square metre. As the company was shut down, the properties belonging to the Ahmedabad Manufacturing and Calico Printing Co Ltd at various places are in liquidation. One after the other, all the properties have been auctioned by the official liquidator (OL) of Gujarat high court.
It was observed that the property was developed as per the approved designs by the urban authorities. As per the jantri valuation in 2009, the total market value for the Gandhinagar property was estimated to be Rs 49.34 lakh.
The Gujarat High Court observed that since there was recession in the real estate sector, and it decided to correct the price, as requested by the parties. Later the court decided to take judicial note of the correction in the realty sector and to consider the market price of the property at Rs 50 lakh, with a party that was ready to pay the amount.
Following this, high court ordered the official liquidator to make a sale deed at Rs 50 lakh with a party that was ready to pay the amount. However, the deal was not completed, and in December 2012, the court ordered the liquidator to conduct an auction of this property.
Kaveen Infra Solution Pvt Ltd won the deal by offering the highest amount of Rs 2.17 crore. Ishwarbhai Patel stood as second bidder from top through offering Rs 2.16 crore. This deal is a great sign of improvement of real estate sector in Gujarat.
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