Ahmedabad-based real estate developer, Nila Spaces Limited, has secured a 5,550 square metre land parcel in Gujarat International Finance Tec-City (GIFT City) for ₹342 crore, with plans to develop a major residential project.
The project, poised to feature a 100-metre-tall residential tower, will capitalize on a development potential of 5.22 lakh square feet. Executives from Nila Spaces revealed that the total investment in this ambitious project is expected to reach approximately ₹750 crore, with anticipated revenue projections surpassing ₹1,000 crore.
The land acquisition was finalized through a competitive auction held on Friday, where Nila Spaces emerged as the highest bidder among 11 contenders. This transaction has set a new benchmark for real estate prices in the region, with the per-square-foot value for residential plots in Ahmedabad-Gandhinagar reaching ₹6,557.
This development marks a significant milestone in the real estate landscape of GIFT City, further solidifying its status as a burgeoning hub for residential and commercial projects.
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