Maharashtra Corporation Ltd has declared that it has completed all payments for land parcels in Naranpura, Ahmedabad, designated for a commercial endeavor, where the property prices currently range from Rs 33,000 per square foot to Rs 56,000 per square foot.
Positioned close to Sardar Vallabhbhai Patel Stadium, this venture is poised to generate revenue of Rs 120 crore from sales. Through this initiative, the corporation aims to not only expand its portfolio but also to engage with the rapidly growing real estate sector in Ahmedabad. “The plots, totalling 2,140 sq yards, have been acquired at the consideration of about Rs. 45.16 crore," the company said in an exchange filing.
Plans for development encompass approximately 120,000 square feet of built-up area, designed to accommodate a diverse range of commercial spaces including showrooms, offices, and multi-use facilities on the current plot. This undertaking is anticipated to significantly enhance the corporation's financial performance, greatly improving its investment capabilities. Diving into real estate development marks a strategic diversification for the corporation, lowering its reliance on traditional industries and decreasing industry-specific risks.
