Lulu Group, the UAE-based retail giant owned by billionaire M.A. Yusuff Ali, has made headlines by completing the largest land acquisition in Ahmedabad’s history, further showcasing its robust expansion strategy in India’s commercial real estate sector. The historic transaction took place in Chandkheda, Gujarat, and is set to carve a new chapter in Ahmedabad’s economic landscape.
Table of Contents
Lulu Group Overview of the Land Deal
| Detail | Information |
|---|---|
| Buyer | Lulu Group (LuLu International Shopping Malls Pvt Ltd) |
| Location | Chandkheda, Ahmedabad, Gujarat |
| Land Area | 66,168 square meters (16.35 acres) |
| Transaction Value | ₹519.41 crore |
| Price per Square Meter | ₹78,500 |
| Stamp Duty Paid | ₹31 crore (Record highest for Ahmedabad) |
| Date of Purchase | June 18, 2024 (Auction) |
| Sale Type | Outright sale, not 99-year lease |
| Registration Location | Sabarmati Sub-Registrar Office, Ahmedabad |
| Seller | Ahmedabad Municipal Corporation (AMC) |
Significance of the Deal
This ₹519.41 crore land deal has set new benchmarks in Ahmedabad’s booming real estate market. It is the first-ever transaction crossing the ₹500 crore mark, notably higher than previous top-tier sales that maxed out between ₹300 crore and ₹400 crore. Also, the state treasury earned a record ₹31 crore in stamp duty from this one transaction—an unprecedented revenue milestone.
The outright transfer contrasts with earlier practices where high-value land was primarily leased for 99 years. The shift aligns with government efforts to attract direct investments and boost commercial development.
Location and Future Development
The acquired land in Chandkheda lies near the SP Ring Road, renowned for its connectivity and commercial potential. Lulu Group plans to launch a mega shopping mall, hypermarket, and integrated commercial projects, aiming to expand its retail footprint significantly in Gujarat. This ambitious development will bring multiple economic benefits, accelerating Ahmedabad’s urban growth and infrastructure development.
Political and Strategic Importance
The land falls within the parliamentary constituency of Union Home Minister Amit Shah, adding strategic significance to the deal. Given Ahmedabad’s rapid growth as an economic hub, this investment symbolizes confidence in the city’s future.
Government and Auction Details
The land was initially offered for auction online by Ahmedabad Municipal Corporation (AMC) on June 18, 2024, with a base price of ₹76,000 per square meter. Challenges in land possession delayed registration because about 10,672 sq meters were still under cultivation. Once AMC gained full control, the policy was revised from lease-based agreements to outright sales for commercial plots.
Impact on Ahmedabad’s Real Estate Market
- Boost to Investment Confidence: Lulu’s massive deal inspires confidence among developers and investors in Ahmedabad’s retail and commercial sectors.
- Revenue Growth: Record stamp duty payment benefits the state’s coffers significantly.
- Job Creation: Large-scale mall and infrastructural projects promise employment opportunities during construction and operations phases.
- Urban Expansion: Anticipated to lead to infrastructure improvements and enhanced commercial activities in Chandkheda.
External References
- Mathrubhumi: Lulu Group Ahmedabad Land Deal Report
- Times of India: Ahmedabad’s Largest Land Sale Sets Stamp Duty Record
- Radiance News: LuLu Group’s Major Land Purchase
Internal Links from TechnoSports.co.in
- Explore Ahmedabad’s real estate growth: TechnoSports Real Estate
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FAQs
Q1: What makes Lulu Group’s land deal in Ahmedabad historic?
It is Ahmedabad’s biggest ever land deal, valued at ₹519.41 crore, and it also generated the highest stamp duty payment of ₹31 crore in the city’s history.
Q2: What are Lulu Group’s plans for the newly acquired land in Chandkheda?
Lulu Group aims to develop a large shopping mall, hypermarket, and integrated commercial projects, significantly strengthening its presence in Gujarat.
