It was in February 2017 that the state government had approved the volumetric general development control regulations for the riverfront.
The SRFDCL project is being developed on approximately 500 acres of land. Nearly 85 % of the project area will be utilised for public infrastructure, recreational parks, sports facilities and gardens claimed the official proposal. The remaining 14% of the land is proposed to be sold to private parties for constructing high-quality buildings. There are 51 plots on either side of the riverfront.
SRFDCL officials are tight-lipped about the bidders, but reveal that a significant number of bidders are from outside Gujarat. “The information about the bidders cannot be shared owing to the confidentiality involved. But since 2017 we have seen more companies outside the state bid for the project,” says a senior official at SRFDCL.
The riverfront authorities had appointed Jones Lang LaSalle (JLL), international property consultants, for providing consultancy services for preparing land monetization strategy and sale and auction of development rights of built-up area of the plots in SRFDCL project area. By the end of 2016 the state revenue department had assigned revenue numbers to 185 hectares of reclaimed land on the riverfront.
Apart from recovering the project cost of Rs 1,400 crore, the civic body expects to earn profits from the sale of land. Sources in the AMC said that the civic body expects to earn about Rs 3,500 crore through the sale of the reclaimed land.