The RMC had fixed the upset price of Rs 1.25 lakh per sq m. However, the plot was sold at just Rs 200 per sq m higher than the upset price. The plot was bought by Om 9 Square LLP, one of the three bidders, for Rs 118.16 crore.
The plot is located opposite the city’s tallest 22-floor building on the 150-feet Ring Road.
Gopal Chudasama, partner at Om9 Square LLP told TOI, “We are planning to construct a commercial building on this plot. According to our calculation, the plot fits the criteria for a 100m high or (70 floors) building as per new regulation. We want to construct the tallest building of the city here subject to regulatory approvals.”
The real estate group is into building commercial properties and already has two properties on Sadhu Vasvani road.
The entire 11-km stretch of 150-feet Ring Road having BRTS connectivity is being developed as a commercial hub. Several big malls and one multiplex, between KKV Chowk to Nana Mauva Chowk, are coming up on the Ring Road.
Paresh Gajera, president of Rajkot Builders Association (RBA) said, “The base price of the auctioned plot was 15 to 20% higher than market price. Looking at the current situation where demand for commercial property is down, the RMC plot’s deal can be said to be one of the biggest in recent times.”