February 27, 2024: Maharashtra Corporation, Visagar Group’s real estate and construction arm announced plans to develop a commercial property in Naranpura, Ahmedabad on plots spread over 2,140 square yard. According to the company’s regulatory filing with the Bombay Stock Exchange (BSE), the plots that are in close proximity to the Sardar Vallabhai Patel Stadium in Ahmedabad have been acquired for Rs 45.16 crore. Once developed, the company expects a revenue of about Rs 120 crore from the sale of the project.
As part of the development plan, over 1,20,000 square foot of built-up area will be designed to accommodate commercial spaces including showrooms, offices and multi-use facilities on the current plot. The proposed development will cater to various needs such as showrooms, hospitals, clinics, professional office spaces and lifestyle establishments, aligning with the evolving demands of the market.
Furthermore, the company is actively exploring opportunities to expand the existing area and augment the project size to optimise its development capacity. “This expansion strategy is in line with the primary objectives of our company, aimed at enhancing our presence in the geographical regions,” mentioned Tilokchand Kothari, director, Maharashtra Corporation, in the official statement.
Ahmedabad, being a rapidly growing market, has witnessed a significant upsurge in real estate activities. The city’s strategic location and conducive business environment have attracted both investors and homebuyers, thereby fostering the rapid expansion of its real estate sector.
According to the company as of FY 2023-24, Ahmedabad boasts a total of 24.46 lakh properties, comprising 18.30 lakh residential properties and 6.16 lakh commercial properties. “We are excited about the prospects of our project in Ahmedabad and remain committed to delivering value to our stakeholders,” said Kothari.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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