Ashram Road in Ahmedabad, has experienced a notable increase of Rs 8,824 per square metre in just three months. This surge follows the successful sale of development rights by the Sabarmati Riverfront Development Corporation Ltd (SRFDCL), which saw the base price for such rights set at Rs 26,000 per square metre in November 2024. Now, as a new Request for Proposal (RFP) is issued for a food park project, Riverside Savouries, the base price for development rights for another plot in the same area has been set at an even higher Rs 32,500 per square metre.
This price adjustment follows the guidelines established under the Sabarmati Riverfront Land Disposal Policy, which aims to balance the commercial viability of the riverfront with its broader urban development goals. The SRFDCL had first floated the RFP on September 13, 2024, seeking development rights for two riverfront plots. The western plot, measuring 4,420 square metres, was initially valued at Rs 23,676 per square metre, with a Mumbai-based company securing the development rights at the highest bid of Rs 26,000 per square metre. Notably, the bidder requested changes to the original construction plan, which were approved during a SRFDCL meeting held on November 28, 2024.
In February 2025, SRFDCL issued a fresh RFP for the development of Riverside Savouries, an ambitious project designed to transform the Sabarmati Riverfront into a dynamic food zone. Spanning 27,000 square metres of land opposite BJ Park, the development is expected to feature a mix of culinary and recreational facilities, including a dedicated 6,300 square metre area for food-related businesses. According to sources in SRFDCL, the base price for development rights on this plot is pegged at Rs 32,500 per square metre. This prime riverfront location will be leased for a period of 25 years, with the annual lease amount set at Rs 11.35 crore, making it an attractive proposition for developers and investors alike.
In a related development, LuLu International Shopping Malls Pvt Ltd, a prominent retail player, made headlines in Ahmedabad’s real estate sector by securing a plot in Chandkheda along the SP Ring Road for Rs 519 crore. This acquisition, finalised through an online auction conducted by the Ahmedabad Municipal Corporation (AMC) in June 2024, marks a significant step in LuLu’s expansion strategy in India. With the steady increase in land prices and development opportunities along the Sabarmati Riverfront, Ahmedabad continues to position itself as a hub for urban development and investment. These developments highlight the growing commercial appeal of the city’s waterfront, which is rapidly becoming a key focus for developers seeking premium land for both retail and leisure projects.
