Real Estate Hour

Ahmedabad-based HN Safal Group signs landmark deal ahead of Navratri

Right before the festival of Navratri, Ahmedabad’s realty sector witnessed some more landmark property deals. The recent one among them is Ashwamegh Bungalows (Part 1) Society near Shivranjani crossroads. The property’s 22 units, including 18 from Part-1 and four adjoining it, have reportedly been bought for a whopping Rs 250 crore by city-based HN Safal Group.

While HN Safal Group owner Dhiren Vora refused to divulge any details, saying it was “too premature to comment at this stage”, realty sources state that the deal was finalized for a price of over Rs 2 lakh per sq yard.

Speculations are rife that HN Safal Group plans to turn the property into a retail-cum-commercial project. Since the site is close to BRTS corridor at Shivranjani crossroads, with road approach on two sides, it is bound to attract investors as well as the end users, i.e., property buyers.

Spread over 400-600 sq yards, the Ashwamegh Bungalows (part 1) is officially registered under the ‘Kunal Co-op Housing Society’. The agreement between the society and HN Safal Group reportedly states that the owner of each unit will be getting between Rs 10-15 crore, depending on the size of the bungalow.

The deal is believed to be one of the most lucrative transactions of the recent times. Kunal Co-op Housing Society secretary Pinku Sutaria revealed that the society was approached by HN Safal Group about 2 months ago, with a proposal of Rs 2.03 lakh per sq yard for the entire 10,000 sq yard area. “We were approached by (HN Safal Group) and they have offered us. There are four bungalows adjoining to our society too which are part of the deal,” Sutaria revealed.

She also said that the deal was stalled for a few days because of the period of ‘shradh’ which is considered inauspicious. “The actual on-paper deal will take place during Navratri. The society members have given their consent,” said Sutaria.

Back in 1987, when the society was built, buyers had paid around Rs 10 lakh for a 400 sq yard plot. This makes the current offer price of Rs 10 crore about 100 times higher than the buying price.

A resident of Ashwamegh Bungalows, requesting anonymity, disclosed that they had been getting many offers for the past 7 years. “True Value group had also been negotiating with us for last 2 years. However, the deal didn’t work as we have a plot within the society, which is caught in a legal tangle. HN Safal Group has agreed to take responsibility of the plot.”

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