Ring Road on way to development

GROUND REALTY

The stretch along the newly constructed 132-ft Ring Road which runs across the areas located on the western part of Ahmedabad, is fast developing as a real estate hub, thanks to a revised development plan announced by the government of Gujarat, where 50 per cent of land on either side of the posh road has been de-reserved for housing activity.

Lying vacant for the past 40 years, the stretch of land between Memnagar and Naranpura along the Ring Road is suddenly buzzing with activity.

High rises are quickly taking shape in large numbers along the stretch for the past few months.

The land, which was under the green belt plan since 1962, was then put under public housing reservation plan, still unsaleable. However, about a year and a half ago, the government allowed owners to sell 50 per cent of land to be developed as housing locations.

In its revised development plan for Ahmedabad signed in June 2002, the government de-reserved 50 per cent land in both sides of the 132 ft Inner Ring Road in the Naranpura area which was under Public Housing Reservation Rules of 1982, resulting in development of the area as one of the hottest real estate destination in the city, said N K Patel, director, Federation of Real Estate Developers Association of Gujarat (FREDAG), the umbrella organisation of builders of Gujarat. The cost of the land at the sides of the 132 feet Inner Ring Road is around Rs 8,000 to Rs 10,000 per square yard.

Most of the land owners of the area have handed over the land to real estate developers and builders for development.

More than 20 builders are working day and night in more than 35 projects and most of the projects are expected to be completed at the end of 2005.

"Most of the properties coming up in the area are residential apartments as bungalows are not viable in that area," said Sanjay Patel, a leading builder.

A two bed room flat of around 125 square yard would cost around Rs six lakh, Patel said.

"Most of the land fall under the residential zone one and the municipal limits of the city, so there is no restriction on the height or plot size as in the case of zone two or zone three of the Gujarat Development Land Regulatory Act," said H Patel, one of the leading real estate developers of the city.

Most of the builders claim to have completed more than 50 per cent of the booking and expects the remaining to be over by the completion of the project. Since 1962, the land here was under the Green Belt Reservation and hence was unsaleable, while in 1982, the rules were amended and the land fell into the Public Housing Reservation Rules of 1982, but the land was still not saleable.

In June 2002, with the government's revised development plan, the owners can sell 50 per cent of their land, while the remaining 50 per cent will be taken by the civic bodies for the development of civic amenities in that area.