ASE's board of directors has given an in-principle approval for the same. All operations at the Kamdhenu Complex at Panjarapole, the exchange's current location, will be shifted to the new premises.
"At our last board meeting, an in-principle approval for the new building was granted and we aim to develop it as a 100 per cent financial hub, which will accommodate brokers as well as offices of companies related to financial services, be they banks, mutual funds, insurance companies and investment firms. A non-financial company will not be granted office space in the new premises," said Ahmedabad Stock Exchange Chairman Mukesh Patel.
The Ellisbridge property was conceived to facilitate broking and trading activities. However, things did not fructify in the past and the construction work was left incomplete.
There were also talks of ASE mulling a sale of the property in the past. The construction work of the building is now likely to start soon.
ASE is developing its new premise in the heart of city and the cost of the entire project will be around Rs 25 crore. ASE is planning to celebrate the golden jubilee of Gujarat in the new building, which is expected to be functional by early 2010.
"The contribution of Gujaratis in the financial sector is very high. The new building will be at par with their status. Coincidentally, the golden jubilee year of Gujarat state falls in 2011," he added.
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ASE was established as a public charitable trust in 1894 following the establishment of the Bombay Stock Exchange in 1875. The bourse completed the demutualisation exercise last year as mandated by Sebi.