Gujarat : Bachchan Family’s Real Estate Project to Push Land Prices Near GIFT City

Ahmedabad | Gujarat — The land prices near GIFT city in Gujarat, especially in Shahpur in Ahmedabad are set to increase with the Bachchan family making an entry into the real estate sector with plans of high-end residential and commercial projects on 5.72 acres of land in Shahpur. 

Bollywood actor Abhishek Bachchan has collaborated with Mumbai-based real estate firm Sri Lotus Developers & Realty Limited for the high-end residential and commercial project on the land purchased by the Bachchan family on November 23, 2011 after the birth of Aradhya Bachchan. Amitabh Bachchan invested Rs 7 crore for purchasing 23,169 square meters of land in Shahpur, which is opposite the GIFT city. It is worth mentioning that the land purchased in 2011 is now worth Rs 210 crore. 

Dinesh Thakor, who lives near Big B’s land, said that the land prices have appreciated by Rs 15 crore per bigha. Amitabh Bachchan bought 14 bighas of land, which now costs Rs 210 crore after 14 years. 

The total built-up area of ​​this project will be more than 10 lakh square feet. The development work of the project will be done by the company’s subsidiary Rise Route Projects Pvt. Ltd. In which profit sharing will be done with Abhishek Bachchan. This ultra-luxury mixed-use project will include premium retail space, Grade-A commercial offices and high-end residential units. This project, which will be developed on freehold land, will be the first project in Gujarat for Lotus Developers. However, efforts were made for this land project in 2022 as well. But that project could not move further than the talks.

Anand K. Pandit, Chairman and Managing Director of Lotus Developers, while talking to the media, said that GIFT City is rapidly developing as a global finance and business hub. Due to strong infrastructure, progressive policies and increasing interest from investors from home and abroad, the demand for premium and ultra luxury residential and commercial space is increasing here.

According to the company, the project is planned to be completed in four years after the work starts. Currently, Lotus Developers has completed four projects of 4.2 lakh square feet of carpet area. While 6 projects are underway and 12 upcoming projects are in the pipeline to develop a total of 27.6 lakh square feet of carpet area.

Shahpur village leader H.K. Patel said that Amitabh Bachchan has purchased land in Shahpur village, which falls under Prime Minister Narendra Modi’s dream project, GIFT City. “If someone like Amitabh Bachchan is planning to build quality residential flats here, it is certain that this area will witness rapid development,” he said. Patel added that land prices have already risen significantly compared to 15 years ago, and more companies are now investing in the region. “Our village is steadily developing and has the potential to become one of the best villages in India,” he said.

Echoing similar views, Shahpur native Prajapati Rajnikant Rameshbhai, who is engaged in farming, said the village has seen remarkable progress since the development of GIFT City. “Many people working in GIFT City are now living in our village on rent, which has increased local income,” he said. According to him, there is not a single vacant house left in the village. “This trend shows that Shahpur will continue to develop further in the coming years,” he added.

Meanwhile, Patel Rameshbhai Jivabhai, a resident of a nearby village, said that GIFT City has brought widespread development across surrounding areas. “Employment opportunities have increased, businesses are growing, and people working in GIFT City prefer staying in nearby villages, which has boosted income levels,” he said. Referring to Amitabh Bachchan’s upcoming project, he added, “This will attract more people and investments, and the villages in this region will certainly benefit in the future.”