Surat registered Gujarat’s most expensive property document at Rs 510 Cr
Phoenix Mills, based in Delhi, paid Rs 510 crore for a prime land parcel measuring 7.22 acres in the posh Althan neighbourhood on the Udhana-Magdalla road
Surat : Surat, the economic capital of Gujarat, is already well-known for its dazzling diamonds and fine textiles, but now it can boast yet another impressive accomplishment. The Gujarat Stamp Duty department has received its most expensive property document to date, valued at Rs 510 crore, from the city of Surat.
Phoenix Mills, based in Delhi, paid Rs 510 crore for a prime land parcel measuring 7.22 acres in the posh Althan neighbourhood on the Udhana-Magdalla road. A partnership led by Rajendra Shah owned the land. Following the purchase of the land parcel, the company paid Rs 30 crore in stamp duty and registration fees for the registration of the property document.
According to sources, the Delhi-based company plans to build a massive commercial real estate project on the massive land parcel in Althan. By 2026-27, the company intends to build a retail destination on 10 lakh square feet of land.
According to official sources in the Stamp Duty department, approximately 1.66 lakh property documents have been registered in Surat city and district in the last year, generating revenue to the tune of Rs 1,202 crore for the State Government exchequer. Following the announcement by the government on the implementation of new Jantri rates, effective April 15, approximately 30,506 property documents were registered by the department in March 2023.
“Following the heavy rush of property owners, the department will be working on public holidays for registering the property documents,” said Sandip Savani, stamp duty registrar, Surat. “We have started a token system to make it easier for property owners to visit the office and register their properties.”