Thol

Times of India May 14, 2010

Thol gets mother of all realty deals

AHMEDABAD: It's not just the scorching summer sun that has set the city on fire. A gravity-defying deal has sent Gujarat's realty market into a tizzy.

In the biggest land deal in the history of Ahmedabad, a group of local realtors along with some NRI investors have bought 2,800 bighas, or 1,650 acres, for a whopping Rs 800 crore on Thol-Sanand road. The site is near Mulasana village, about 30 km north-west of the city. The deal is said to be struck at Rs 25-30 lakh per bigha, depending on the location of the land which is a few kilometres off the Thol bird sanctuary and the Tata Motors small car plant.

The strategically located pieces of land belonged to multiple owners including a co-operative body, Dharti Khet Sahakari Mandali (DKSM) in Mulasana, Bhavanpur, Chandanpura, Anadej and Khanderpura villages. While DKSM held half of the total land acquired, a substantial portion belonged to a Rajkot-based builder. The remaining patches were in possession of local farmers.

"We plan to build a township around the facilities, including an 18-hole golf course," said a member of the consortium who did not want to be named. A group of farmers contacted by TOI confirmed that they sold the land to DKSM recently. Developers like Sarthav Infrastructure and Adicorp Enterprises, whose roles cropped up during TOI investigation, refused to comment. Jivan Rabari of Mulasana said that part payment for about 10 acres of land had been made by DKSM and his family was waiting for rest of the amount. Another tenant farmer Raman Thakore of Bhavanpura also confirmed having sold two acres of land.

When contacted, chairman of DKSM Shanker Patel refused to confirm or deny the deal. He said the DKSM land, which belonged to members, is worth Rs 400 crore.