Sabarmati Riverfront ropes in JLL for monetisation of land parcel

Under the deal, 15 mn sq ft of the 200 hectares riverfront project is to be monetised; entire value of the land parcel pegged at Rs 3,500 cr

Leading real estate consultancy firm JLL India has been roped in to help monetise a land parcel of the Sabarmati Riverfront in Ahmedabad.

Sabarmati Riverfront Development Corporation Ltd (SRFDCL), the special-purpose vehicle created under the aegis of the Ahmedabad Municipal Corporation (AMC), has engaged JLL India to monetise around 15 million sq ft of the 200-hectare riverfront project.

According to estimates, the entire value of the land parcel is to be around Rs 3,500 crore, JLL stated.

The mandate to monetise the land parcel for SRFDCL includes offering end-to-end consulting and managing the entire transaction. Both the strategic consulting and transaction advisory teams of JLL have been roped in to help SRFDCL monetise the land parcel by conducting real estate market studies and surveys and prepare marketing, pricing, branding, and positioning strategies and transaction advisory. JLL will conduct a market study to find the right mix of occupiers/buyers/tenants.

The teams will also help the SRFDCL in finding the right mix of international and national level investors including hoteliers, residential and commercial real estate developers for a large portion of the proposed development. JLL will help SRFDCL to create a world-class business centre that will have a direct bearing on the quality of life of residents and offer them business as well as employment opportunities. Phase II of the project will have 180 high-rise residential complexes along the river banks.

"The proposed project will be among the largest developments in the country so far and reflects the increasing appetite for modern buildings and urban planning across Indian cities. The development, in a way, will also bring in the required sustainable development from several reputed companies and investors. This will result in the socio-economic development of the region," said Shankar Arumugham, Head, Strategic Consulting & Valuations–India, JLL.