The Centre for Environment Planning and Technology (CEPT) University has prepared a master plan to help monetise 24 hectares of prime land belonging to the closed Calico Mills in Ahmedabad.
The plan,aimed at development and sale of the real-estate belonging to the textile mill,is estimated to generate Rs 545 crore 2.5 times more than the price quoted earlier for the same piece of land.
The plan,having a mix of residential and commercial developments,interspersed with green and open spaces,was conceived in the last six months by a 15-member team comprising architects,urban planners,designers and even planning graduates.
The total land is divided into 18 plots. Out of them,three plots have been earmarked as green areas,roads and a plot with 20 per cent of land to be handed over to the Ahmedabad Municipal Corporation (AMC) for slum rehabilitation project. These three plots do not form part of the revenue model. Also,the cost of infrastructure development and landscaping has been evaluated as Rs 25 crore, said Sejal Patel,associate professor and head of undergraduate programme at CEPTs Faculty of Planning and Public Policy.
The piece of land,measuring around 24 hectares,is located in the Behrampura area,along the banks of Sabarmati.
The development plan includes two residential buildings (12-storey),three hotels (nine-storey),eight separate commercial buildings (eight-storey) and two retail buildings (five-storey).
The CEPT team had carried out extensive surveys of commercial,residential,retail and hotel projects in the proximity of around five kilometre radius of the site,including both existing and upcoming projects. Besides,studies on traffic counts and analysis was also conducted in order to plan connectivity to public transport like metro and Bus Rapid Transport System.
If everything goes as planned,then similar model will be adopted for other more than 35 closed mills in the city.
Over the last few years,repeated attempts to liquidate this chunk of prime land alongside the Sabarmati did not bear fruit. Thereafter,CEPT was roped in.
The first auction for the mill land was quoted at Rs 211 crore. This auction was cancelled by the High Court after the bidding amount hardly crossed the base price of Rs 203 crore. Later,the land price was re-evaluated and bids were invited with a base price of Rs 387.73 crore. Again no buyer turned up. The HC then asked the liquidator to reach out to the national-level confederation of promoters and land developers,which again turned out to be a futile attempt.
So far,out of a dozen of Calico Mills,only two plots in Vadodara had been able to fetch Rs 13.09 crore.
Calico Mills is yet to pay property tax to the tune of Rs 22.53 crore to the AMC.