On January 10, it was revealed that Abhishek Bachchan is set to enter the real estate sector with a project in GIFT City, Gandhinagar, Gujarat. They have entered into a profit-sharing agreement with builder and real estate mogul Anand Pandit for the development, which aims to create luxury residential, office and retail space in over one million square feet of built-up area.
Revealed: The land bought by Amitabh Bachchan for Rs 7 crore near Gift City, Gujarat in 2007 is now worth Rs 210 crore; Abhishek will build a large scale project on the same land
Interestingly, reports also say that the complex will be built on land purchased by Amitabh Bachchan a decade ago, when he was the brand ambassador of Gujarat. Anand Pandit told Mid-Day that Amitabh has gifted the land to Abhishek. Meanwhile, more reports have emerged about the valuation of the land at that time and its estimated value today.
According to an article in Bhaskar, Amitabh Bachchan had purchased the parcel of land for Rs. 7 crores from Veerambhai Rudabhai Gamara of Chandlodiya, Ahmedabad. It is located in Shahpur village, very close to GIFT City. The deal was struck by ABCL managing director Rajesh Hrishikesh Yadav, who represented Amitabh Bachchan as his power-of-attorney holder.
The report further states that this land is 5.72 acres. According to the current rate, the price of the land is estimated to be around Rs 10 lakh. 210 crores. In other words, the value of land increased by Rs. This is an achievement considering Rs 203 crore and Big B’s investment. Just 15 years ago it cost Rs 7 crore.
The Bhaskar story contained a quote from Shahpur village head HK Patel, who acknowledged that Amitabh Bachchan’s investment has boosted confidence in the area. He further said that real estate prices are continuously going up, which is driving development in the area.
Coming back to the luxurious project, Lotus Developers will handle the design, planning and construction of the project, while the ownership of the land will remain with the Bachchan family. The execution will be done by Rise Route Projects Pvt Ltd, a subsidiary of Lotus Developers. Ltd., under a profit-sharing arrangement between the developer and Abhishek Bachchan.
Madness in Surat
Last weekend, Amitabh Bachchan also visited Surat, Gujarat. Videos of the veteran actor being surrounded by a mob in the city have surfaced on social media.
Amitabh was in Surat for the opening ceremony of the Indian Street Premier League (ISPL), which is scheduled to be held from January 9 to February 6 at the Lalbhai Stadium. He was also joined by Akshay Kumar, Suriya, Ram Charan, Sachin Tendulkar and others. As expected, the presence of so many film and sports stars brought excitement among the attendees.
Amitabh Bachchan is the owner of Majhi Mumbai, one of the eight teams of ISPL. He reached Surat in a chartered flight and was joined by Anand Pandit. IHNS has acquired an exclusive picture of Big B in the air.
