Gujarat housing board invites bids for redevelopment of Rameshwar apartments

July 17, 2021

Gujarat housing board invites bids for redevelopment of Rameshwar apartmentsAHMEDABAD: After a long wait, Gujarat Housing Board (GHB) has called for redevelopment of the high-income group (HIG) Rameshwar Apartments on Sola Road. The project cost is estimated to be around Rs 54 crore.

GHB in its document stated that 75% of residents consent has been obtained as mandated under the new Gujarat Flat Owners Act and the developer has to ensure that the remaining residents agree to the redevelopment, including the cost of the transit accommodation till the new dwellings are ready. The plot size is 20,749 square metres.

“The project is being undertaken in the public-private partnership (PPP) model with the extension of the lease period for an additional 99 years. Another important condition in the GHB document submitted to the AMC is that a tripartite agreement has been reached,” said a senior Ahmedabad Municipal Corporation (AMC) official.

To make project viable, the GHB in its 2019 revised redevelopment guidelines stated that after redevelopment of houses, the remaining permissible FSI of Rameshwar Apartments shall be utilized on the plot by the developer for creation of affordable housing stock as well as for the development of the free sale component.

If for any reason, the remaining FSI cannot be utilized fully on these two activities, the remaining FSI can be utilized on any other plot under the same Development Plan as Transferable Development Rights (TDR).

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