One of the biggest pharmaceutical companies in the country is moving its corporate headquarters. And, in doing so, it has given a fillip to the city’s realty market by buying a 28,000 sq yard plot for a whopping Rs 350 crore. The plot is in Hebatpur, close to Shilaj Circle. This is, by far, the biggest land deal in this area in recent times.
Sources in realty sector said, “The Torrent Group, which wanted to shift its headquarters had been searching for a land parcel for a very long time. They finally found the land of their choice and bought 28,000 sq yard land at a cost of Rs1.20 lakh per sq yard.”
Currently, the firm has offices in Nehrunagar and Ashram Road among other areas.
The sources added, “The land was bought from BSafal Group and Shaan Zaveri. The buyer is one of the leading companies in the country.”
While Executive Director (Torrent Group) Jayesh Desai refused to comment on the issue, land owner Shaan Zaveri and MD of BSafal group Rajesh Brahmbhatt confirmed the deal.
According to reliable sources, with the congestion in city and with expansion plans in certain verticals, the company is planning to move their staff to the new state-of-the-art facility once it is ready.
The land is divided into two plots – 18,000 sq yard and 10,000 sq yard – that are divided by a road. Since the land falls in Residential-2 zone, the company will get 1.8 floor space index (FSI). If they wish to develop more floors, the company can buy added FSI through Transfer of Development Rights from other developers and create more workable space.
The news has created a positive wave in the realty sector. According to experts, there are many companies that are in search of land to build their corporate offices in the western part of the city, mostly on SG highway and SP Ring Road.
Commenting on Torrent’s land deal, realty expert Pravin Bavadiya said, “The city is expanding, and the companies are looking for bigger offices with better infrastructure. The firms prefer to build a corporate house which gives them independence and ability to function more efficiently.”
Bavadiya added, “This will also help residential real estate development around SP Ring Road as the employees may buy or rent apartments or bungalows in the vicinity.”
Sharing similar thoughts, realty consultant Kalpesh Maheshwari said, “Since Ambli-Bopal stretch and Sindhu Bhavan road are expensive and mostly sold out, Shilaj is emerging as a hub for affordable housing. Thus, any corporate house that comes in this vicinity will make more sense, considering employees’ comfort.” He also added that the connectivity of SP Ring Road is other advantage.