On January 10, it emerged that Abhishek Bachchan is set to enter the real estate space with a project in GIFT City, Gandhinagar, Gujarat. He has entered into a profit-sharing agreement with producer and real estate mogul Anand Pandit for the development, which aims to create luxury residential, office and retail spaces spanning over one million sq ft of built-up area.
Interestingly, reports also stated that the complex will come up on land purchased by Amitabh Bachchan over a decade ago, when he was Gujarat’s brand ambassador. Anand Pandit told Mid-Day that Amitabh has gifted the land to Abhishek. Meanwhile, further reports have surfaced about the land’s valuation then, and what it is estimated to be worth today.
As per an article in Bhaskar, Amitabh Bachchan bought the land parcel for Rs. 7 crores from Virambhai Rudabhai Gamara of Chandlodiya, Ahmedabad. It is located at Shahpur village, very close to GIFT City. The deal was carried out by Rajesh Rishikesh Yadav, Managing Director of ABCL, who represented Amitabh Bachchan as his power-of-attorney holder.
The report further stated that this land measures 5.72 acres. As per the current rate, the land’s value is estimated to be Rs. 210 crores. In other words, the value of the land increased by Rs. 203 crores and this is a feat considering Big B invested Rs. 7 crores for it just 15 years ago.
The Bhaskar story carried a quote of Shahpur village head H K Patel, who confessed that Amitabh Bachchan’s investment has boosted confidence in the region. He further added that the real estate prices have been going steadily upwards, leading to development in the region.
Coming back to the luxurious project, Lotus Developers will handle the project’s design, planning and construction, while the land will continue to be owned by the Bachchan family. The execution will be undertaken by Lotus Developers’ subsidiary, Rise Root Projects Pvt. Ltd., under a profit-sharing arrangement between the developer and Abhishek Bachchan.
Madness in Surat
The past weekend also saw Amitabh Bachchan visit Surat, Gujarat. Videos of the veteran actor being mobbed 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 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 sport stars led to excitement among the attendees.
Amitabh Bachchan owns one of the eight teams of ISPL, Majhi Mumbai. He flew down to Surat in a chartered flight and was joined by Anand Pandit. Bollywood Hungama has accessed an exclusive picture of Big B mid-air.
The post REVEALED: Land bought by Amitabh Bachchan for Rs 7 cr in 2007 near GIFT City, Gujarat now valued at WHOPPING Rs 210 cr; Abhishek to build massive project on the same land appeared first on Bollywood Hungama.
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