The strategic tie up will help the SPV to modernise and give Sabarmati Riverfront Area a facelift
· Transactions indicate the growing need for modern urban development in the country
· Tie up represents JLL’s predominance on client servicing
Mumbai, 25 November 2019: JLL India, the country’s largest real estate consultancy and professional services firm, has bagged the mandate to monetise around 15 mn sq ft of the 200 hectares of the Sabarmati Riverfront Development Project in Ahmedabad. Sabarmati Riverfront Development Corporation Ltd (SRFDCL), the special purpose vehicle created under the aegis of the Ahmedabad Municipal Corporation (AMC) to develop the project. According to estimates the entire value of the land parcel is to be around INR 3500 crore. JLL announced this today in a press statement.
The mandate to monetise the land parcel for the SRFDCL includes offering end-to-end consulting and managing the entire transaction. Both the strategic consulting and transaction advisory teams of JLL have been roped in to help the SRFDCL to monetise the land parcel by conducting real estate market studies and surveys, and prepare marketing, pricing, branding and positioning strategies and transaction advisory. JLL teams will conduct market study for finding the right mix of occupiers/buyers/tenants.
Commenting on the development, Ramesh Nair, CEO & Country Head – India, JLL said, “JLL’s bagging the contract from the SRFDCL is a testament of our predominance in the country on transactions and proves that we are the best in the business when it comes to managing multiple mandates for our clients. Our cohesive, dedicated action and strategic planning, involving several teams, augurs well for our clients.”
The teams will also help the SRFDCL in finding the right mix of international and national level investors including hoteliers, residential and commercial real estate developers for a large portion of the proposed development. JLL will help SRFDCL to create a world-class business centre that will have a direct bearing on the quality of life of residents and offer them business as well as employment opportunities. Phase II of the project will have 180 high-rise residential complexes along the river banks.
Shankar Arumugham, Head – Strategic Consulting & Valuations – India, JLL said, “The proposed project will be among the largest developments in the country so far and reflects the increasing appetite for modern buildings and urban planning across Indian cities. The development in a way will also bring in the required sustainable development from several reputed companies and investors. This will result in the socio-economic development of the region.”