Though SRFDCL officials are tight-lipped over the base price for real estate on the riverfront, conservative estimates suggest that it would be nothing less that Rs 1.06 lakh per square metre, while 3% of this price will be the rate of rent. This figure was quoted in a presentation made regarding the ambitious `charkha wheel’ or London Eye Observation Wheel before former chief minister Anandiben Patel by a London-based architecture firm in May.
In the July meeting of the SRFDCL, payment terms were also finalized.The terms suggest that the developer should be paying 10% at the time of bidding, 25% at the time of plan passing and 50% payment along with 50% bank guarantee at the time of possession of the plot. Skyscraper buildings are set to come up on the eastern bank road while on the west bank, owing to the Central Business District (CBD) plans, SRFDCL claims that the prevalent GDCR restrits too many tall buildings.
For last two months, there have been discussions on the number of plots that can be put up for development rights auctions. “Earlier, we had decided to auction just two of the 42 plots on the Riverfront, but now this is being reconsidered.Also, there is a talk on densification of the riverfront, which is completely contrary to what was planned earlier. The government now seeks to profit from the Riverfront, which was not the initial motive when we started the project,“ said a senior AMC official.
More land sought for riverfront
The SRFDCL has already written to the senior police IPS mess seeking land for east side riverfront recently. It has also shot off a letter to the official liquidator of Calico Mill to acquire land in front of the mill for a riverfront road. While another open space, just besides Saptrushi cremation ground, will be developed into a green space. “We had also decided to turn Gurjari Bazar into a separate enclosure,“ said a senior AMC official. TNN
