New 1,20,000 Sq Ft Built-Up Area Commercial Space Coming Up Near Sardar Vallabhbhai Patel Stadium In Ahmedabad

Real estate news: Maharashtra Corporation Ltd has declared that it has completed all payments for land parcels designated for a commercial endeavour in Naranpura, Ahmedabad. Plans for development encompass approximately 120,000 square feet of built-up area, designed to accommodate a diverse range of commercial spaces.
real estate news ahmedabad

A new commercial space encompassing 120,000 square feet of built-up area is in the works in Ahmedabad. (Pic: Canva Pro)

Real estate news: Maharashtra Corporation Ltd has declared that it has completed all payments for land parcels in Naranpura, Ahmedabad, designated for a commercial endeavour, where the property prices currently range from Rs 33,000 per square foot to Rs 56,000 per square foot. Positioned close to Sardar Vallabhbhai Patel Stadium, this venture is poised to generate revenue of Rs 120 crore from sales. Through this initiative, the corporation aims to not only expand its portfolio but also to engage with the rapidly growing real estate sector in Ahmedabad.
"The plots, totalling 2,140 sq yards, have been acquired at the consideration of about Rs. 45.16 crore," the company said in an exchange filing. "Plans for development encompass approximately 120,000 square feet of built-up area, designed to accommodate a diverse range of commercial spaces including showrooms, offices, and multi-use facilities on the current plot," they added.
This undertaking is anticipated to significantly enhance the corporation's financial performance, greatly improving its investment capabilities. Diving into real estate development marks a strategic diversification for the corporation, lowering its reliance on traditional industries and decreasing industry-specific risks.
Maharashtra Corporation Ltd has reported notable growth in earnings per share annually and over the past year. The corporation boasts of operating without debt and with no pledges from promoters.
The company stock price was Rs 1.57 apiece when the market closed on Tuesday. Year to date (YTD), this penny stock has seen a value depreciation of 4.85 per cent. However, in the past three months, it has gone up 11.35 per cent. Over the past 6 months, it has given investors 42.73 per cent return on their investment.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice.)
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