Ahmedabad: Lulu Group, led by Malayali billionaire M A Yusuff Ali, has completed the largest land transaction ever recorded in Ahmedabad, purchasing 16.35 acres of land in Chandkheda—an area falling under Union Home Minister Amit Shah's parliamentary constituency of Gandhinagar. The deal, valued at ₹519.41 crore, also set a new record for the highest stamp duty paid in a single transaction, with the state earning ₹31 crore from stamp duty alone.

Record-breaking transaction sets new benchmark

The land, totalling 66,168 square metres, was purchased from the Ahmedabad Municipal Corporation and officially registered at the Sabarmati Sub-Registrar Office. In terms of both transaction value and stamp duty revenue, this is the highest-value land sale ever registered in Ahmedabad.

Though prior high-value registrations in the city ranged between ₹300–₹400 crore, this is the first land deal exceeding ₹500 crore, setting a new benchmark in Ahmedabad’s real estate market.

The plot was acquired on June 18, 2024, via an AMC auction, at a rate of ₹78,500 per square metre. Unlike previous practice, the government opted to sell the land outright—rather than lease it for 99 years—to attract large-scale investments into the city. The sale was executed in compliance with the city's Town Planning Scheme regulations.

Lulu Group is expected to expand its operations in Gujarat through this acquisition, with major projects like a shopping mall and hypermarket reportedly in the pipeline. The land's prime location on the SP Ring Road, known for excellent connectivity and commercial viability, is anticipated to notably boost Lulu's presence in the region.