Rs 100 crore

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By Yogesh Avasthi
Posted On Friday, February 19, 2010 (http://www.ahmedabadmirror.com/index.aspx?Page=article§name=News%20-%20City§id=3&contentid=2010021920100219030317357cf65534a)

This is 40 per cent more than what the trust had expected the sale of these land parcels would fetch
The Ahmedabad Education Society (AES) has got 40 per cent more than what it was expecting at the auction of its two plots on Drive-In Road held on Thursday.
The highest among the 30 bids received for its plots near Vastrapur Lake and near Doordarshan TV tower - base prices Rs 22 crore and Rs 45 crore respectively - are Rs 27.20 crore and Rs 73.51 crore, taking the total a little over Rs 100 crore.
Definitely not bad for AES which was expecting to raise Rs 67 crore from the sale these two plots. The AES on Thursday auctioned one of its two adjoining plots on Drive-In Road totalling 11,198 square metres and a plot near Vastrapur Lake measuring 4,667 square metres.
In June 2008, Ahmedabad Mirror had reported plans of AES to auction its plot in prime locations in the city.
The money thus raised will be spent on setting up the Ahmedabad Uiversity to come up on the plot between Helmet crossroads and Vijay crossroads. The next five years will see Rs 400 crore being pumped into the proposed varsity.
Hostel blocks located on the land earmarked for the varsity campus will be shifted to another location, which is yet to be decided, the sources added.
AES owns a number of college in the city — MG Science College, LD Arts College, HL Commerce College, AG high school etc. Plans are to upgrade these colleges and affiliate them to the proposed Ahmedabad University, whch is being said will have a institutes teaching media and entertainment, law, engineering, IT, retail management and public policy and governance.
“The other plots of AES will be auctioned as and when the need arises,” the sources added.
Ahmedabad University currently functions from HL campus. The AES plans to build a sprawling campus for Ahmedabad University on its 95-acre land near Vijay crossroads.

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