Strictly Private & Confidential
The land research behind our assumptions
What government circulars, news reports and market commentary say about land in Gujarat, Ahmedabad and Gandhinagar. Each item links to the original — read it yourself, don’t take our word for it.
Gujarat — state level
GIDC Raises Industrial Land Allotment Rates In Gujarat By Average 15%
The Gujarat Industrial Development Corporation raised its industrial land allotment rates by an average of 15%.
The closest real comparable: a state body re-pricing actual industrial land.
Jantri — government guideline rates
Jantri (minimum guideline value) rates were revised by Government Resolution dated 13 April 2023.
Jantri is the statutory floor used for stamp duty, not a market price.
Ahmedabad region
Property Price in Ahmedabad — Increase Over Last 5 Years
Recent yearly appreciation of 7–8% a year; residential values up roughly 20–35% over five years; peripheral zones up 40–80% in select pockets over five years.
A developer's market commentary — mostly residential; the 40–80% figure refers to land in select peripheral pockets, not the whole city.
Ahmedabad Real Estate Market 2026: Trends & Investment Guide
Capital appreciation in selected growth corridors has ranged between 8% and 12% annually in recent periods.
Residential, developer commentary; the article adds that future gains depend on infrastructure execution and demand.
Real Estate Price Trends in Ahmedabad: Last 5 Years Analysis
Premium localities — Bodakdev, Prahlad Nagar, Sindhu Bhavan Road — registered 20–30% price increases; emerging areas such as South Bopal, Chandkheda and Shela moved up 15–22%.
Residential price commentary. The article does not separate land from housing or give a single measurement period for these ranges.
Ahmedabad — data-centre-suitable land today
₹32.5 Cr per acre — the average rate for data-centre-suitable plots with grid connectivity.
From primary research and the Cushman & Wakefield APAC Data Centre Construction Cost Guide 2026, as used in our model workbook.
Gandhinagar region
Allotment Price review, F.Y. 2021-22 → F.Y. 2023-24 (Gandhinagar estate)
General industrial (Elect/Engg): ₹6,100 → ₹8,075 per sq. m, about 15.1% a year. IT SEZ: ₹4,710 → ₹5,710 (about 10.1% a year). SEZ: ₹3,230 → ₹3,920 (about 10.2% a year).
Annual rates are computed from the two published prices over two years. SEZ-designated land — the closer comparison for GIFT City — grew more slowly than general industrial land over the same window.
Gandhinagar IT corridor — data-centre-suitable land today
₹60 Cr per acre — the highest of the markets our model researched, and about 1.8× Ahmedabad's ₹32.5 Cr.
From primary research and the Cushman & Wakefield APAC Data Centre Construction Cost Guide 2026. This is the price basis for the project's 2.5 acres (₹150 Cr), described in our summaries as a GIFT City-specific premium reflecting its special economic zone status.
What this means for the project’s returns
| 15-year equity IRR (asset held the full 15 years) | 80:20 | 70:30 |
|---|---|---|
| Land at cost | 25.94% | 20.13% |
| Land +7% a year — conservative | 26.93% | 21.10% |
| Land +15% a year — realistic | 29.84% | 23.94% |
| Land +20% a year — upside | 32.91% | 26.95% |
Asset held for the full 15 years
Your view of land appreciation
7% a year
Equity IRR
26.93%
+0.99 pts vs land at cost
NPV @12%
₹281 Cr
Cash back on ₹208 Cr in
₹2,005 Cr
9.6× money multiple
Land at exit
₹542 Cr
₹217 Cr/acre — 3.6× today's ₹60 Cr
2.5 acres, land compounding from purchase for 19 years (4 construction + 15 operating), sold with the asset. Land appreciation lifts IRR, NPV and total cash back; it does not change payback speed. Illustrative — not a forecast of land prices.
Third-party articles are linked for verification and are the views of their publishers. Growth rates marked “computed” are our arithmetic on two published prices. Illustrative model only — not investment advice or a securities offering. Figures subject to change on final structuring.