AHMEDABAD: About 47% of public land worth nearly Rs 50,000 crore in Ahmedabad is fit to be sold by the government, says a paper by the World Bank. Out of 3,102 hectares of public land, the state can market 1,699 hectares and use the finances to fund urban infrastructure, the paper recommends. It implies per capita availability of fiscal resources amounting from Rs 36,000 to Rs 97,000 by marketing this public land.
The study says that financial resources thus generated would range between Rs 20,000 crore and Rs 54,000 crore. The paper has identified two methods for estimating the valuation of potentially marketable land in the city: the first based on unused floor space index (FSI) which is calculated in the form of ratio of floor area divided by the plot area. Residual plot area is calculated by deducting the building footprint area from the plot area.
According to the first alternative, valuation of public land is Rs 20,478 crore at jantri rates and Rs 43,630 crore at market rates. According to the second alternative, valuation of the public land is Rs 27,930 crore at jantri rate and Rs 54,539 at market rates.
The study ‘Inventory of Public Land in Ahmedabad’ by well-known architects and urban planners has created an inventory of the total marketable public land in Ahmedabad. Land used for residential property projects represents 42% of the total registered public land.
Plots mainly owned by the municipal corporation make up 54% and state government make up 44% of public land. Industrial area corresponds to 22%. The state government owns 80% and the municipal corporation 20% of such land. Also, the former textile mills will be redeveloped and 61 hectares (20% of these parcels) will be in the possession of the municipal corporation for public use. The airport and the cantonment have an area of 403 hectares and 484 hectares and together account for 11.5% of public land.
The paper is an initiative of the World Bank and Public Private Infrastructure Advisory Facility, in collaboration with the India Development Foundation to estimate the value of potentially marketable land for financing urban sector in India.