Tikendra Rawal |Gandhinagar9 hours ago
An ultra-luxury mixed-use project for Bollywood celebrities and industrialists is set to come up on Amitabh Bachchan’s 10 lakh sq ft land in Shahpur, near Gandhinagar’s GIFT City.
The Bachchan family has entered into a development agreement with Mumbai-based developer and film producer Anand Pandit’s Shree Lotus Developers & Realty Ltd for the development of the land, which was purchased around 15 years ago.
The project is estimated to have a gross development value of ₹2,000-2,200 crore. The development agreement was registered in January 2026, with Abhishek Bachchan listed as a party to the agreement. Rajesh Yadav, managing director of AB Corp Ltd, completed its official registration.
Construction is targeted to begin in 2027-28 and the project is expected to be completed by 2031. The mega development will be executed through Lotus Developers’ new subsidiary, Rise Root Project Pvt Ltd.
Land converted to non-agricultural use under 36 conditions
The Collector had granted non-agricultural status for residential use to the land bearing Survey No. 15 in Shahpur in the name of Viram Gamar on November 3, 2011.
The approval came with 36 conditions, including payment of applicable taxes, completion of construction within three years, earthquake-resistant design, restrictions on the sale of common plots and maintaining the prescribed distance from railway lines, airports and high-tension power lines.
During the 2018 promulgation process, the land was recorded as ‘agricultural’ and under ‘old tenure’. Later, through a correction order, the Mamlatdar restored its non-agricultural status on record with new survey numbers — 373, 374 and 375.
Bachchan family’s ₹2,000 crore mega project: The complete deal explained
Land belongs to Bachchans, Lotus to handle development
The project is structured on an asset-light, profit-sharing model, under which the Bachchan family will retain ownership of the land while Lotus Developers will undertake the development work.
- Ownership remains with the Bachchan family: Rise Root, the developer’s subsidiary, has not purchased the land. Ownership will remain with the Bachchan family, with Abhishek Bachchan named as a party to the agreement.
- Lotus to handle development: The developer will be responsible for designing the project, obtaining necessary approvals, construction and sales.
- Profit-sharing arrangement: Revenue and profits generated from the project will be divided between the Bachchan family and the developer according to a pre-agreed formula.
2022 plan vs 2026 plan: Project gets a complete makeover
- 2022 plan: The original proposal was to construct two 25-storey residential towers on around 23,000 sq metres of land in the Shahpur-GIFT City area. However, the project did not take off for unspecified reasons.
- 2026 plan: Following the new agreement signed in January 2026, the scale and nature of the project have changed significantly. The 10 lakh sq ft development will now feature an ultra-luxury mixed-use format, including premium residences, Grade-A commercial offices, high-end retail spaces and serviced apartments.
Rise Root: ₹20 lakh capital company behind a ₹2,000 crore project
Rise Root Project Pvt Ltd, incorporated on November 7, 2025, with a paid-up capital of just ₹20 lakh, has entered into its first major agreement with the Bachchan family for the ₹2,000 crore-plus GIFT City project in January 2026.
Land remained recorded as agricultural for 12 years
The Bachchan family purchased around 23,000 sq metres of land from Viram Gamar in 2011, covering Survey Nos. 14, 15 and 16. Although the land had been granted non-agricultural status, it was mistakenly recorded as agricultural land until 2018.
The Mamlatdar later corrected the records and restored its non-agricultural status under new Survey Nos. 373, 374 and 375. Government records continued to show cultivation on the land until 2023.
Project work likely to begin in November-December
Anand Pandit, Chairman and Managing Director of Lotus Developers, said the project proposal had been submitted to the state government for approval. Once the necessary clearance is received and the remaining formalities are completed, work is expected to begin in November or December.
Lotus pre-IPO also attracted Bollywood investors
Amitabh Bachchan was among the pre-IPO investors in Lotus Developers and reportedly purchased 6.67 lakh shares at ₹150 per share, amounting to an investment of around ₹10 crore.
Shah Rukh Khan and Hrithik Roshan are also among the reported pre-IPO investors in the developer.
