Yashasvi Group buys Navkar Institute building in Ahmedabad

AHMEDABAD: A building that housed a popular CA coaching institute near Vijay Crossroads has been sold off to a developer. According to sources, the deal has been struck for around Rs 20 crore.

Ahmedabad-based Yashasvi Group has purchased the Navkar Institute building. Its promotor, Jigar Bharwad, confirmed the deal but refused to share details of the deal size.

He said, “We acquired Yogeshwar apartment on Vijay Crossroads to build a commercial complex. The institute is situated next to the society, so we bought the building to help us increase the plot size and project area.” He added that the group plans to develop a 1.25 lakh sq feet built-up area.

According to sources, the building stands on around 1,200 sq yards and has been sold for Rs 1.7 lakh per sq yard. “With the metro train passing through prime areas of the city, Ahmedabad is again seeing movement in the real estate sector. The availability of higher floor space index (FSI) will encourage developers to buy old buildings for new projects,” said a real estate consultant.

Navkar Institute is an established CA coaching centre. Since 1997, it has been training aspirants for CA, CS, US CPA, US CMA, US CFA, UK ACCA, and IELTS examinations.

The founder of Navkar Institute, Hitesh Shah, refused to comment on the deal.