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GIFT City Invites Realty Developers for Next Phase of Development

So far GIFT City has received good response from the leading realty developers as well as leading BFSI and IT players. GIFTCL has already made allotments of over 15 million square feet of built up area (BUA) in the SEZ and non-SEZ area for Development of offices, residential apartments and other facilities at an estimated investment of more than Rs 10,000 crore.

The GIFT City has been planned as a financial Central Business District (CBD) between Ahmedabad and Gandhinagar as a greenfield development and is being designed as a hub for the global financial services sector and will be spread over 886 acres of land. This global financial and IT services hub is being designed to be at above par with globally benchmarked financial centers such as Shinjuku, Tokyo, Paris, London Dockyards etc.

While speaking on the latest development at GIFT City, Mr. Ajay Pandey, MD & Group CEO, GIFT City said, “Apart from BFSI and IT players, GIFT City is also witnessing a flurry of activities in the real estate space. We have reputed builders like Hiranandani Group, Brigade Group, Prestige Group, Savvy Group and others who have taken up development of offices, residential and hotel projects for the occupants in GIFT City. Construction work for Gujarat’s first World Trade Centre (WTC) in GIFT City is also in full swing. We now invite other internationally and nationally acclaimed developers to become part of the GIFT City project, which is now emerging as a new business destination.”

As per the master plan, Up to 62 million sq. ft. of real estate office and residential space have been planned, which consist 42 million sq. ft. for commercial, 14 Mn SqFt for residential and 6 Mn SqFt for Social facilities with total an investment of about Rs. 78,000 crore over next 10 years.

Business structure in GIFT City includes; Multi Service SEZ with IFSC Status, Domestic Finance Centre/ Corporate Office/ Trade Centre,  Housing and Social Facilities such as; Well-planned residential housing projects, International exhibition complex, educational institutes, International and domestic schools, Hospitals, 5 star hotels, Retail cum Entertainment hubs and other basic infrastructure. It is estimated to create 1 million direct and indirect jobs.

India’s first International Financial Services Centre (IFSC) at GIFT City is already operational having leading banks like SBI, ICICI Bank, IDBI Bank, Kotak Mahindra Bank, YES Bank, Federal Bank and Indusind Bank while The New India Assurance Co. Ltd., General Insurance Corporation of India, BSE International Exchange (IFSC) Ltd., BSE International Clearing Corporation (IFSC) Ltd and many more institutions are about to commence their operations shortly, the statement said.

In a very short period of time international business of over USD 700 million has been transacted from GIFT IFSC.

In order to meet the growing demand in the domestic and SEZ–IFSC area, more office buildings are needed to provide the required office space for BFSI and IT players. In the coming years with more towers coming up, the skyline at GIFT City is going to witness a sea change.

As huge infrastructure development has been taking place in and around Ahmedabad and Gandhinagar for the development GIFT City, huge construction equipment would require for the construction of commercial, housing, transportation, retail and social infrastructures. It seems, Gujarat will witness a good demand of construction machinery during the development period of GIFT City and other infrastructure projects for the next 10 years.

This (GIFT City) project is being developed under Public Private Partnership (PPP) model and to develop and implement the Project, Gujarat Urban Development Company Limited (GUDCL) and Infrastructure Leasing & Financial Services Limited (IL&FS) have established a 50:50 Joint Venture Company, "Gujarat International Finance Tec-City Company Limited" (GIFTCL).

Source: Information has been obtained from GIFTCL

This post first appeared on Equipment One Stop, please read the originial post: here

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GIFT City Invites Realty Developers for Next Phase of Development


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