Sabarmati Capital Two (SCTL) is planning to start selling space in the second half of the current fiscal. SCTL has built a 28-storey commercial building in Gujarat International Finance Tech-City (GIFT) at Gandhinagar, Gujarat at a project cost of Rs.424 crore. The project has a saleable area of 779,201 sq. ft. Majority portion of the project has been completed and the company is in the process of securing occupation certificate. It may be remembered here that another company, Sabarmati Capital One (SCOL) has sold only around 21% of the total saleable area till now and project was completed on June 17, 2013. SCOL too had built 28-storey commercial building in GIFT at an estimated cost of Rs 405 crore. The project has a saleable area of 794,479 sq. ft.
SCOL and SCTL are two special purpose vehicles promoted by IL&FS Township & Urban Assets Ltd (ITUAL) which is a wholly owned subsidiary of IL&FS. These SPVs were set up to build commercial buildings in GIFT city. GIFT is a 50:50 joint venture set up by Gujarat Urban Development Corporation (GUDC) and IL&FS.