October 12, 2016: Gujarat International Finance Tec-City (GIFT City) as part of its next phase development has announced the launch of Office Buildings in the SEZ & Non SEZ Area. It has invited proposals from international and national developers to participate in developing Office Buildings in the SEZ as well as the non-SEZ areas. GIFT City has so far received good response from the leading realty developers as well as leading BFSI and IT players. It 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 to be developed at an estimated investment of more than Rs 10,000 crore.
Speaking about 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.”
He further added, “The investments on such a large scale made by reputed real estate developers is a testimony to the opportunities that this project offers. Their reputation of developing Grade ‘A’ properties and experience across all real estate domains would provide synergies with the world-class services and infrastructure that GIFT City would offer. These projects once completed would also generate several thousands of direct and indirect employment opportunities.”
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. In a very short period of time international business of over US$ 700 mn 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.
Operational plug-n-play unique infrastructure, Single window clearance and conducive regulatory environment has made GIFT City a favoured destination for various players to participate in the development of GIFT City.