GIFT city invites realtors for next phase of development

NEW DELHI: As part of its next phase of development, GIFT City today announced launch of office buildings in SEZ and non-SEZ areas, inviting proposals from both international and national developers.

Gujarat International Finance Tec-City said it will have India’s first International Financial Services Centre (IFSC) and has received good response from leading realty developers as well as BFSI and IT players.

“Apart from BFSI (Banking, Financial services and Insurance) and IT players, GIFT City is also witnessing a flurry of activities in real estate space,” GIFT City Managing Director and Group CEO Ajay Pandey said in a statement.

Builders like Hiranandani Group, Brigade Group, Prestige Group, Savvy Group and others are building offices, residential and hotel projects. Construction work for Gujarat’s first World Trade Centre (WTC) in GIFT City is also in full swing, he added.

“We now invite other internationally and nationally acclaimed developers to become part of the GIFT City project,” Pandey said.

Over 15 million sq ft of built up area has been allotted in the SEZ and non-SEZ areas for development of offices, residential apartments and other facilities to be developed at an estimated investment of more than ₹10,000 crore, he said.

India’s first IFSC at GIFT City is already operational having leading banks like SBI, 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, the statement said.

International business of over $700 million has been transacted from GIFT IFSC in a short period, it said.

GIFT City is India’s first global financial hub. Part of GIFT City is notified as a multi-service SEZ with IFSC status which is catering to the country’s large financial services potential by offering global firms world-class infrastructure and facilities.

It is estimated that GIFT would provide five lakh direct and an equal number of indirect jobs which would require 62 million sq ft of commercial, residential and social facilities with total investment of about ₹78,000 crore over next 10 years.