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April 13, 2015

GIFT City – a Role Model for other States

Government of India as part of its development agenda had announced setting up of 100 smart cities across the country. Finance Minister of India, Mr. Arun Jaitley feels that the State Governments wherein these smart cities will be located can look upon and follow the concept of GIFT city for setting up of the Smart cities in their respective States.

In a post in social media site Facebook, Mr. Jaitley commented “Different state governments would be well advised to send their teams to study this success story”.

Shri Arun Jaitley inaugurated GIFT City which is India’s 1st International Financial Services Centre (IFSC) on April 10, 2015. Government of Gujarat had allotted over 800 acres for development of GIFT City and had formed a JV with IL&FS and GUDCO (Gujarat Urban Development Company).

Land in GIFT City has been leased to each financial institution as also to other developers for a token amount with no government spending for the development. Instead, the JV will be paid Rs. 1,250 and Rs. 250 per sq. ft. for commercial development and social sector development respectively. On completion of the development, the JV will have surplus and the City will be developed without any burden to the public exchequer.

The 1st phase of the project is scheduled to be completed by 2016. The whole project is scheduled for completion in 3 phases by 2026. The IFSC is going to have all activities related to financial sectors including banking, insurance business, capital market operations, intermediaries.

To boost the operations in IFSC, Government of India and Gujarat Government has announced several tax cuts which will reduce the cost of operations. RBI, SEBI and IRDA have also announced rules for the occupants of GIFT City which earmark some relaxations for their operations.

The city will have commercial buildings, schools, hospitals, service apartments, hotels, restaurants, food courts, shopping malls, colleges, exhibition and affordable housing.

 

 

 

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