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Oct 19, 2015

STATUS OF GIFT CITY

During a media briefing on the status of GIFT City, Ajay Pandey, MD and Group CEO. GIFT City said that there are 4 major projects currently in progress at GIFT City which are worth more than Rs. 1,000 crore. Development of 1.6 million sq. ft. of BUA is in progress which includes project from Viridian Red, Hiranandani, Business Club and Housing Project. These projects are expected to employ 12,000 jobs in the near future. Work is in full swing for these projects and few other projects are expected to commence work soon. GIFT Co. Ltd. had made a total allotment of 14 million sq. ft. of BUA in Phase I.

Several Banks have either received or have already applied for RBI approval to set up an International Banking Unit (IBU) and it is expected that such IBU will start operations in the near future. GIFT has also started allotment for Phase II of GIFT City.

The World Trade Center at GIFT City is being developed by Viridian RED. This iconic building is being built on 1million sq. ft. and will be Gujarat’s first WTC. The project entails an investment of approx. Rs 600 croresand is expected to be fully completed in couple of years.

Hiranandani Group of Mumbai is building an office Tower which will be known as Hiranandani Signature. This office building is already under construction and is expected to be completed by December 2016. The group has been alloted 0.3 million sq. ft. area and the development will be at an investment of Rs 180 crore.

The Business Club is spread across 0.16 million sq. ft. and this will be India’s 1st dedicated Business Club.

GIFT is also going to have affordable homes and 0.14 million sq. ft. has been earmarked for the same. Construction work has already started on this and a total of 330 homes will be built by Janaadhar (India) Pvt. Ltd.

GIFT City which is India's 1st IFSC became operational in April 2015. The GIFT IFSC is being developed on the same model as other famous international IFSCs like Dubai and Singapore and will also have country's top stock exchanges NSE, BSE and MCX setting up international exchanges here. 

 

 

 

 

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