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May 16, 2015

KOTAK MAHINDRA BANK becomes first to acquire commercial space in GIFT City

Kotak Mahindra Bank has acquireda commercial space of 50,000sqft for an office in Hiranandani Signature at GIFT City, Gujarat. This purchase is the first commercial purchase in GIFT IFSC (International Financial Services Centre) in India. It is believed that the Bank has negotiated the deal at an approximate cost of Rs.5,000 per sq ft.

Hiranandani Signature will be having an area of 4 lakh sqft as an upcoming commercial complex in GIFT City. This commercial complex will be the first commercial complex in this city. It is expected that the 1st building of this complex will be completed by June 2016.

Kotak Mahindra Bank’s C. Jayaram (Joint MD) on the occasion said the Bank recognises the fact that India is coming up with its own IFSC and the bank would like to participate in India’s 1st IFSC. The Bank has accordingly decided to acquire the commercialspace in GIFT City.

 

 

 

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