Realty major Brigade Group to invest Rs500 crore in GIFT as co-developer

Written by Express news service | Ahmedabad | Updated: Oct 18 2014, 03:16am hrs
Bangalore-based realty major Brigade Group has announced that it will invest Rs. 500 crore in Gujarat International Finance Tec-City (GIFT City), Indias first International Financial Services Centre (IFSC) over next few years. An allotment of 1.1 mn. sq ft of BUA (built up area) has been made to Brigade Group for development of Commercial, Residential, Retail Mall and Hotel projects in SEZ & non-SEZ Area in GIFT City.

The Group has also submitted their interest for taking additional 1.7 mn. sq. ft. of BUA to be developed at an estimated investment of Rs. 600 crore, showing their intention to take a long position in development of Indias first Global Financial Hub at GIFT City.

Gujarat's finance minister Saurabhbhai Patel during the road show of Vibrant Gujarat 2015 in Bangalore said, We are happy that Brigade Enterprises Ltd., Bangalore for the first time participated in Gujarat, and has taken up large development in GIFT City, Gujarat to provide facilities like offices for Financial Services & IT, Residential, Retail Mall & Hotels with an estimated investment of around Rs. 500 crores.

Brigade Group has significant presence in southern India, including cities like Bangalore, Chennai, Hyderabad, Kochi etc. and is known for their high standards and quality of development across various facilities.

Ramakant Jha, MD & Group CEO, GIFT Company Ltd said, The investment on such a large scale by south-India based group is a testimony of the opportunities that this project offers. Brigade Groups 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.

Speaking on the development, M.R. Jaishankar, CMD, Brigade Group said, We are pleased to be co-developers in GIFT City which we consider as a real Smart City in the country. The development covering more than 800 acres is beautifully planned with world class infrastructure which we believe will set a benchmark in real estate development in the country.