Several major projects with investment of Rs 1,000 cr broke the ground at Gujarat International Finance Tec-City (GIFT City), India’s first International Financial Services Centre (IFSC). Construction work on 1.6 million square feet of Built Up Area (BUA) of space has begun with projects by Viridian RED setting up World Trade Center, Hiranandani Group, a Business Club and an affordable housing project.
These projects have a potential to generate around 12,000 jobs in GIFT City in coming years.
Ajay Pandey, MD & Group CEO, GIFT City said, “After making total allotments of 14 million square feet of BUA in the first phase, we are now seeing development work for the major projects in full swing and in the coming months few more major projects will take off.”
Viridian RED which is setting up Gujarat’s first World Trade Center, is developing an iconic building which is expected to be ready by 2017. WTC Gift City, a Viridian RED development has been allocated 1 million square feet space at GIFT and is going to invest in excess of Rs 600 crore over the next couple of years.
Mumbai-based Hiranandani Group has also commenced work on office tower ‘Hiranandani Signature’ in GIFT SEZ – IFSC and the building is set to be ready by December 2016 at an investment of Rs 180 crore under the brand Hiranandani Communities. The company has been allotted a total of 0.3 million sq ft of built up area (BUA), and will set up a state-of-the-art office tower for financial services and IT operations.
Work on India’s first Business Club – GIFT International Centre spread across 0.16 million square feet area has commenced and it will be ready by December 2016. Development work towards building 330 affordable homes spread over 0.14 mn sq ft has also commenced.
NOTE: Gujarat International Finance Tec-City (GIFT City) is India’s First Global Financial Hub. Part of GIFT City, it is notified as multi-service SEZ with International Financial Service Centre (IFSC) status which is catering to India’s large financial services potential by offering global firms world-class infrastructure and facilities. It is estimated that GIFT would provide 5 lakh direct and an equal number of indirect jobs which would require 62 million square feet of commercial, residential & social facilities with total investment of about Rs 78,000 crore over next 10 years.