Gujarat govt eases ownership condition of residential units within GIFT City

This is for the second time the government has relaxed ownership conditions. Earlier it had relaxed the ownership condition by which any entity could develop and own residential property in GIFT City.

With this relaxation both ownership and occupancy conditions are no longer restrictive and open to all. (Image: Reuters)
The Gujarat government has relaxed the ownership condition of residential units within Gujarat International Finance Tech City (GIFT City), the India’s first operational smart city and International Financial Service Centre (IFSC).

On Wednesday the state government has issued a resolution allowing those not working within GIFT City to reside inside the nation’s first smart city. Up till now only those working in GIFT City could occupy residences there.

This is for the second time the government has relaxed ownership conditions. Earlier it had relaxed the ownership condition by which any entity could develop and own residential property in GIFT City.

With this relaxation both ownership and occupancy conditions are no longer restrictive and open to all.

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