A new realty hotspot is emerging in the twin cities of Ahmedabad and Gandhinagar with Gujarat International Finance Tec-City (GIFT City), home to the country’s only International Financial Services Centre (IFSC). GIFT City is becoming home to many national and international financial services firms, and more are expected to establish themselves there in the near future, resulting in real estate developers planning a number of residential projects there.
One of the leading developers in GIFT City is Shivalik Projects, which plans to build two residential and two commercial projects. A residential project is already in the planning stages.
“GIFT City has emerged as an investment magnet in the past few years and is home to leading financial institutions. We believe GIFT City will continue to see a lot of traction in 2022 and the years to come and will see many more financial firms establishing their presence there. As a leading real estate developer, Shivalik is committed to being a part of Gujarat and GIFT City’s growth story and is working on multiple projects there,” said Taral Shah, Managing Director, Shivalik Group.
GIFT City, the first smart city operational in India, is fast emerging as a preferred financial and IT services hub and could rival global financial hubs like Dubai, Hong Kong, and Singapore. The rise of GIFT City has resulted in numerous national and international banks, insurance companies, financial firms, stock exchanges, and broking houses coming to the city over the past few years, leading to an increase in the demand for real estate both within and outside the city. State-owned Gift City boasts some of the tallest towers in the state, and its skyline is expected to change as it grows.
“More than 12,000 people are already working in GIFT City, but they are all staying outside the GIFT City as few residential units are available within its campus. Only about 500 homes are under construction, meaning there is a big scope for residential projects. Leading national developers and those from Gujarat are developing residential projects in GIFT City, and I am confident they will be of a different level altogether,” said Mr. Shah.
In addition to its proximity to Ahmedabad airport and excellent connectivity, GIFT City also has the benefit of a good location. This will be further enhanced by the Metro project. The next phase of the Sabarmati Riverfront is also very close to GIFT City, which makes it a very attractive destination.
In April 2015, GIFT City was built as a global financial center for integrated financial services that could be found all over the world. GIFT City serves people outside the domestic economy and helps with cross-border financial transactions. GIFT City is a new business district in India that wants to compete with other business districts worldwide. It also has excellent connections to the outside world and modern infrastructure to back it up. People are very excited about having an office for sale in GIFT City.
The Indian government has looked into increasing the number of GIFT City enterprises. The GIFT City IFSC seeks to work with investors to bring the money management industry to India. It has cutting-edge infrastructure similar to other key global financial centers, a liberal tax regime, and a competent regulatory and legal framework.
In the record stamp-duty collection of FY 2021-22, if Gandhinagar has nudged past major cities like Surat and Rajkot which are 10x its size, clocking the second highest mop-up after Ahmedabad, some credit goes to GIFT city.
After commercial, even residential real estate investments have picked up pace in GIFT city – India’s first international financial services centre (IFSC) in Gandhinagar. According to GIFT city officials, some 55 lakh square feet residential real estate space is coming up in the campus with an investment of Rs 2700 crore over the next five years.
“Several global and domestic companies have started operation in GIFT city with more on cards. This has propelled demand for residential units here, and meeting this demand, developers are coming up with projects in line with walk-to-concept. This will be catalyst in accelerating growth of the real estate sector in and around the catchment area,” said Tapan Ray, MD and Group CEO, GIFT City.
Prominent Ahmedabad-based developers are eyeing GIFT special economic zone (SEZ) and non-SEZ region for investment. “We have plans to invest at least Rs 1000 crore here. with a riverfront set to come up near the campus, GIFT city will develop on the lines of the Dubai Marina,” said Jaxay Shah, CMD, Savvy Infrastructure.
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