GIFT City gets Rs.105-bn investment commitment

    Gujarat International Finance Tec-City (GIFT City)
    The Gujarat International Finance Tec-City (GIFT City), which has to date witnessed investment commitments worth Rs.105 billion and the city has already allotted 15 million sqft of the total 62 million sqft developable area, Managing Director & Group CEO, GIFT City, Ajay Pandey said that there are currently 162 business units carrying out brisk business at the finance hub. Out of the total operational space 40 are in domestic area while the rest are in the special economic zone (SEZ) that houses India's first International Financial Services Centre (IFSC). The management of the city will be initiating fresh request for proposal (RFP) for commercial and residential development. From RFP to being fully operational, it takes roughly 3-4 years and has already allotted 15 million sqft, attracting cumulative investment of Rs.105 billion. With the government's support and budget announcements, it will grow further as in the recent Union Budget, Finance minister announced setting up of a unified regulatory authority for regulating all financial services in IFSC, he added.
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