Gift City scouts realtors for commercial space

As part of its next phase of development, Gujarat International Finance Tec-City (GIFT City) announced the launch of office buildings in the SEZ and non-SEZ area and invited proposals from international and national developers to participate in the process. GIFT City, which will have India's first International Financial Services Centre (IFSC), has so far received good response from major realty developers as well as leading BFSI and IT players. It has already made allotments of over 15 million square feet of built-up area in the SEZ and non-SEZ area for development of offices, residential apartments and other facilities to be developed at an estimated investment of more than Rs. 10,000cr, Managing Director and Group CEO, GIFT City, Ajay Pandey said.

He further adding that apart from BFSI and IT players, GIFT City is also witnessing a flurry of activities in the real estate space. Builders' groups like the Hiranandanis, Brigade, Prestige, and Savvy, are building offices, residential and hotel projects. Construction work for Gujarat's first World Trade Centre (WTC) in GIFT City is also in full swing. India's first IFSC at GIFT City is already operational, housing leading banks like SBI, ICICI Bank, IDBI Bank, Kotak Mahindra Bank, YES Bank, Federal Bank, and IndusInd Bank, while The New India Assurance Co. Ltd., General Insurance Corporation of India, BSE International Exchange (IFSC) Ltd., BSE International Clearing Corporation (IFSC) Ltd. and many more institutions are about to commence their operations. International business of over $700 million has been transacted from GIFT IFSC in a short period, he added.