Gift City awaits Rs.10,000-cr investment

Country's first smart city, GIFT City or Gujarat Finance Tec-City, which has already executed transactions of $2 billion and invested over Rs. 2,000cr, has secured investment commitment of Rs. 10,000-cr and will double job generation avenues in the city shortly, MD & Group CEO Ajay Pandey, said reiterating that the IFSC (International Financial Services Centre) has already commitment of another Rs. 10,000-cr investment. GIFT has three zones — a domestic tariff area where any services' business can set up shop; a Special Economic Zone (SEZ) with all the accompanying facilities; and an IFSC, where units enjoy a 10-year tax holiday and are exempt from securities transaction tax, commodities transaction tax, dividend distribution tax, and long-term capital gains tax. The area to be developed in GIFT City is 62 million square feet, of which, development rights for the first phase of 10 million sq.ft already been given. 2 million square feet is already operational, housing institutions such as India INX of the BSE, SBI, ICICI Bank, and Bank of Baroda and the NSE's international exchange is also likely to become operational by March end this year, he claimed.