GIFT City is witnessing a surge in setting-up of operations by various financial institutions on the IFSC front and Savvy Group is all set to start work on its second commercial tower there. The city is receiving a good number of development and investment proposals from developers and the new commercial tower will cater to the growing office space demands and will enhance the skyline of GIFT City. Tapan Ray, MD & Group CEO, GIFT City, informed that Gift City has allotted around 1.5 million sq ft saleable area to Savvy Group for development of commercial, residential and social buildings in the special economic zone (SEZ) taking its total development potential to over 2 million sq ft including earlier sanctions. Savvy Group CMD, Jaxay Shah informed that the overwhelming response to its maiden office tower project in GIFT SEZ has added to the confidence for returns and the company has decided to invest more to double its presence in the city.
