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Jun 18, 2017
A host of real-estate developers, including the such as s of Mumbai's Hiranandani, Bangalore's Brigade Group and Pune's BU Bhandari Landmarks will be propelling in Rs 4500 crore of investments in initialising residential and commercial complexes within the Gujarat International Finance Tech-City (GIFT) project which is being created as the country's first smart city near Gandhinagar in Gujarat. The real-estate players will mutually be investing about Rs 4500 crore in developing residential and commercial complexes within GIFT, said RK Jha, director of Gujarat International Finance Tec-City Company Ltd, that is a shared venture between state-run Gujarat Urban Development Company Ltd (GUDCL) and a private firm Infrastructure Leasing & Financial Services Ltd (IL&FS). This is the biggest influx of real-estate developers to be attracted to the GIFT project so far.

The GIFT authorities have already finished allotments to Pune-based BU Bandari Landmarks for budding 1.8 lakh square feet of residential area which will initially develop 350 apartments. Another housing developer who has been provided land for development is Sangath Group who will be initially developing one lakh sq ft of housing structures. Sangath Group is Ahmedabad-based developer.

We are at present in the last stages of approving the applications of Bangalore's Brigade Group who is setting up to develop approximately 13 lakh sq ft of which only two lakh sq ft will be for residential development. The other application has been given from Mumbai-based Gift City News Developers Pvt Ltd who wants to develop three lakh sq ft of business-related space in the SEZ area of the GIFT city, Jha added. Most of the housing schemes that will come up within GIFT will be high-end. We will be constructing 400 units of reasonably priced housing for people who will be functioning in GIFT.

We are planning to build these units (of about 380 sq ft each) and rent it out to the workers, one official said meanwhile, approx 60 percent of the space in the first 28-storied tower which is highest building in Gift City Latest Update that was inaugurated by Prime Minister Modi in January 2013 has been sold out. About 5 lakh sq ft of total space in this first GIFT tower total of 8 lakh sq ft has already been engaged. We presently have 14 banks in this tower and we are expecting the tower to be sold out by the end of this year, Jha said. The GIFT authorities will start bookings for the second GIFT tower (8 lakh square feet) in November month of this year.
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