GIFT City gets record realty bid
GIFT City gets record realty bid
The Gujarat International Finance Tec-City Company Ltd (GIFTCL) has received the highest bid of Rs 6,557 per sq ft totalling over Rs 342 crore for development rights of a proposed residential project in the special economic zone (SEZ) of GIFT City.
Ahmedabad-based Nila Spaces has outbid 10 other bidders to emerge as the highest bidder with its record of Rs 6,557 per sq ft for development of 5.22 lakh sq ft on a 1.37-acre plot. The bids were opened on Friday evening.
This is the highest-ever price being paid for development rights in GIFT City. Prior to this, development rights here had attracted the highest bid of Rs 4,355 per sq ft for a hotel project in March and Rs 3,870 per sq ft for a residential project in February.
The sharp rise in bids for development rights here tracks the Gujarat government’s decision in December to exempt GIFT City from a 63-year-old liquor prohibition law in the state to attract foreign companies to invest in the city.
“We are looking to invest around Rs 750 crore in the project to be developed on this plot including the land development charges. The project is likely to be started in the next few months once we finalise the design and specific development plan,” Deep Vadodaria, CEO, Nila Spaces, told ET. The company is already developing a 5.6-lakh-sq-ft residential project in GIFT City.
Email query to GIFTCL remained unanswered.
GIFT City has recently invited bids to develop social infrastructure including an entertainment, recreational and retail zone spread over 20.5 acres along with a large ferris wheel, GIFT Eye.
This will be spread over at least 1.5 million sq ft including retail space, entertainment area with attractions like a large ferris wheel, fountain show etc. adjacent to riverfront, which will be the entertainment zone. The proposed ultra-luxury hotel will be developed in line with this social infrastructure to be developed here.
The development plan is expected to further the efforts to develop GIFT City, counted amongst Prime Minister Narendra Modi’s dream projects, in a global financial activity hub.
GIFT City has been fast emerging as a financial hub that has attracted large entities in the fintech sector globally. It is already home to more than 500 entities including aircraft, ship leasing and fintech companies, besides banks, funds, and stock exchanges.
It is already home to global technology companies such as Google, IBM and Oracle, apart from at least 35 fintech companies, two international stock exchanges and over 60 alternative investment funds. It is also home to India’s first bullion exchange with over 100 qualified jewellers on board.
For more news like this visit The Economic Times.