It has already made allotments of over 15 million square feet of built-up area (BUA) 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 10,000 crore, Ajay Pandey, Managing Director and Group CEO, GIFT City, said. 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, he added.
India’s first IFSC at GIFT City is already operational having 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.
GIFT City is India’s first global financial hub. Part of GIFT City is notified as a multi-service SEZ with IFSC status, catering to India’s large financial services potential by offering global firms world-class infrastructure and facilities. It is estimated that GIFT would provide 5 lakh direct and an equal number of indirect jobs which would require 62 million square feet of commercial, residential and social facilities with a total investment of about Rs. 78,000 crore over next 10 years.
Credits The Hindu Business Line