GIFT City to launch Rs. 7696 cr Phase-II development, post-Vibrant Gujarat 2015.

The country's first smart city project being built in Gujarat is on the roll. With the first phase of the ambitious Rs. 81,000 crore project currently underway, the management of the Gujarat International Finance Tec-City - popularly known as GIFT city project - have decided to launch Phase-II of the project after the Vibrant Gujarat summit 2015.

The second phase will cost about Rs. 7696 crore - which is four times more than the project cost of Phase-I - and will involve an area that will be double the size of 10 million square feet that was targetted to be developed during the first phase.

'We will be launching Phase-II of the project in 2015-16 fiscal. We have got a tremendous response for the Phase-I of the project (costing Rs. 1818 crore), where we have already sold land development rights to the tune of 12 million square feet, which is more than our target of 10 million square feet. In the next three months of the current fiscal, we expect to sell another 3-4 million square feet of space within the GIFT city project,' said Ramakant K Jha, MD & Group CEO of Gujarat International Finance Tec-City Company Ltd. (GIFTCL), that operates and manages the project being developed in Gandhinagar, about 30 kilometers from the city.

According to officials associated with GIFT city, the project conceived in 2007 by the then Gujarat chief minister Narendra Modi is expected to get a big push during the Vibrant Gujarat summit 2015. The authorities have planned to showcase the project before a global audience during the second day of summit on January 12, 2015. Jha however did not comment on the number of MoUs which are expected to be signed with GIFT city during the event.


THE INDIAN EXPRESS