Projects worth Rs. 1,000 cr break ground at Gujarat Tec-City.

The ambitious smart-city project at Gujarat International Finance Tec-City (GIFT City) has seen several major projects with investment of Rs. 1,000 crore breaking the ground at GIFT International Financial Services Centre (IFSC).

Construction work on 1.6 million sq ft of built-up area (BUA) of space has begun with projects by Viridian RED setting up World Trade Centre, Hiranandani Group, a business club and an affordable housing project at GIFT City.

These projects have the potential to generate around 12,000 jobs in GIFT City in coming years, an official statement said here.

Ajay Pandey, MD and Group CEO, GIFT City, said, “After making total allotments of 14 million square feet of BUA in the first phase, we are now seeing development work for the major projects in full swing and in the coming months few more major projects will take off.”

'Several International Banking Units (IBUs) have already received final RBI clearances and are expected to begin operations at India’s first IFSC at GIFT City in a couple of months time. We have also now started making allotments for the second phase of this mega project,' he added.

Viridian RED, which is setting up Gujarat’s first World Trade Centre – WTC Gift City, is developing an iconic building, which is expected to be ready by 2017. It has been allocated 1 million sq ft space at GIFT and is going to invest in excess of Rs. 600 crore over the next couple of years.

Mumbai-based Hiranandani group has also commenced work on office tower 'Hiranandani Signature' in GIFT SEZ - IFSC and the building is set to be ready by December 2016 at an investment of Rs. 180 crore under the brand Hiranandani Communities. The company has been allotted a total of 0.3 million sq ft of built-up area, and will set up a modern office tower for financial services and IT operations.

Work on India’s first Business Club - GIFT International Centre spread across 0.16 million square feet area has commenced and it will be ready by December 2016. Development work towards building 330 affordable homes spread over 0.14 mn sq ft has also commenced, the GIFT City statement said.

HBL