GIFT City begins phase - II development

MUMBAI, December 14: Gujarat International Finance Tec-City (GIFT City) today said it has launched Phase-2 development, wherein focus will be on the country's first International Financial Services Centre (IFSC) being set up in the GIFT SEZ area. GIFT City's Phase-1 development process received an overwhelming response from realty developers and leading BFSI and IT players as well. It made allotments of over 14 million sq feet of built up area (BUA) in the SEZ and non-SEZ area for development of office towers, residential apartments and social facilities to be developed at an estimated investment of around Rs 9,600 crore. This year in April, government notified the operating guidelines for IFSC-related activities, after which there has been a surge in demand from banking, capital market and insurance players for setting up their off-shore businesses in GIFT SEZ area. More than 20 financial institutions have been allotted office spaces in the GIFT IFSC area and many more have shown interest, a company statement said. With the launch of Phase-2 development, GIFT City has initially invited proposals from developers to develop office towers in SEZ and non-SEZ areas. Gujarat government project with the support from central government has taken up integrated development of a total 62 million square feet of built up area (BUA) spread over 3 phases for setting up country's first global financial hub on the lines of London, Dubai, Hong Kong and New York. On completion, GIFT project's aim is to provide one million direct and indirect jobs, it said. "India's first IFSC at GIFT City will put us on the world map as a global financial centre in the league of other such hubs at London, Hong Kong, Singapore and New York. We expect the second phase to do even better and attract many more players, both from India as well as globally to participate in GIFT City and its IFSC project in GIFT SEZ," GIFT City managing director and group chief executive Ajay Pandey said. "Development of completed unique infrastructure, project single-window clearance and conducive regulatory environment has made GIFT City a favoured destination for various players to participate in the development of GIFT City," he added.