Bangalore-based group to develop 1.1 mn. Sq. ft. Built Up Area of Commercial, Residential, Retail and Hotel projects in GIFT City and has also shown interest to take additional 1.7 mn. Sq. ft. of Built Up Area
Bangalore-based realty major Brigade Group will invest Rs. 500 crore in Gujarat International Finance Tec-City (GIFT City), India’s first globally benchmarked International Financial Services Centre (IFSC) over next few years. Allotment of 1.1 mn. Sq. ft. of BUA has been made to Brigade Group for development of Commercial, Residential, Retail Mall and Hotel projects in SEZ & Non-SEZ Area in GIFT City. The Group has also submitted their interest for taking additional 1.7 mn. sq. ft. of BUA to be developed at an estimated investment of Rs. 600 crore, showing their intention to take a long position in development of India’s first Global Financial Hub at GIFT City.
Brigade Group has significant presence in southern India, including cities like Bangalore, Chennai, Hyderabad, Kochi etc. and is known for their high standards and quality of development across various facilities.
Shri Saurabhbhai Patel, Hon’ble Minister (Finance & EPD), GoG during the road show of Vibrant Gujarat in Bangalore said, “We are happy that Brigade Enterprises Ltd., Bangalore for the first time participated in Gujarat, and has taken up large development in GIFT City, Gujarat to provide facilities like offices for Financial Services & IT, Residential, Retail Mall & Hotels with an estimated investment of around Rs. 500 Cr.”
Mr. Ramakant Jha, MD & Group CEO, GIFT Company Ltd said, “The investment on such a large scale by south-India based group is a testimony of the opportunities that this project offers. Real estate firms would benefit in terms of return on investment and growth that would make them part of development of country’s first IFSC. Brigade Group’s reputation of developing Grade ‘A’ properties and experience across all real estate domains would provide synergies with the world-class services and infrastructure that GIFT City would offer.”
Speaking on the development, Mr. M.R. Jaishankar, CMD, Brigade Group said, “We are pleased to be Co Developers in GIFT City which we consider as a real SMART City in the country. The development covering more than 800 acres is beautifully planned with world class infrastructure which we believe will set a benchmark in real estate development in the country. GIFT City provides an excellent platform to present India’s position to international companies as investors as well as for establishing an operating presence in the development. We are pleased to be part of our Hon’ble Prime Minister Shri Narendra Modi’s vision of creating 100 SMART Cities in our country and look forward to making it a success.”
The hassle free development model at GIFT City has attracted many leading real estate developers in recent times to take up development of various Projects in GIFT City. Single Window Clearance mechanism in the form of GIFT Urban Development Authority (GIFT UDA), acts as a single body for various project related approvals & clearances and eliminates time & cost overruns for the developers.
As a part of integrated smart city concept, GIFT has also made allotments for facilities like World Trade Centre, ICSE School, Training Centre, Business Club, Retail Mall, Hotel, Hospital and Residential Apartments.