GIFT City Phase-2 to have IFSC in focus

Following the good response to the first phase, Gujarat International Finance Tec-City (GIFT City) has announced the launch of Phase-2 development wherein focus will be on India’s first International Financial Services Centre (IFSC) being set up in GIFT SEZ area.

GIFT City's Phase-1 development process received an overwhelming response from realty developers as well as leading BFSI and IT players.

It made allotments of over 14 million square 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 9600 crore. Government of India, in April this year, had notified the operating guidelines for IFSC related activities, which paved the way for surge in demand from banking, capital market and insurance players for setting up their offshore 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.

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. GIFT City is a government of Gujarat project with support from Central government.

It has taken up integrated development of a total 62 million square feet of built up area (BUA) spread over 3 phases for setting up India'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 1 million direct and indirect jobs.