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Work on projects worth Rs 1,000 cr in full swing: Gift City

October 19, 2015 20:50 IST

Global financial services hub Gujarat International Finance Tec-City (GIFT City) today said the work on four major projects worth Rs 1,000 crore has started. Construction work on 1.6 million square feet of built up area (BUA) has begun with projects by Viridian RED setting up World Trade Center, Hiranandani Group, a Business Club and an Affordable Housing project, GIFT city said.

It added that these projects have a potential to generate around 12,000 jobs in coming years.

Several major projects with investment of Rs 1,000 crore broke the ground the GIFT City, the company said in a statement.

"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," Gift City MD and Group CEO Ajay Pandey said.

Pandey added that several international banking units have already received final RBI clearances and are expected to begin operations at GIFT City in a couple of months. "We have also now started making allotments for the second phase of this mega project," he said.

Viridian RED which is setting up Gujarat’s first World Trade Center, is developing an iconic building on one million square feet space and is going to invest around Rs 600 crore over the next couple of years.

Mumbai-based Hiranandani Group has also commenced work on office tower Hiranandani Signature and the building is set to be ready by December 2016 at an investment of Rs 180 crore.

It has been allotted a total of 0.3 million sq ft of built up area (BUA). Work on India's first Business Club spread across 0.16 million square feet area and development work towards building 330 affordable homes spread over 0.14 mn sq ft has also commenced. India's first International Financial Services Centre (IFSC), GIFT City in Gujarat became operational in April.

The IFSC developed in the lines of those in Dubai and Singapore will have country's top bourses BSE and NSE setting up international exchanges there.

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