Gujarat International Finance Tec-City

Gujarat International Finance Tec-City Down town Ahmedabad
GIFT City
Concept view of GIFT City's skyline
Nickname(s): GIFT
Gujarat International Finance Tec-City Location in Gujarat, India Show map of Gujarat Gujarat International Finance Tec-City Gujarat International Finance Tec-City (India) Show map of India
Coordinates: 23°09′35″N 72°41′04″E / 23.159626°N 72.684512°E / 23.159626; 72.684512Coordinates: 23°09′35″N 72°41′04″E / 23.159626°N 72.684512°E / 23.159626; 72.684512
Country	India
State	Gujarat
District	Ahmedabad
Government
• Body	Gujarat International Finance Tec-City Company Limited
Area
• Total	3.99 km2 (1.54 sq mi)
Area rank	3.58[1]
Languages
• Official	Gujarati, Hindi, English
Time zone	UTC+5:30 (IST)
Telephone code	+91
Vehicle registration	GJ1, GJ27
Website	giftgujarat.in

Gujarat International Finance Tec-City (GIFT City) is a business district promoted by the Government of Gujarat^[2] through a joint venture company. GIFT City is India's first operational smart city in the Ahmedabad (Amdavad) metropolitan region^[3] and international financial services centre^[4].

GIFT is an operational smart city developed in the Ahmedabad ^[5] metropolitan region as a greenfield development. The project includes features like a district cooling system, underground utility tunnel, and automated vacuum waste collection, many of which are being introduced in India for the first time. The city is designed for walkability and includes commercial and residential complexes.

The project is located on the bank of the Sabarmati River and is around 12 km from Ahmedabad's international airport. GIFT is easily accessible from all directions through 4-6 lane State and National Highways. A double corridor metro system is planned to connect GIFT City to the Airport and various parts of Ahmedabad and Gandhinagar.

The idea for GIFT was developed during the Vibrant Gujarat Global Investor Summit 2007 and is being planned by East China Architectural Design & Research Institute (ECADI), which is responsible for planning much of modern-day Shanghai, and Fairwood Consultants India. GIFT City’s Master Plan is for the 359 hectares (886 acres) of land area to have approximately ~110 buildings with ~5,800,000 square metres (62,000,000 sq ft) of built-up area, of which around 67% is commercial, 22% is for residential and 11% is social facilities. Currently ~190,000 square metres (2,000,000 sq ft) of commercial space is operational, and another 280,000 square metres (3,000,000 sq ft) is under development. As of now an investment of Rs 10,500 crore has already been committed for GIFT City^[6]. The city has an integrated development model which has been spread out in three phases. Each phase is designed as integrated sustainable development, for example the first phase itself includes development of office space, residential, school, hotel, club etc.

Currently approximately 200 units/companies are operational with more than 7500^[7] employed at GIFT City.

Utilities

Transportation

GIFT aims at providing a transportation network that ensures accessibility, easy and fast mobility and few accidental road deaths. This would be achieved by:

1. Using a multimodal mix of transport systems (MRTS/LRTS/BRTS, etc.) for both intercity transport (to Ahmedabad, Airport, and Gandhinagar) and intra-city transport.

2. Using a walk-to-work concept as part of urban planning with a nodal split of 10:90 between private and public transport.

3. Use of electric personal rapid transit systems within the city.

GIFT City will also have its own metro stations.^[8]

Indian Railways railway lines pass the city on the east and west sides; the closest stations are in Dabhoda and Naroda.

Landmarks

• GIFT Diamond Tower
• GIFT Gateway Towers - will be located in the main avenue of the city. It would have elaborate terrace gardens and a rooftop restaurant. The towers draw inspiration from Buland Darwaza. It will have a total 680,000 square metres (7,300,000 sq ft) built up space.
• GIFT Crystal Towers - With a total 790,000 square metres (8,500,000 sq ft) built up area, four Crystal Towers will overlook the Sabarmati River.
• GIFT Convention Centre - Inspired by the structure of Salt crystals and Mahatma Gandhi's Dandi March, the convention centre would have an opera and have a seating capacity of 10,000. The centre would have total built up area of 600,000 square metres (6,500,000 sq ft).
• World Trade Centre, GIFT City.

Current status

• Term sheet has been executed with anchor investor for development of two building packages
• Formal approval for multi service Special Economic Zone received from Ministry of Commerce, Government of India
• Master Planning and Concept design has been undertaken
• Detailed proposal for external connectivity (by road) has been completed in consultation with Roads & Building Department. For other external connectivity viz Bus Rapid Transit System (BRTS) and Metro Rapid Transit System (MRTS), detailed discussions are in progress with Ahmedabad Municipal Corporation (AMC) and Gujarat Infrastructure Development Board (GIDB) respectively.
• Other important studies viz. Market Assessment study, Talent Assessment and Skill Set Analysis study have been completed
• GUDC is designated as Area Development Authority for the GIFT Project
• In principle approval received from SSNNL for allotment of domestic water
• Partnership MoU has been signed with CISCO for Operationalizing GIFT ICT
• Fencing of the project site and access to the site has been provided by construction of peripheral earthen roads
• Major approvals viz. Environmental Clearance for the Project and height clearance for part of Phase-1 has been received
• Construction activities at site viz leveling and dressing have been initiated

Phase-1 is expected to commence in the later part of this year and would be completed in 3–5 years. Subsequent phases would be implemented thereafter.

Government has completed land acquisition of 272 hectares (673 acres) of land for this project. Presently land leveling activities are going on just next to the Sabarmati river. Works like four lane road, gutter line, water, I.T. broadband cables and power installations will follow this.

The permissions that are obtained so far include GUDA master plan, central Civil Aviation department’s clearance, environmental clearance, and micro-zoning. The government has taken a decision to allow highest 3.65 FSI in GIFT City. The central government has granted SEZ permission to GIFT City. Ahmedabad Municipal Corporation has granted permission for phase-3 of BRTS as part of transportation facility in BRTS. Gujarat Infrastructure Development Board has granted permission for MRTS.

According to officials close to the development, the process of issuing Rs. 200 crore worth of tenders is in advance stage. While Rs. 7,000 crore budget is needed to create all facilities, the government is likely to pump in Rs. 1,000 crore in next three years.

GUDA has been handed over about 272 hectares (673 acres) of land for land development. Government has prepared 11 types of study reports including a report on earth quake proof construction. 1 km long and 7 meter deep Sant Sarovar is being developed to provide water to proposed GIFT City and its construction.

As part of Phase-I development, around 780,000 square metres (8.4×10^⁶ sq ft) of BUA has already been allotted from the 1,200,000 square metres (13×10^⁶ sq ft) of BUA (built-up area) available for commercial, residential and social uses.^[9]

In the recent allotment in February 2014, chief executive officer of New York-based World Trade Centers Association (WTCA), Eric Dahl received an "allotment letter"^[10] to build one at the GIFT City project at Gandhinagar, where the association will invest over Rs 600 crore along with an Indian partner VIRIDIAN GROUP.

World Trade Centre, GIFT City for financial and allied services along with the Viridian Group which is coming up about eight WTCs including those in Noida and Chandigarh. The centre will connect businesses around 343 locations worldwide. The cities of Pune, Kolkata, Bangalore, Chennai, Kochi, and Mumbai all have their own WTCs. Construction work is under progress.

Construction

Project milestones

• GoG has earmarked 886 acres of land for GIFT Project, out of 886 Acre; 673 Acre of land is in possession of GIFT.
• IL&FS Township & Urban Asset Limited (ITUAL) has taken 7.77 mn sq ft of Built Up Area (BUA) in Phase I of GIFT Project.
• Inauguration of "GIFT ONE" Gujarat's tallest tower in GIFT City by Hon'ble Chief Minister Narendra Modi, on 10 January 2013.
• Foundation stone Laying by Narsee Monjee Education Trust for Development of School at GIFT, on 15 August 2013.
• Foundation stone Laying by Smart ICT Pvt Ltd. (consortium led by TATA Communication) for Development of Tier IV Data Centre at GIFT, on 15 December 2013.
• Allotment of total 1.5mn Sq. ft of BUA made to WTC Noida Development Company Ltd. for development of Gujarat's first World Trade Centre (WTC) at GIFT City, on 15 February 2014 for development of commercial offices and residential service apartments.
• Allotment of 0.2mn Sq. ft of BUA made to State Bank of India (SBI), India's largest public sector bank for development of their Commercial Tower at GIFT City, on 15 February 2014.
• Allotment of 0.25mn Sq. ft of BUA made to Sterling Addlife India Pvt. Ltd. for development of 200 beds multispecialty Hospital at GIFT City, on 15 February 2014.
• Allotment of 0.2mn Sq. ft of BUA made to Global Insurance Services (India) Ltd. for development of Skill Development & Training Centre at GIFT City, on 15 February 2014.
• Allotment of aggregate 0.55mn Sq. ft of BUA made to two developers: Sangath Infrastructure Pvt. Ltd. & B. U Bhandari Projects for development of Residential Towers in GIFT City on 10 April 2014 and 14 April 2014 respectively.
• Foundation Stone Laying by West India Hospitality Limited for Development of GIFT International Centre (Business Club) at GIFT City, on 3 October 2014.
• Allotment of 1.1 mn Sq. ft of BUA made to developer Brigade Enterprises Ltd. for development of Commercial, Residential, Hotel & Retail Mall in GIFT SEZ & Non SEZ Area on 9 October 2014.
• Allotment of 0.25mn Sq. ft of BUA made to developer Hiranandani Group for development of Commercial Tower in GIFT SEZ Area on 9 October 2014.
• Allotment made of around 0.5 mn Sq. ft of BUA issued to BSE Brokers' Forum for development of Commercial Building for members of BSE Brokers' Forum at GIFT City, on 28 November 2014.

News

On 15 December 2011, The Economic Times reported that city officials in GIFT are inviting companies from Singapore who wish to expand but cannot do so due to a lack of land in Singapore to open their businesses in GIFT. Among the investments being encouraged are investments from banks, private equity companies, insurance companies and asset management companies.^[13]

On 26 December 2011, The Times of India reported that China's technology giant Huawei is likely to provide technology to GIFT. According to Eric Yu, president, enterprise business, Huawei India, this technology includes networking solutions and setting up of data centres and surveillance as well as other opportunities.^[14]

On 2 October 2014, NetIndian reported that a new World Trade Center would be set up in GIFT City as per an agreement between World Trade Center India Services Council (WTCS) and Gujarat International Finance Tec-City Company Ltd (GIFT City). It would be completed within 4 years.^[15]

According to the news report from The Times of India on 18 October 2014. The Bangalore-based Brigade Group will invest Rs.500 crore over the next few years to develop 100,000 square metres (1.1×10^⁶ sq ft) of built up area with future option of investing another Rs. 600 crore to develop 160,000 square metres (1.7×10^⁶ sq ft).^[16]

BSE Broker's Forum would invest 120 crore to build a commercial tower to set up back office operations to lower their costs and enjoy modern facilities. They have been allocated 28,000 square metres (300,000 sq ft) to develop the commercial tower. With the likelihood of setting up an exchange office.^[17]

References

External links

• Official website