Gandhinagar: A major development project is set to come up in GIFT City in Gandhinagar, Gujarat, following a joint development agreement between Mumbai-based real estate firm Shree Lotus Developers and Bollywood actor Amitabh Bachchan.
The company made the mandatory announcement on January 7. The project will have a total built-up area of over 10 lakh square feet. The development will be carried out by the company's subsidiary, Rise Root Projects Private Limited, which has entered into a profit-sharing arrangement with Amitabh Bachchan.
The development project, a mixed-use project, will feature premium retail spaces, Grade-A commercial offices and high-end residential units. It will be developed on freehold land and will mark Shree Lotus Developers' first project in Gujarat.
GIFT City is rapidly emerging as a global finance and business hub. Strong infrastructure, progressive policies and increasing interest from domestic and foreign investors have led to rising demand for premium and residential and commercial spaces.
According to the company, the project is planned to be completed within four years from the start of construction. At present, Shree Lotus Developers has completed four projects with a total carpet area of 4.2 lakh square feet. Six projects are currently under construction, while 12 projects are in the pipeline, with a combined carpet area of 2.76 lakh square feet.
GIFT City, short for Gujarat International Finance Tec-City, is India's first operational International Financial Services Centre (IFSC). Located along the banks of the Sabarmati River between Ahmedabad and Gandhinagar, the smart city is spread over 880 acres and includes
SEZ and non-SEZ areas. It is being developed as a hub for global finance, IT companies and residential projects.
Amitabh Bachchan has purchased land in Shahpur village, part of Prime Minister Narendra Modi's dream project GIFT City, where he plans to build a premium flat.
This has reinforced expectations of further development in the area. Land prices have increased compared to 15 years ago, more companies are investing, and the village is witnessing visible development.
Shahpur village Sarpanch Arpit Patel said that the development of GIFT City has boosted employment and given the village a national identity.
Speaking to ANI, Patel said, "I am very thankful to Prime Minister Narendra Modi. In 2007, when he was the Chief Minister of Gujarat, he started GIFT City, and since then we have seen its expansion in the IT sector, banking sector and infrastructure sector. Big companies have started their operations here. At the village level, we have gained a unique identity at the national and global level. The biggest benefit for our village has been employment. Our popular actor Amitabh Bachchan owns land in Shahpur, and in the coming future, he is going to do a joint venture with the Lotus Group."
Following the development of GIFT City, the surrounding villages have also seen growth. Employment opportunities have increased, businesses and industries are functioning well, and people working in GIFT City are residing in nearby villages, leading to higher local incomes.
The project is expected to significantly benefit GIFT City. Metro connectivity and a riverfront project are also expected to begin soon. (ANI)
Source Name : Economic Times