IFSC progress at swing: GIFT City
Gujarat – Gujarat International Finance Tec-City (GIFT City), an initiative from Gujarat government, is proceeding in full swing as per schedule. It will house India’s first International Financial Services Centre (IFSC).
GIFT City is being developed on Public Private Partnership (PPP) model. It is a joint venture between state-owned Gujarat Urban Development Company Ltd (GUDC) and Infrastructure Leasing and Financial Services Ltd (IL&FS) with equal shares.
Gujarat government planned to set up GIFT City between Ahmedabad and Gandhinagar in 2007. With an estimated cost of Rs 78,000 crore, the project is being implemented by GIFT Co. This project sprawls over 886 acres and is expected to generate 1 million new jobs in 10 years.
GIFT City plans to cater to 8-10 percent of the financial services potential in India. It targets to develop 90 million square feet of social, commercial and residential projects. The infrastructure and cost advantage are attracting various financial institutions to move into GIFT City.
Recently, Gujarat chief minister inaugurated the state’s tallest tower GIFT One. This 29-floor tower is built-up on 7 lakh sq ft of area. The construction of this tower started in June 2011 and completed in January 2013. As per media statements, the operations of companies who have booked first floor will begin from April 2013.
The second tower is expected to be completed in May 2013 with office operations starting from July 2013. The total investment made in these two towers is around Rs 1,000 crore.
GIFT City will also have a special economic zone (SEZ), integrated townships, a convention center, international education zone, Software Technology Parks of India (STPI) units, an entertainment zone, shopping malls, hotels, stock exchanges and service units.
Around Rs 50 crore will be invested by Financial Technologies Knowledge Management Company Ltd (FTKMCL) for a training center providing financial services. The Narsee Monjee Education Trust will invest Rs 20 crore in a primary level school and the Institute of Cost Accounts of India will invest Rs 50 crore for a center of excellence.
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