GIFT City allots 10 lakh sq ft to Savvy Infra for development

GIFT City, the countrys only international financial services centre IFSC, on Tuesday said it has allotted 10 lakh Sq ft of built-up area to Savvy Infrastructure for development of commercial and residential buildings.

GIFT City, the country's only international financial services centre (IFSC), on Tuesday said it has allotted 10 lakh Sq ft of built-up area to Savvy Infrastructure for development of commercial and residential buildings. Savvy Infra will develop around five projects and invest about Rs 700 crore in this development, Gujarat International Finance Tec City or GIFT City said in a statement.

This will be in addition to the existing 23-storied commercial tower which consists of offices and free trade warehousing zone operational in GIFT SEZ area. As per the proposed allotment, Savvy Infra will develop various sub-projects within the 10 lakh Sq feet built-up area (BUA). These sub-projects will consist of office buildings, logistic space, business center, residential complexes, university building and international club facility in the GIFT SEZ area.

The construction of these projects will commence within a stipulated timeline and will deploy design and facility in line with other global financial hubs, the statement noted. ''Our maiden office tower project of 5 lakh Sq ft BUA in GIFT SEZ received encouraging response and is almost fully leased. Hence, we decided to double our expansion here and have decided to develop over 10 lakh Sq ft BUA which is also receiving equally good response,'' Jaxay Shah, Group CMD of Savvy Infrastructure said.

Tapan Ray, MD and Group CEO of GIFT City said such a significant real estate allotment during the challenging times of COVID-19 will give a boost to the real estate dynamics of this region. It is a testimony to GIFT City being an ideal investment destination in the post COVID-19 era..