Gujarat International Finance Tec-City

GIFT City
Gujarat International Finance Tec City
GIFT City is located in Gujarat
GIFT City
GIFT City
Location in Gujarat, India
GIFT City is located in India
GIFT City
GIFT City
GIFT City (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
StateGujarat
DistrictAhmedabad
Government
 • BodyGujarat International Finance Tec-City Company Limited
Area
 • Total3.99 km2 (1.54 sq mi)
Area rank3.58[1]
Languages
 • OfficialGujarati, Hindi, English
Time zoneUTC+5:30 (IST)
Telephone code+91
Vehicle registrationGJ18
Websitegiftgujarat.in

Gujarat International Finance Tec-City (GIFT City) is a business district near Gandhinagar in Gujarat, India. It is India's first operational greenfield smart city and international financial services centre, which the Government of Gujarat promoted as a greenfield project, The city is located on the banks of the Sabarmati River and is around 12 km (7.5 mi) from Sardar Vallabhbhai Patel International Airport.[2][3][4] [5] The city is designed so residents can walk to work, and includes commercial and residential complexes.

The city is connected though 4-6 lane State and National Highways. A double corridor metro system is being constructed to connect GIFT City to the nearby airport and various parts of Ahmedabad.

The idea for GIFT was conceived during the Vibrant Gujarat Global Investor Summit 2007 and the initial planning was done by (ECADI), which planned much of modern-day Shanghai. The GIFT City’s plan is for 359 hectares (886 acres) of land to have approximately 110 buildings with 5,800,000 m2 (62,000,000 sq ft) of built-up area, of which around 67% is commercial, 22% is residential and 11% is social facilities. As of April 2021, 190,000 m2 (2,000,000 sq ft) of commercial space is operational and another 280,000 m2 (3,000,000 sq ft) is under development. As of April 2021, an investment of ₹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 of which is designed as integrated, sustainable development The first phase includes development of office space, residential, school, hotel and clubs.

As of April 2021, about 225 units/companies are operational and more than 12,000 professionals are employed in the city.[7]

History

Presenting key of GIFT City to the Prime Minister, Shri Narendra Modi, at the inauguration ceremony of the India International Exchange in GIFT City

On 15 December 2011, The Economic Times reported city officials in GIFT were inviting companies from Singapore that wished to expand but could not do so due to a lack of land in Singapore to open their businesses in GIFT. Investments from banks, private equity companies, insurance companies and asset management companies were considered.[8]

On 26 December 2011, The Times of India reported China's technology giant Huawei was likely to provide technology to GIFT. According to Eric Yu, president, enterprise business of Huawei India, this technology included networks, data centres and surveillance.[9]

On 2 October 2014, NetIndian reported 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 GIFT City Ltd. It would be completed within four years.[10]

would invest ₹120 crore to build a commercial tower to set up back-office operations to lower their costs and enjoy modern facilities. They were allocated 28,000 square metres (300,000 sq ft) to develop the commercial tower with the likelihood of setting up an exchange office.[11]

According to The Times of India on 18 October 2014, the Bangalore-based Brigade Group would invest ₹500 crore over the next few years to develop 100,000 square metres (1.1×10^6 sq ft) of built up area with a future option of investing another₹600 crore to develop 160,000 square metres (1.7×10^6 sq ft).[12]

In November 2018, The Wire reported the Government of Gujarat State would buy out the 50% stake of beleaguered Infrastructure Leasing & Financial Services (IL&FS) in the GIFT City to minimize delays to the project.[13] In June, 2020, IL&FS concluded sale of its stake in GIFT-City for ₹32 crore equity value to the state government.[14]

According to Business Standard[15] , a subsidiary of , received a license to open in the International Financial Service Centre at GIFT city.[16]

On 5 December, 2019, Business Standard reported Bank of America opened a Global Business Services Center at GIFT.[17]

On 6 January, 2020, Accor opened the first international hotel in GIFT City.[18]

On 20 January, 2020, The Economic Times reported GIFT was ready to begin trading in rupee-dollar in the futures market.[19]

Construction timeline

Two 28-floor commercial towers called GIFT One and GIFT Two have been finished. Tendering for the construction of more towers is ongoing.[20] This phase will also include the building of basic infrastructure. The second phase construction has already begun and the , which hosts India International exchange, has been completed. The WTC is under construction. New road access to GIFT City has been built. The third phase's construction and commencement of the fully built city will occur between 2020 and 2023. The fourth phase, termed "The Enpeoplement", will fill the city with humans.

Consultants

  • Design and Architecture - East China Architectural Design & Research Institute (ECADI) and Fairwood Consultants India
  • ICT Advisory Services - British Telecom
  • Market Demand Assessment - McKinsey & Company
  • Talent Demand Assessment - Hewitt Associates
  • Environmental Assessment - IL&FS Ecosmart Ltd
  • Process Management - IL&FS Infrastructure Development Corporation Ltd
  • Power Management - ABB Group[21]

Status

As part of Phase-I development, around 780,000 square metres (8.4×10^6 sq ft) of built-up area has already been allotted from the 1,200,000 square metres (13×10^6 sq ft) available for commercial, residential and social use.[22] On 11 September 2019, , Managing Director and Group CEO of GIFT City, said the city had attracted around ₹11,000 crore of investment.[23]

Utilities

Utility Tunnel GIFT City

India's first city-level district cooling system (DCS) is operational at GIFT City. The first phase of this DCS, with a capacity of 10,000 Ton of refrigeration has been in operation since April 2015; it reduces the operational cost by 30-40% and avoids the capital cost of implementing individual air conditioners in each building.[24]

Transport

Gift City night view

GIFT City will have a metro station connecting it to the Ahmedabad metro network by March 2024.[25][26]

References

  1. ^ "Gujarat International Finance Tec-City - Global Financial Hub | GIFT Gujarat". Giftgujarat.in. Retrieved 3 January 2017.
  2. ^ "THE GUJARAT INTERNATIONAL FINANCE TEC-CITY (GIFT)". www.gudcltd.com. Retrieved 2 February 2018.
  3. ^ "GIFT makes steady progress; witnesses a 'hockey stick growth curve'". www.businesstoday.in. Retrieved 1 November 2018.
  4. ^ Subramanian, N. Sundaresha (1 February 2018). "More gifts for GIFT City may stop flight of capital to Singapore". The Economic Times. Retrieved 2 February 2018.
  5. ^ "Developments of Ahmedabad".
  6. ^ "Rs 10,500 crore investment committed for GIFT City: CEO". 1 November 2018. Retrieved 1 November 2018 – via The Economic Times.
  7. ^ "Gift city may see 3-4 foreign banks set up shop soon - Times of India". Retrieved 1 November 2018.
  8. ^ "Singapore firms get Gujarat International Finance Tec City (GIFT) invite - The Economic Times". Articles.economictimes.indiatimes.com. 15 December 2011. Retrieved 3 January 2017.
  9. ^ "India News, Latest Sports, Bollywood, World, Business & Politics News". The Times of India. Archived from the original on 16 January 2012. Retrieved 3 January 2017.
  10. ^ "GIFT City, GCCI and World Trade Centre in pact for trade development | NetIndian". Netindian.in. 2 October 2014. Retrieved 3 January 2017.
  11. ^ "BSE to set up commercial tower at GIFT city in Gujarat | Latest News & Updates at Daily News & Analysis". Dnaindia.com. 15 October 2014. Retrieved 3 January 2017.
  12. ^ "Brigade Group to invest Rs 500 crore in GIFT City as co-developer - Times of India". Timesofindia.indiatimes.com. 18 October 2014. Retrieved 3 January 2017.
  13. ^ "Gujarat Will Buy Crisis-Hit IL&FS Stake in 'Gift City', Says CM Vijay Rupani". The Wire.
  14. ^ "IL&FS sells 50% stake in GIFT City to Gujarat govt, reduces consolidated debt by over Rs 1,200 crore". The Economic Times. 8 June 2020. Retrieved 9 June 2020.
  15. ^ [1] Boost for AIF biz at Gift city as top fund administrator gets license
  16. ^ Bhayani, Rajesh (14 January 2019). "Boost for AIF biz at Gift city as top fund administrator gets license" – via Business Standard.
  17. ^ Umarji, Vinay (6 December 2019). "Bank of America opens Global Business Services Center at GIFT-IFSC". Business Standard India. Retrieved 23 January 2020.
  18. ^ "Accor opens the first international hotel in GIFT City". Travel Daily. 6 January 2020. Retrieved 23 January 2020.
  19. ^ Das, Saikat (20 January 2020). "GIFT City to begin trading in rupee-dollar in futures market". The Economic Times. Retrieved 23 January 2020.
  20. ^ "India's tallest proposed building Diamond Tower showcased(Video) | DeshGujarat News from Gujarat". Deshgujarat.com. 22 January 2009. Retrieved 3 January 2017.
  21. ^ "ABB will power up the world's biggest financial district". Abb.com. 13 August 2008. Retrieved 3 January 2017.
  22. ^ "News Update 2015 | VG 2015 | Vibrant Gujarat Global Summit 2017". Vibrantgujarat.com. Retrieved 3 January 2017.
  23. ^ Business, Rishi Iyengar, CNN. "30,000 jobs in next 3 years immediate priority, says Tapan Ray, MD, Gujarat International Finance Tec-city". CNN.
  24. ^ "India's First District Cooling System at GIFT City: REHVA". www.rehva.eu. Retrieved 18 February 2019.
  25. ^ "India News, Latest Sports, Bollywood, World, Business & Politics News". The Times of India. Archived from the original on 5 November 2013. Retrieved 3 January 2017.
  26. ^ "Ahmedabad- Metro Rail: Work on phase 2 of the project to begin in June 2020; details". The Financial Express. 18 November 2019. Retrieved 23 January 2020.

External links