Gujarat International Finance Tec-City (GIFT City) is a state-of-the-art smart city and international financial center located in Gujarat, India. Boasting cutting-edge technology and eco-friendly infrastructure, GIFT City is fast gaining popularity amongst real estate developers as a prime location for residential and commercial properties. The city offers a range of amenities, including high-speed internet, reliable power supply, and efficient waste management systems, making it an ideal destination for businesses and individuals alike. With a plethora of real estate majors lining up to invest in the city’s growth, GIFT City is set to become a vibrant hub of innovation, finance, and sustainable living. Real estate developers who have poured their investments into GIFT City commend the regulatory authorities for their transparency, which has led to a seamless and efficient single-window clearance process. The swift approval process, coupled with the overall state-of-the-art infrastructure, has been a game-changer for the real estate industry.
What do Existing Companies at GIFT City Have to Say?
The CEO of Nucleus Office Parks and Blackstone Offices, Quaiser Parvez, gave his insights, saying, “Real estate project development is highly unpredictable, as we are totally unaware with the fact that how long the project will take to complete and what outcomes the development will have over time.” Adding to this, the CEO also said that the transparent regulations for the authorities, well-organized layout plans and amazing to-the-point development vision have helped GIFT City’s major real estate development projects’ future predictable, making the economic projects highly suitable for real estate developers planning to build in GIFT City. Currently, Blackstone’s Fintech One is GIFT City’s largest real estate investment commercial project. Flaunting this proud moment, Parvez commented, “We are only a year younger than GIFT City and almost 40% of our total commercial occupancy area is leased out, showing the interest of the strong occupiers and GIFT City's ownership shaping the real estate future. Parvez mentioned that GIFT has made it possible for multiple Fortune 500 companies to work out of the same building, which was never thought possible before. IBM is already working out of Fintech One’s premises, and Capgemini, a global consulting leader, is in the process of doing their fit-outs. Additionally, talks are underway with other major players as well. According to some sources, Google is currently in discussions with Blackstone to lease an office space in the Fintech One building. It is worth noting that IBM has already secured an office area of 60,000 square feet in Fintech One, while Capgemini has taken up 45,000 square feet. Google is also planning to lease out an office area of 20,000 square feet in GIFT City, with all three companies aiming to expand their operations by June 2024.
The New Comer in GIFT City
Shivalik Group, a leader in luxury residential and commercial development in Gujarat, is creating 2 commercial and 2 residential projects in GIFT City, totaling 4 million sq. ft. Taral Shah, the MD of Shivalik Group, mentioned that their first commercial project in GIFT City named CURV will be India’s first twisted tower project. The project is scheduled to be launched before Diwali, but the booking process cannot begin until they receive approval from RERA (Real Estate Regulatory Authority). Nevertheless, the project has already received a lot of Expression of Interest (EoIs) from interested parties. Mr. Shah also mentioned that GIFT’s infrastructure services, such as a captive power plant, central air conditioning unit, easy payment facilities, sewage management and garbage collection system, and single-window clearance, have highly attracted real estate developers. He also noted that developers don’t have to worry about marketing their projects as the authorities are marketing them worldwide. The state and central governments are making every effort to ensure adequate publicity for the project. Due to these initiatives, developers feel secure that their projects will not suffer from a lack of demand. This sense of security allows them to try new innovations, adapt to newer technologies, and use machinery to speed up the construction process. He said, “GIFT has transformed the skyline of the city and is motivating local developers to become self-sufficient. They are also acquiring new marketing skills through innovative techniques. Competing with global developers has provided them with the necessary international exposure. GIFT City has the potential to become the most desirable financial services center in the world.”
Final Verdict
GIFT City represents a transformative force in India’s real estate sector. With its commitment to smart infrastructure, global connectivity, a thriving ecosystem, regulatory support, and sustainability, GIFT City is setting the standard for real estate development in the country. As it continues to grow and mature, GIFT City is a shining beacon of what is possible when vision, innovation, and dedication to progress converge. It is not just a city; it is a blueprint for the future of real estate in India. Developers, investors, and residents alike are eagerly embracing this new era in real estate, and the transformation is well underway. If you also want to own an office space for sale in GIFT City, then this is the chance, and you will not ever regret your decision for sure. Visit RES Management and get the best real estate guidance you can ever have.
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