AHMEDABAD: In the record stamp-duty collection of FY 2021-22, if Gandhinagar has nudged past major cities like Surat and Rajkot which are 10x its size, clocking the second highest mop-up after Ahmedabad, some credit sure goes to GIFT City.
After commercial, even residential real estate investments have picked up pace in GIFT City – India’s first international financial services centre (IFSC) in Gandhinagar. According to GIFT City officials, some 55 lakh square feet residential real estate space is coming up in the campus with an investment of Rs 2,700 crore over the next five years.
“Several global and domestic companies have started operations in GIFT City with more on cards. This has propelled demand for residential units here, and meeting this demand, developers are coming up with projects in line with walk-to-work concept. This will be a catalyst in accelerating growth of the real estate sector in and around the catchment area,” said Tapan Ray, MD and Group CEO, GIFT City.
Prominent Ahmedabad-based developers are eyeing GIFT special economic zone (SEZ) and non-SEZ region for investments. “We have plans to invest at least Rs 1,000 crore here. With a riverfront set to come up near the campus, GIFT city will develop on the lines of Dubai Marina,” said Jaxay Shah, CMD, Savvy Infrastructure.
Ahmedabad-based Nila Spaces too will invest Rs 300 crore for a residential project. “We plan to construct 500 homes ranging from studio apartments to three-bedroom apartments. There is huge potential for residential development here,” said Deep Vadodaria, director of the firm.
“GIFT City is emerging as a financial centre at a global level and with multinational corporations investing here, the demand for residential real estate will remain,” said Chitrak Shah, director, Shivalik Group, as he prepares to launch a project in the campus.
Buyers from metro cities of India are lured into investing here. “With many professionals working in companies operating here, developers are bullish about demand for residential properties. We see inquiries pouring in from metro cities and non-resident Indians,” said Jay Deliwala, director of a city-based property consulting firm.
With increase in investments into GIFT City, Gandhinagar is emerging as one of the fast-growing hubs for residential and commercial real estate. After Ahmedabad and Vadodara, it is the third major city clocking yearly growth in new project launches, according to data available on Gujarat Real Estate Regulatory Authority (GujRera) platform.
“Gandhinagar itself is developed and closer to Ahmedabad due to which the demand is good. Plotted schemes and bungalow schemes have flourished well here due to well-planned town planning schemes. GIFT City along with other migrant populations settling in the city has given rise to this development,” said Ajay Patel, chairman, CREDAI – Gujarat.