AHMEDABAD: The Gujarat International Finance Tec-City (GIFT) has seen significant growth recently due to increasing demand.
According to MD and Group CEO Sanjay Kaul, development rights for approximately 29 million square feet, or about 50% of the
planned built-up area, have been allocated.
Kaul reported that in the last quarter alone, over 100 entities opted to establish their presence at GIFT City, marking the
highest quarterly figure to date.
“GIFT City is India’s only fully operational smart city and global financial services center. With ongoing policy reforms,
it is emerging as a hub for finance, technology, Alternative Investment Funds (AIF), aircraft and ship leasing, and
insurance. To date, we have distributed 29.45 million square feet of development rights, which is nearly 50% of the total
planned area of 62 million square feet. We aim to achieve full allotment by 2030,” Kaul shared with the media at GIFT
City on Monday.
Currently, GIFT City houses 25 operational buildings, while another 37 are under construction, and six are in the planning
phase. Additionally, three more buildings are awaiting the development permission process.
“We are also focused on enhancing social infrastructure and transportation facilities. We are analyzing traffic data from
various junctions, and a report will be ready by December. Plans for e-taxi services for better internal transportation
are underway, with two additional metro stations planned for GIFT City,” he mentioned.
Kaul noted that companies consider various factors when setting up in GIFT City, not limited to liquor permissions but also
encompassing taxation, talent availability, and infrastructure. “We are taking measures to ensure the finance sector has
access to skilled talent in the near future,” he added.
GIFT City hosts a total of 35 banks, including 18 international banks, and its total banking assets have now surpassed
the $100 billion mark. Additionally, two foreign universities have established a base, with three more set to begin
operations soon. GIFT City has recorded a total of 303 aviation assets leased, which includes 134 aircraft and 84 engines,
along with 28 ships leased.
