Tag: GIFT City

InfrastructureLatest Stories

Cabinet Okays Gujarat Metro Extension to Shahpur

Image used for representational purpose only NEW DELHI: On Tuesday, the Union Cabinet approved a 3.33-km extension of the existing North-South corridor of the Gujarat Metro from GIFT City to Shahpur. The government stated that the project, which is set to be completed in four years, will feature three elevated stations. The decision was made during the Union Cabinet’s first meeting led by Prime Minister Narendra Modi at Seva Teerth, the new PMO complex. The estimated cost for the project is Rs 1,067.35 crore. This corridor is expected to serve around 23,702 passengers by 2029 and approximately 58,059 passengers by…

IndustryLatest Stories

Uday Kotak Named Chairman of GIFT City, Gujarat

MUMBAI: Uday Kotak, a veteran banker, has been appointed as the chairman of GIFT City in Gujarat, succeeding former bureaucrat Hasmukh Adhia, as per a government announcement. GIFT City, or Gujarat International Finance Tec-City, aims to attract global capital with its favorable tax regulations, competing with established financial hubs like Singapore and Dubai. Earlier this month, the federal government extended the tax holiday for businesses setting up in GIFT City to 20 years. Uday Kotak is the largest stakeholder in Kotak Mahindra Bank, with a diverse financial portfolio that includes alternative investments, asset management, and insurance. Published On Feb 14,…

CommercialLatest Stories

Gujarat WTC Project Transferred to Allottees for Completion

AHMEDABAD: In an unprecedented decision in Gujarat, a committee led by the chief secretary has resolved to transfer a stalled real estate project to the allottees’ association for its completion. This decision involves the World Trade Center (WTC) in GIFT City, where Towers B and C remain unfinished following the arrest of the project’s original promoter by the Enforcement Directorate (ED) over a fraud case. A group of allottees from Tower B is currently forming an association, while those from Tower C have already established one and are in the process of registering a society, according to sources. The handover…

IndustryLatest Stories

CEO: 50% of GIFT City Land Allotted

Representative AI image 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…

CommercialLatest Stories

Gujarat RERA Seeks Govt Aid to Revive GIFT City Project

AHMEDABAD: The Gujarat Real Estate Regulatory Authority (GujRERA) has reached out to the state urban development department (UDD), seeking assistance in completing the long-delayed World Trade Centre (WTC) project at GIFT City, where numerous investor funds are currently tied up. Sources indicate that this call for intervention follows the arrest of the project’s promoter by the Enforcement Directorate (ED) over allegations of real estate fraud. The association of allotters has expressed that they are unable to proceed with the project. Officials have noted that the project, which began in 2014-15, was intended to feature four towers. While two have been…