Gujarat International Finance Tec-City
Down town Ahmedabad
GIFT City Progress (As of early 2018)
|• Body||Gujarat International Finance Tec-City Company Limited|
|• Total||3.99 km2 (1.54 sq mi)|
|• Official||Gujarati, Hindi, English|
|Time zone||UTC+5:30 (IST)|
Gujarat International Finance Tec-City (GIFT City) is a business district promoted by the Gujarat government through a joint venture company. GIFT City is India's first operational smart city and international financial services centre.
GIFT is an operational smart city developed in the Gandhinagar metropolitan region as a greenfield development. The project includes features like a district cooling system, underground utility tunnel, and automated vacuum waste collection. The city is designed for walkability and includes commercial and residential complexes.
The project is located on the bank of the Sabarmati River and is around 12 km (7.5 mi) from Gandhinagar international airport. GIFT is easily accessible from all directions through 4-6 lane State and National Highways. A double corridor metro system is planned to connect GIFT City to the nearby airport and various parts of Ahmedabad and Gandhinagar.
The idea for GIFT was developed during the Vibrant Gujarat Global Investor Summit 2007 and is being planned by East China Architectural Design & Research Institute (ECADI), which is responsible for planning much of modern-day Shanghai, and Fairwood Consultants India. GIFT City’s Master Plan is for the 359 hectares (886 acres) of land area 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 for residential and 11% is social facilities. Currently ~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 now an investment of Rs 10,500 crore has already been committed for GIFT City. The city has an integrated development model which has been spread out in three phases. Each phase is designed as integrated sustainable development, for example the first phase itself includes development of office space, residential, school, hotel, club etc.
Currently approximately 200 units/companies are operational with more than 7500 employed in the GIFT City.
The 1000MW electricity supply is planned to be 99.999% reliable (about 5.3 minutes of outage per year). GIFT's power grid will be designed by ABB Group of Switzerland. All the electricity cables will be underground.
Natural gas will be distributed to every house and building via pipes, which is cheaper and safer than cylinders. Gas supply to the city will be made from the existing gas network of GSPL, the state-owned company for gas transmission pipelines. Piped natural gas is already in distribution in the nearby cities of Ahmedabad and Gandhinagar.
India's first city-level district cooling system is operational at GIFT City. It reduces the operational cost by 30-40% and avoids the capital cost of implementing coolers in each building.
All waste will be automatically sucked through underground pipes at a high speed of 90 km/h (56 mph), and will be treated through plasma gasification.
GIFT aims at providing a transportation network that ensures accessibility, easy and fast mobility and few accidental road deaths. This would be achieved by:
GIFT City will also have its own metro stations.
Phase-1 is expected to commence in the later part of this year and would be completed in 3–5 years. Subsequent phases would be implemented thereafter.
Government has completed land acquisition of 272 hectares (673 acres) of land for this project. Presently land leveling activities are going on just next to the Sabarmati River. Works like four lane road, gutter line, water, I.T. broadband cables and power installations will follow this.
The permissions that are obtained so far include GUDA master plan, central Civil Aviation department’s clearance, environmental clearance, and micro-zoning. The government has taken a decision to allow highest 3.65 FSI in GIFT City. The central government has granted SEZ permission to GIFT City. Ahmedabad Municipal Corporation has granted permission for phase-3 of BRTS as part of transportation facility in BRTS. Gujarat Infrastructure Development Board has granted permission for MRTS.
According to officials close to the development, the process of issuing Rs. 200 crore worth of tenders is in advance stage. While Rs. 7,000 crore budget is needed to create all facilities, the government is likely to pump in Rs. 1,000 crore in next three years.
GUDA has been handed over about 272 hectares (673 acres) of land for land development. Government has prepared 11 types of study reports including a report on earth quake proof construction. 1 km long and 7 meter deep Sant Sarovar is being developed to provide water to proposed GIFT City and its construction.
As part of Phase-I development, around 780,000 square metres (8.4×106 sq ft) of BUA has already been allotted from the 1,200,000 square metres (13×106 sq ft) of BUA (built-up area) available for commercial, residential and social uses.
In the recent allotment in February 2014, chief executive officer of New York-based World Trade Centers Association (WTCA), Eric Dahl received an "allotment letter" to build one at the GIFT City project at Gandhinagar, where the association will invest over Rs 600 crore along with an Indian partner VIRIDIAN GROUP.
The World Trade Centre, GIFT City, is under construction for financial and allied services. The centre will connect businesses around 343 locations worldwide. The cities of Pune, Kolkata, Bangalore, Chennai, Kochi, and Mumbai all have their own WTCs. Construction work is under progress.
On 28 March 2018, the city's CEO Ajay Pandey told CNN Business that "Except for the fact that we are not sitting in Singapore and GIFT City is not Singapore, I think from a business perspective we have everything that is required" to become a world financial centre.
Two commercial towers, each of 28 floors called the GIFT ONE and GIFT TWO have been finished. Tendering for the next bunch of towers is going on. This phase will also include building up of basic infrastructure.
The second phase construction has already begun and the Hiranandani Signature building has been built which hosts India International exchange. The WTC is under construction apart from a couple of buildings as part of the SEZ. The road connectivity to and in GIFT City has increased with the construction of new roads.
The third phase's planned period for construction and commencement of the fully built city is 2020-2023.
The fourth phase, termed "The Enpeoplement", fills the planned city with humans to experience commerce and labour.
On 15 December 2011, The Economic Times reported that city officials in GIFT are inviting companies from Singapore who wish to expand but cannot do so due to a lack of land in Singapore to open their businesses in GIFT. Among the investments being encouraged are investments from banks, private equity companies, insurance companies and asset management companies.
On 26 December 2011, The Times of India reported that China's technology giant Huawei is likely to provide technology to GIFT. According to Eric Yu, president, enterprise business, Huawei India, this technology includes networking solutions and setting up of data centres and surveillance as well as other opportunities.
On 2 October 2014, NetIndian reported that 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 Gujarat International Finance Tec-City Company Ltd (GIFT City). It would be completed within 4 years.
According to the news report from The Times of India on 18 October 2014. The Bangalore-based Brigade Group will invest Rs.500 crore over the next few years to develop 100,000 square metres (1.1×106 sq ft) of built up area with future option of investing another Rs. 600 crore to develop 160,000 square metres (1.7×106 sq ft).
BSE Broker's Forum would invest 120 crore to build a commercial tower to set up back office operations to lower their costs and enjoy modern facilities. They have been allocated 28,000 square metres (300,000 sq ft) to develop the commercial tower. With the likelihood of setting up an exchange office.
As per story by The Wire (Gujarat Will Buy Crisis-Hit IL&FS Stake in 'Gift City', Says CM Vijay Rupani) Gujarat will buy out the 50% stake of beleaguered Infrastructure Leasing & Financial Services (IL&FS) in Gujarat International Finance Tec-City, or GIFT City, to ensure there are no delays to the project, said chief minister Vijay Rupani. The value of the IL&FS stake is being currently determined.
According to Business Standard (Boost for AIF biz at Gift city as top fund administrator gets license) OPS Fund Services, a subsidiary of OPS Global, Singapore, which is a strategic partner of Basiz Fund Services, received the license to set up shop in International Financial Service Centre at Gujarat International Fin-Tec City (GIFT).