GIFT City development plan for expansion to 3,300 acres with social infra in final stages

Source:  The Economic Times

The master plan for the expansion of the Gujarat International Finance Tec-City (GIFT) to over 3,300 acres along with vibrant social infrastructure from the current 886 acres is in the final stages of completion and is likely to be submitted by Gift Urban Development Authority to the Gujarat government’s Urban Development Department in the next few weeks.

The second phase development plan with town planning schemes around the GIFT City is expected to be unveiled after the state government’s review and feedback from the public as per the statutory requirements.

The development plan is expected to further the efforts to develop GIFT City, counted among Prime Minister Narendra Modi’s dream projects, in a global financial activity hub.

"The expansion of GIFT City limits, the riverfront development, and the upcoming metro connectivity are pivotal steps in our journey toward an integrated and thriving metropolis. We are not just building infrastructure; we're crafting a lifestyle and liveability at par with the best in class," Tapan Ray, MD and Group CEO, GIFT City, told ET.

On Saturday, at a fintech event jointly organized by the International Financial Services Centres Authority (IFSCA) and GIFT City, the prime minister reinforced the government’s vision to make GIFT City the nerve centre of a new age of global finance, including climate financing, and technology services.

The expected focus of the new phase of development at GIFT City will help in cohesive and integrated development, including residential as well as social infrastructure that supports a vibrant work and life balance,” said Jaxay Shah, founder and chairman and managing director of Savvy Group that has invested in various commercial and residential projects in GIFT City.

To support the development of infrastructure in and around GIFT City, the government of Gujarat has stated its plan to operationalize the metro network in the city by July 2024. It has also announced a 9-kilometer riverfront along the banks of the Sabarmati River near Gift City and this will be completed in the next 2.5 years.

According to Ray, GIFT City is not merely a financial centre, the vision was to build a community, a lifestyle, and a symbol of India's aspirations. The addition of a vibrant social hub, with development of a central park and international class retail and recreational zone, is a testament to the vision for a city where work, life, and recreation co-exist.