GIFT City plans social infra development on 20.5 acres with 158-meter GIFT Eye

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  • 20/09/2023
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GIFT City plans social infra development on 20.5 acres with 158-meter GIFT Eye

Source: India Times

The Gujarat International Finance Tec-City Company Ltd (GIFTCL) is planning to develop social infrastructure including an entertainment, recreational and retail zone spread over 20.5 acres in GIFT City along with a large ferris wheel, GIFT Eye.

This development will be spread over a minimum 1.5 million sq ft including retail space, entertainment area with attractions like a large Ferris wheel, fountain show etc. adjacent to riverfront, which will be the entertainment zone. For the GIFT Eye, the tentative highest point of the structure will be 158 meter as per the current no-objection certificate from the Airports Authority of India. The selected party, however, is expected to secure the relevant regulatory permissions. For reference, London Eye’s overall height is 135 meters.

According to realtors, the move to develop social infrastructure will help boost the GIFT City’s ecosystem. “The development of social infrastructure was the only missing link for the integrated development of this international fintech city. This will instill soul in the body and take the lifestyle in the city to a greater height ensuring right talent is attracted at the right place,” said Jaxay Shah, Founder & CMD, Savvy Group. The company has invited bids for the development of this social infrastructure. The bidder, including a consortium or a special purpose vehicle, is expected to have a minimum net worth of Rs 10,000 crores or $1.2 billion as of the last financial year.

The bidders are expected to have delivered at least three real estate projects designed by international or reputed architects having minimum development of 1.5 million sq ft built up area each in the last six years.It is expected to have developed at least one project on a minimum land area of 21 acres and designed and completed at least one mall spread over 0.5 million sq ft in the last 6 years. It has already identified the land in the special economic zone’s non-processing area for the aggregated development of commercial and entertainment. The interested parties will get the flexibility to design and undertake mixed used development in addition to the commercial and entertainment hub on this land parcel.

The scope of development to be undertaken would in all probability be expanded upwards, said the bidding document. The maximum height permitted for the building construction is 60 meter and the maximum ground coverage for the building footprint is restricted to 9.5 acres.

The interested party can use minimum development rights of 1.5 million, but can use full 9.5 acres with 60 meters height for construction, subject to payment of per sq ft of development rights. The remaining area which is not used for footprint will be given on leave and license as per the price discovered.

The base rate for allotment of development rights for commercial and retail will be Rs 1,600 per sq ft on lease of 99 years. The entertainment zone will be allotted on a license to use basis. An open area, reclaimed land, may also be made available for recreational use, on license to use at mutually agreed terms, wherein no permanent structures will be allowed to be developed within the designated open area with the 99 years lease. The riverfront will be available on mutually agreed terms after the approval of the government of Gujarat.

GIFTCL is developing, financing, and implementing all infrastructures in and around GIFT City to ensure all possible services in relation to connectivity, communication, technology, security, services for quality of life and related facilities are established and sustained. All infrastructure in the city and the external connectivity are being developed keeping in view the magnitude of development. To match the high-rise vertical development an equivalent socio-cultural infrastructure is equally important.

This socio-cultural infrastructure will include leisure, adventure, amusement & entertainment activity with city level public realm, uniform streetscape, transit facility and connection. The interested parties may develop any other entertainment and recreational activities over and above as indicated by the authority.

For any type of property requirement in GIFT CITY. Feel Free to contact us @ +91 6359862253.

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The information, details and specifications about the projects on this site are as provided by the developers and/or sellers to the best of our knowledge and it is advisable that the same be verified by the respective buyers & sellers. Kunvarji Realty Brokers is not a developer. Rates are indicative and subject to change without prior notice.
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