GIFT City property prices to see revision in January

Source: The Times of India

AHMEDABAD: The state government's wine and dine policy for GIFT City has resulted in increased inquiries for commercial and residential properties over the past four days. Developers say that prices will see an uptick with revision in January.

With the new policy, GIFT City will compete with Singapore, Dubai and any other international financial city, attracting MNCs and young talent, experts believe.

The Union government has set up the International Financial Services Centre Authority (IFSCA) under which over 470 entities have registered so far.

"Global banks and funds have come up in GIFT City. With the new liquor policy, many domestic and global finance and tech companies will set up offices," said a source.

Sources further said that currently 18 buildings are operational in GIFT City, 30 are under construction and another 14 are in the planning stage. As of now, GIFT City has allotted 2.2 crore sq feet of commercial and residential development rights. "The projects that are currently operational and under construction came up when there was uncertainty over demand. However, developers took calculated risk and faced several challenges. Margins were also moderate. However, with increased demand, prices are now expected to improve," said a developer.

Chitrak Shah, MD of a real estate company which is developing projects at GIFT City said, There has been a significant increase in inquiries in the last four days. The announcement has spurred people's interest in understanding GIFT City's ecosystem. We are developing a 9 lakh sq feet commercial project in the domestic zone and are going to revise prices in January. "Shah added that the last one and half years have seen good demand in the residential segment.

Yash Brahmbhatt, founder of another real estate company with projects in GIFT City said, "Inquiries have been high since the state government announced the liquor policy. We revised rates slightly this week and will make a decision about further increase in January."