GIFT CITY TO ATTRACT ONE-FOURTH INVESTMENTS AT VIBRANT GUJARAT SUMMIT

Posted: October 2, 2011 in News, The NamoLeague Times
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It’s a world of give and take. The Gujarat Cabinet has decided to transfer 662 acres of prime land across the Sabarmati in Gandhinagar district to GIFT City (Gujarat International Finance Tec City). On the other hand, it is supposed that GIFT City alone will attract investment proposals, in the form of MoUs, for Rs 50,000 crore, which is one-fourth of all MoUs in the urban sector for the Vibrant Gujarat summit.

WHAT IS GIFT CITY?

GIFT City is an ambitious project of Gujarat State Government. The plan was unveiled at the Global Summit of Vibrant Gujarat held in Ahmedabad in 2009. Its main purpose is to provide high quality physical infrastructure (electricity, water, gas, district cooling, roads, telecoms and broadband), so that finance and tech firms can relocate their operations in Gujarat. It is eagerly awaited with facilities like a special economic zone (SEZ), international education zone, integrated townships, an entertainment zone, hotels, a convention center, an international techno park, Software Technology Parks of India (STPI) units, shopping malls, stock exchanges and service units. GIFT City is a joint venture between Infrastructure Lease & Finance Services (IL&FS) and state-run Gujarat Urban Development Company (GUDC). The company plans to develop and create finance, implement all infrastructures in and around GIFT City on a world class turnkey basis to ensure that all conceivable services in relation to connectivity, technology, communication, security, services for quality of life etc. are established and sustained.

The City would serve as back bone for all financial companies of India and that of the world having business in India. GIFT City is bound to turn Gujarat into a high-tech financial hub.

ALLOTMENT OF LAND

The Gujarat Cabinet has approved 662 acres of land in order to kick-start this financial project. The approval came as the IL&FS has promised to start with the construction by March 2011. It is ready with its design to build four towers, each 35 storey high, creating floor space of 5 million square feet. It has even got environmental and Airport Authority of India (AAI) clearances, necessary to build the towers.

THE PRICELESS GIFT

The current price of the land allotted to the GIFT City is at least Rs 10,000 per sq meter. The agreement for construction will be signed at the Vibrant Gujarat Summit this year, under which IL&FS will be constructing the towers for nearly Rs 2,000 crore

The dreams are soaring high. Chief Minister Narendra Modi has declared his wish that GIFT City should compete with Asian financial hubs like Hong Kong and Dubai. The complex is believed to employ 50,000 persons. GIFT proposals include creation of housing colonies for nearly 20,000 persons in the vicinity.

The development of the GIFT City offers a significant opportunity to be a test-bed to drive reforms and innovation in various fields including delivery systems, local Government, physical planning, infrastructure development, environmental protection and so on. Getting these foundation principles right is crucial to plan and execute the development strategies. Gujarat has taken the step forward and the journey has begun.

Read original article at: http://epaper.namoleague.com/EpaperArticle.aspx?title=GIFT%20CITY%20TO%20ATTRACT%20ONE-FOURTH%20INVESTMENTS%20AT%20VIBRANT%20GUJARAT%20SUMMIT_393

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