The Story & Evolution of GIFT City, Gujarat

As a project, GIFT City Gujarat has been both bold and far-sighted. The Indian real estate market and related businesses are now beginning to see the spectacular benefits of this policy.

The opening of India's first IIBX by Prime Minister Narendra Modi at GIFT City is expected to boost commercial real estate here. With integrated development, improved connectivity, and technology, this commercial area is ready for a quantum jump.

Gujarat International Finance Tech-City (GIFT City), India's first such central business area between Ahmedabad and Gandhinagar, is expected to stimulate the region's economic development.

Over 886 acres, it consists of residential and commercial developments, schools, hospitals, and hotels, clubs, retail, and recreational establishments of different types.

The GIFT City will hold a significant event. In GIFT-IFSC, the Prime Minister will inaugurate India's International Bullion Exchange (IIBX) in the presence of Gujarat's chief minister Bhupendra Patel and other prominent politicians and dignitaries from the Union.

In his visit, the Prime Minister will place the cornerstone for the Headquarters Building of the International Financial Services Centres Authority (IFSCA).International Financial Institutions regulator for the creation and regulation of financial goods, financial services, and financial institutions.International Financial Services Centres (IFSCs) in India.

The IFSCA headquarters has been conceptualised as an iconic edifice that reflects the increasing popularity and prestige of GIFT-IFSC as the foremost International Financial Centre IIBX will promote effective price discovery while ensuring quality and ethical sourcing also providing a boost to the financialisation of gold in India. This would enable India to reclaim its position on the global bullion market.

The event would include numerous significant announcements.

Indicator of Growth:

With over a decade since its inception, GIFT City has entirely revolutionised the residential and commercial real estate aspects of Ahmedabad.

Since the foundation of International Financial Services Centre in 2015, the project adds a worldwide icon to the city with insurance, banking, and financial services sectors as customers. While local developers have long dominated the city's real estate market, the project has attracted a number of well-known national developers for the construction of commercial office space and residential buildings in and around GIFT city.

Compared to the Top-10 important cities of India, which have a total stock of over 600 million square feet, Ahmedabad provides less than six percent. However, with a planned integrated development of more than 60 million square feet, the GIFT city project has the potential to attract additional long-term investment. With the future Phase-II of the metro line, residential real estate prospects in northern micro markets will also improve.

Competitive Environment:

The GIFT City, the largest economic centre in South Asia, has attracted renowned real estate agents, merchants, and even hotels. The city has designated a Special Economic Zone (SEZ) zone for technology and associated services firms and a non-SEZ zone for financial firms. With 3.6 million square feet of office space, GIFT City is home to a number of prominent companies, including Bank of America, TCS Oracle, and others. GIFT City also has India's first Center for International Financial Services (IFSC). Financial institutions are able to compete on the worldwide market because IFSC provides a globally competitive platform with diverse financial goods and services.

Profitable Business Location:

With district cooling systems, innovative garbage collection, treatment, and management systems, and an underground utility tunnel, GIFT City was designed to serve as an Indian centre for global financial services. The unveiling of NSE IFSC "SGX Connect will revolutionise the game. IFSCA's newly issued draught rules suggest a significant redesign of the current approach. Principally, the new draught focuses on fund managers providing reduced eligibility requirements, a single registration for numerous activities, and an automated or green channel clearance for venture capital schemes or non-retail schemes.

Real Estate: Commercial and Residential

The GIFT City's commercial expansion would immediately foster residential growth. Bappaditya Basu, Head - Gujarat, ANAROCK Group says, "In the recent several years, notably in 2021, GIFT City has seen a rise in economic activities. It is rapidly becoming the global financial centre, with several corporations and multinationals moving there. The goal is to make it India's gateway to international financial services commerce. Global players have built offices in the region, which will not only assist expanding Indian commerce and financial flows, but also contribute to the city's residential growth. As is now seen, this increase in business demand has also increased residential demand, with many developers building developments with a walk-to-work idea. A few developers are also considering future investments in GIFT SEZ and non-SEZ locations. This will ultimately augur well for the commercial and residential real estate development of the region as a whole.

Recent improvements at GIFT City, upcoming infrastructural projects, and associated employment opportunities are anticipated to stimulate the city's real estate market. With greater investment opportunities, GIFT city is anticipated to become India's fastest-growing residential and commercial real estate centre.

The Gujarat International Finance Tec-City (GIFT) is an integrated development on 886 acres of land with 62 million square feet of built up area. This city features Office spaces, Residential Apartments, Schools, Hospital, Hotels, Clubs, Retail, and Various Recreational Facilities, making it a true "Walk to Work" City. GIFT also features a variety of Recreational Facilities. GIFT City is the location of both a Special Economic Zone (SEZ) that is intended to attract business as well as a private residential neighbourhood for citizens to live in.

By adopting a vertical plan, this metropolis will make effective use of the land that is now available. On the Sabarmati River, the city is smack dab in the middle of Gujarat's political and commercial powerhouses, Ahmedabad and Gandhinagar.

GIFT City in India is a new entrance for India in the global financial and technical arenas. It is also known as the Global Investment and Technology Gateway (GIFT) City.

The Indian state of Gujarat was chosen as the location for the construction of the Gujarat Industrial and Financial Town (GIFT) City. The region has developed a reputation as a centre for commercial activity, providing companies operating in the technology and financial sectors with substantial advantages over their rivals. Developing a neighbourhood that is friendly to pedestrians and that encourages walking to work is something that may be done to great advantage.

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GIFT City is home to a number of the most cutting-edge electronic devices that may be purchased. GIFT City is outfitted with state-of-the-art public transit, a waste collection system that is fully automated, and a district cooling system that is among the most efficient in the world.

Intelligent Urban Systems

GIFT City is a Smart City in every sense of the word since its urban design is influenced by notions of green construction and the highest standards of efficiency in terms of energy and environmental friendliness. This makes GIFT City a sustainable city.

Potentials for Involvement

Real Estate Developers, along with a variety of Financial and IT/ITeS Institutions, are welcome to take part in one of the Smart City projects now underway in India that is considered to be among the most ambitious in terms of both infrastructure and technology. Anyone may profit from the City's position as a driver of development in India's services economy, which the City plays thanks to its location.

The Numerous Advantages of Residing in a GIFT City

Being Situated in an Important Position

Development and amalgamation (Office, Residential & Institutional)

Multi-Services Free Trade Area (SEZ)

The Nation's Very First International Financial Services Center (IFSC)

Infrastructure that is both intelligent and environmentally conscious

Clearance required for a Single Glazing Unit

The Importance of Life

Availability of Skilled People in the Workforce

Information and communication technology (ICT) is used in a "smart city" in a variety of different ways, some of which include improving the quality of government services and the welfare of the citizens.

One of the most important objectives of a "smart city" is to enhance the quality of life of its residents via the optimization of municipal operations and the stimulation of economic growth through the analysis of data that has been gathered. The value of technology is not determined by its availability but rather by how it is put to use.

A city is considered to be "smart" if it makes use of data analysis and technology breakthroughs to better the lives of its citizens as well as the economics of the city. More essential than the quantity of available technology is the manner in which it is used.

A city needs to have a number of characteristics in order to be considered "smart." These characteristics include an infrastructure that is technologically advanced, environmental initiatives, efficient and reliable public transportation, self-assured and forward-thinking urban planning, and the ability for its residents to live and work within the city limits.

The Government of India made the announcement in April 2015 that an International Financial Services Center (IFSC) will be built in the Gujarat Worldwide Finance Tec-City (GIFT City), which is a Special Economic Zone (SEZ). The GIFT City International Financial Services Center is essential to the development of a functional infrastructure for both receiving and transferring foreign currency (IFSC).

In order to create and run GIFT City, the government of Gujarat has incorporated "Gujarat International Finance Tec-City Company Limited" (GIFTCL) as an entity of Gujarat Urban Development Company Limited. This was done so that GIFT City could be built and operated (GUDCL). GIFT City is an 886-acre integrated development that will have a total built-up area of 62 million square feet, with residential space accounting for 22 percent, commercial space accounting for 67 percent, and public space accounting for 11 percent.

The Multi-Service Special Economic Zone (SEZ) and the domestic tariff area that make up GIFT City are both parts of the same complex (DTA). A total of two hundred and sixty-one acres (261 acres) have been designated as a special economic zone, while an additional six hundred and twenty-five acres (625 acres) have been designated as a development and transportation area (DTA). By building upwards into the sky, this city-state will make the most effective use of the vertical space that is now accessible. This city, which is situated on the banks of the Sabarmati River, serves as a connecting point between Vadodara, the state's political capital, and Ahmedabad, the state's economic centre (Gandhinagar). The city is linked to the rest of the world by an international airport that is located close by, and the city's public transportation system is considered to be one of the finest in the country.

The forward-thinking approach that GIFT City takes to the construction of urban infrastructure has been recognised on a number of different fronts. The Automated Waste Collection System (AWCS), the Underground Utility Tunnel, and the District Cooling System (DCS) are all examples of GIFT City's cutting-edge infrastructure that help position it as a forerunner among Smart Cities across the world. GIFT City is located in the Philippines.

An international school, medical facilities, a hospital that is currently under construction, an international exhibition complex, the GIFT City Business Club with indoor and outdoor sports facilities, a leisure space, and restaurants serving a variety of cuisines are all part of the city's social infrastructure. Because of its five-star hotel and its well-designed residential complexes, this city has been designated as a "Walk to Work" city.

All of the electrical lines in GIFT City will be underground, and the Swiss firm ABB Groups will be in charge of designing the city's power infrastructure. Gas is supplied to the city through the GSPL transmission pipelines that are already in place. GIFT City will feature a coolering system that is more effective because to the utilisation of a district cooling system, which will also cost far less than the installation of individual coolers in each building. Plasma gasification will be used to treat all of the rubbish in the city, and after that, it will be mechanically collected and sucked out of the city via a network of pipelines buried under the streets.

GIFT City, India's only operational smart city and International Financial Services Centre (IFSC), has been awarded the GREEN CITIES' PLATINUM' Certification by the Indian Green Building Council of the Confederation of Indian Industry (CII). This certification was given for "Green Master planning & design and Implementation of GIFT City's phase I development." GIFT City is India's only operational smart city (IGBC). GIFT City is the first Greenfield Smart City in India and has been awarded Platinum status by the IGBC in recognition of this achievement. GIFT City has garnered attention from businesses all over the globe, including those with headquarters in India, since it provides the ideal setting for these businesses to further their sustainability activities.

GIFT City has been intended to attain the highest possible level of energy efficiency by using a district cooling system together with all-LED street lighting. In addition to adopting water management practises, the city has cut its use of freshwater by 35 percent and has successfully treated and recycled all of its wastewater. GIFT City, fully aware of the need of the management of solid waste on a national scale, has constructed a facility that is capable of totally automating the collecting and sorting of rubbish.

The Indian Green Building Council, often known as the IGBC, is at the forefront of a movement in India to bring environmentally responsible building practises into the 21st century. More than 6,540 projects, adding up to more than 7.82 billion square feet of green building area, have embraced the IGBC's green criteria for buildings and the built environment thus far. IGBC's goal is to have contributed to the realisation of a green building footprint of 10 billion square feet by the year 2022.

Advantages of Making Your Home in a GIFT City

Businesses will be able to operate more efficiently as a result of GIFT City's groundbreaking and world-class infrastructure, which will be the first of its type in the world.

The GIFT Urban Development Authority, often known as the GIFT UDA, has been formed so that the urban expansion of the region may be effectively planned. A GIFT Notified Committee was also created so that future improvements may be made to the municipal administration.

When compared to other Tier I locations, GIFT City provides a reduction of twenty percent in terms of the costs incurred by businesses.

Corporate tenants in GIFT City have reported low rates of staff turnover, which results in cost savings in the areas of recruiting, dismissing, retraining, and other related activities.

Over two hundred businesses are now operating in GIFT City. These businesses include large financial services organisations, IT/ITeS institutions, and corporate entities. GIFT City is responsible for the direct and indirect employment of ten thousand people.

It is possible for organisations that are based in GIFT City to take advantage of a variety of tax and financial incentives that have been made available by the federal government as well as by the state government.

How much do the people living there get to enjoy the benefits?

Values consist of GIFT infrastructure cost benefits as well as incentives provided by the State IT/ITes Policy.

*Assumptions: 2,000 employees with a yearly average salary of INR5,000,000 working in an office space with a total area of 200,000 square feet during regular business hours (12 hours per day, 25 days per month).