"The concession agreement was signed on January 22, 2014 between Gujarat International Finance Tec-City Company and GIFT Parking Facilities, a wholly-owned subsidiary of the company, for development of a multi-level car parking at GIFT City, Gandhinagar on BOOT basis," IL&FS Transportation Networks said in a BSE filing today.
The project involves design, development, finance, construction, operation and maintenance of 16-level car parking which with a capacity of around 5,400 cars including retail space at the ground floor for a period of 30 years.
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"The total project cost is approximately Rs 350 crore," it said. The concession allows IL&FS Transportation Networks the right to allocate 80 per cent of total parking space to the lessee in the GIFT city at a mutually agreed price.
The remaining 20 per cent is to be made available as paid facility to the visitors to the GIFT city.
"The revenue shall also be generated from leasing of retail space," it said.