The GIFT tower has been commissioned for the first IFSC. The construction of 29 floor tower with built-up area of 7 lakh square feet started in June 2011 and was completed in a record one and half year’s time. Companies who have booked their space in the first tower are expected to begin operations from April 2013 onwards. The second tower which will be commissioned in May will see office operations beginning from July 2013. A total investment of around Rs 1,000 crore has been made in setting up these two towers.
Elaborating on the main goal behind setting up this project, RK Jha, Director-In Charge, Gujarat International Finance Tec-City Company said, “The overall cost for development of world class infrastructure at GIFT City would be around Rs 10,000 crore.”
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Financial Technologies Knowledge Management Company (FTKMCL) would be investing Rs 50 crore for development of a training centre for financial services in the City. The Institute of Cost Accounts of India will also be investing Rs 50 crore for development of a centre of excellence in the City. Around Rs 20 crore will be invested by Narsee Monjee Education Trust for setting up a school at GIFT City.
The GIFT project’s target is to cater to 8-10% of the financial services potential in India and create one million direct and indirect jobs by developing 90 million square feet of commercial, residential and social facilities with excellent quality of life. It seeks to become a regional or functional headquarters for the BFSI players and a private banking hub for NRIs and regional high networth individuals. GIFT is also targeting to become an international microfinance hub as well as global hub for IT and BPO services for the financial services sector.
Development work in GIFT City is now on fast track as enquiries have started coming in from various banking and financial services institutions to set up their offshore and onshore activities at GIFT. During Vibrant Gujarat Global Summit 2013, GIFT City signed memorandum of understandings (MoUs) with a consortium of leading technology providers for development of information communication & technology (ICT) in GIFT. The development of GIFT City is being done keeping in mind walk to work concept and this means that apart from commercial facilities, the city will also have residential and social infrastructure.