Gujarat International Finance Tec-City said it will have India's first International Financial Services Centre (IFSC) and has received good response from leading realty developers as well as BFSI and IT players.
"Apart from BFSI (Banking, Financial services and Insurance) and IT players, GIFT City is also witnessing a flurry of activities in real estate space," GIFT City Managing Director and Group CEO Ajay Pandey said in a statement.
Builders like Hiranandani Group, Brigade Group, Prestige Group, Savvy Group and others are building offices, residential and hotel projects. Construction work for Gujarat's first World Trade Centre (WTC) in GIFT City is also in full swing, he added.
Over 15 million sq ft of built up area has been allotted in the SEZ and non-SEZ areas for development of offices, residential apartments and other facilities to be developed at an estimated investment of more than Rs 10,000 crore, he said.
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India's first IFSC at GIFT City is already operational having leading banks like SBI, while The New India Assurance Co Ltd, General Insurance Corporation of India, BSE International Exchange (IFSC) Ltd, BSE International Clearing Corporation (IFSC) Ltd and many more institutions are about to commence their operations, the statement said.
GIFT City is India's first global financial hub. Part of GIFT City is notified as a multi-service SEZ with IFSC status which is catering to the country's large financial services potential by offering global firms world-class infrastructure and facilities.
It is estimated that GIFT would provide five lakh direct and an equal number of indirect jobs which would require 62 million sq ft of commercial, residential and social facilities with total investment of about Rs 78,000 crore over next 10 years.