Realty firm Sobha Ltd today said it has forayed into Gujarat property market and will invest Rs 500 crore to develop a housing project in GIFT City.
The Bengaluru-based firm will develop nearly 1,000 apartments in this project.
"The company will make an investment of over INR 500 crore towards residential development in Gujarat International Finance Tec-City (GIFT City)," Sobha said in a statement.
Sobha Ltd Chairman Ravi Menon said Ahmedabad is a prominent business centre of Gujarat and the city is the second largest cotton textile centre in India after Mumbai with equally strong pharma, petrochemical and automobile industries.
J C Sharma, Vice Chairman and MD, Sobha, said, "With our investment in GIFT City, Sobha aims to meet the increasing demand for affordable housing while contributing to Prime Minister's vision of Housing for All."
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