GIFT City: 2nd tower to be marketed to insurance companies

The GIFT-Two tower, which is second of the 110 towers envisioned to be built on the 886-acre campus, will be launched within a month and will be marketed exclusively to insurance companies.

Written by Avinash Nair | Ahmedabad | Published: June 5, 2015 1:35:34 am

With India’s first smart city, the Gujarat International Finance Tec-City (GIFT City), stepping into the phase-II of development, a second multistoried tower is being readied for inauguration.

The GIFT-Two tower, which is second of the 110 towers envisioned to be built on the 886-acre campus, will be launched within a month and will be marketed exclusively to insurance companies.

“We are positioning GIFT-Two as an insurance tower, where only insurance firms will occupy it,” says Ramakant Jha, Group CEO of GIFT City that has so far sold 13.4 million square feet of space and has attracted an investment of Rs 9,650 crore. “We are already in talks with a few insurance firms,” Jha added.

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Life Insurance Corporation of India (LIC) has already decided to invest Rs 150 crore to build a separate office building for itself within the GIFT City campus. The second tower with a total of eight lakh sq ft is being inaugurated at a time when the first tower to be built in the project, GIFT-One, is close to being fully occupied. GIFT-One was inaugurated by Prime Minister Narendra Modi in 2013, while he was heading the state.

“The first tower is almost fully occupied. There are only two vacant floors, spread over 60,000 square feet, in the first tower. Rest all other floors have been occupied by 20-odd companies,” Jha said adding that majority of the companies that have taken up space in GIFT-One are banks. Syndicate Bank, SIDBI, Corporation Bank and Bank of India are some of banks that have taken up space, while there are others like Sonic Technologies and IL&FS Group Companies, who occupy the GIFT-One tower.

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