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Tuesday, September 28, 2021

After change in rules: 3 firms to develop 12.26 L sqft housing space in GIFT City

“After the change in rules, three new firms have come forward to build houses in GIFT. All of them are based in Gujarat. With this addition, 33 lakh square feet of allotment rights have been given to six developers for residential projects,” said a GIFT City official.

Written by Avinash Nair | Ahmedabad |
July 28, 2021 6:12:21 am
The reinsurer will now run the Dubai business from the GIFT City IFSC in Ahmedabad. (File Photo)

After the Gujarat government tweaked the rules regarding ownership of houses in the Gujarat International Finance Tec-City (GIFT City), three new real-estate developers have pledged to develop 12.26 lakh square feet of residential space. “After the change in rules, three new firms have come forward to build houses in GIFT. All of them are based in Gujarat. With this addition, 33 lakh square feet of allotment rights have been given to six developers for residential projects,” said a GIFT City official.

Nila Spaces Limited is the biggest of the trio that will develop 5.4 lakh square feet of built-up area on 5,128 square metres of land. A subsidiary of Ahmedabad-headquartered Sambhaav Group, the real-estate firm listed on the BSE is the latest to receive the allotment from GIFT City.

Kaavyaratna Group, which is already building a string of housing projects on the GIFT City road in Gandhinagar, will develop 5 lakh square feet of residential spaces within the GIFT campus. Ahmedabad-based Savvy Group, along with ATS Group, will develop 2.2 lakh square feet of residential space. This joint venture company has already developed a commercial tower in GIFT IFSC.

In March 2021, the Gujarat government had tweaked rules opening doors to all those interested in purchasing a house in GIFT City. Earlier, the project developed on the “walk-to-work” concept did not allow anyone not employed within GIFT City to own a house or reside within the campus.

However, the relaxation has been capped for the construction of first 5,000 houses or for those units whose construction begins before March 31, 2023. With the addition of these three projects, the total approval given to residential projects is for 33 lakh square feet, which roughly comes to 3,300 to 3,500 apartments.

Over 25,000 smart homes are proposed to be built within GIFT City. However, Bengaluru-based Jannadhar Pvt Ltd has the only functional housing project that houses 300-odd families in the 330 affordable housing units.

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