The Gujarat International Finance Tech- City, popularly known as GIFT City has alloted 10 lakh square feet of built-up area to Savvy Infrastructures Pvt Ltd, a firm headed by Jaxay Shah, national chairman of CREDAI (Confederation of Real Estate Developers’ Association of India).
Savvy will invest Rs 700 crore in developing five projects, which will include commercial, residential and social buildings, stated an official release here.
“Such a significant real estate allotment during the challenging times of Covid-19 will give boost to the real estate dynamics of this region… We are delighted to have Savvy commiting such an important investment at this crucial juncture,” said Tapan Ray, MD and Group CEO of GIFT City, in a statement.
As per the proposed allotment, Savvy will develop office buildings, logistic space, business centre, residential complexes, university building and international club facility in the SEZ area.
“Our maiden office tower project of five lakh square feet in GIFT SEZ is almost fully leased. Hence, we decided to double our expansion here,” said Jaxay Shah of Savvy.
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