GIFT has few takers so far,only 14% booking in 6 monthshttps://indianexpress.com/article/cities/ahmedabad/gift-has-few-takers-so-far-only-14-booking-in-6-months/

GIFT has few takers so far,only 14% booking in 6 months

The Rs 78,000 crore Gujarat International Finance Tec-City (GIFT) inaugurated six months ago by Chief Minister Modi has seen only 14% of the space being booked in the first of the 110 high-rise towers to be built in an 886-acre campus.

The Rs 78,000 crore Gujarat International Finance Tec-City (GIFT) inaugurated six months ago by Chief Minister Modi has seen only 14% of the space being booked in the first of the 110 high-rise towers to be built in an 886-acre campus.

The 29-storey tower is the tallest structure to be built in Gujarat. Of the 7 lakh square feet built-up area in this tower,about one lakh square feet have been leased out in the project that is being designated as the country’s first International Financial Services Centre (IFSC),sources said.

One of the first to occupy the tower is Gujarat Electricity Regulatory Commission (GERC),which has taken up 24,000 square feet of space on the fifth floor. Infrastructure Leasing & Financial Services Limited (IL&FS),a joint venture partner in the project,is expected to occupy the 27th floor.

Others who have inked deals for space in the first tower include Bangalore-based EI Technologies,which has previously provided consultancy services to state PSUs like Gujarat State Petroleum Corporation Ltd,Gujarat State Petronet Limited and Gujarat Power Corporation Limited. The other two are Gandhinagar-based Sonic Technologies and Mumbai-based Lakhani and Company.

The second tower in the project is expected to be ready by end of August. “The first year is a trial period for us. The thrust in the coming days will be on public sector banks. We are yet to close the deal,” said Ramakant Jha,managing director of GIFT Company Ltd (GIFTCL).