ICICI’s plan for skyscraper HQ in Gandhinagar in bin

In a blow to banking,financial services and insurance (BFSI) sector in Gujarat,ICICI Bank has withdrawn its proposed Rs 3,000-crore project to build its new national headquarters in the state capital,Gandhinagar.

Written by Express News Service | Gandhinagar | Published: July 24, 2012 5:15:00 am

In a blow to banking,financial services and insurance (BFSI) sector in Gujarat,ICICI Bank has withdrawn its proposed Rs 3,000-crore project to build its new national headquarters in the state capital,Gandhinagar.

“The state’s tallest,52-storied building project of ICICI bank announced by the company’s chairman K V Kamath during 2007 Vibrant Gujarat Global Investor Summit (VGGIS),has been withdrawn,” a senior government official said.

The bank had declared to build its new headquarters near Infocity in Gandhinagar.

The building was one of the several high-rises that were supposed to come up in an area that also houses the GIFT city project,which was being projected as a future hub for the BFSI sector.

“The state cabinet had approved the project in 2008 and all the clearances were granted to it. But when the bank was asked to pay around Rs 1.5 crore for the land,it stopped responding. The government has therefore considered the project as withdrawn,” the official added.

The development comes at a time when the state government has decided to come up with a construction policy for tall buildings to regulate upcoming high-rise structures in the state.

“The state government has decided to come out with a uniform policy to regulate the development of buildings more than 40 meters of height or 12 floors. At present,buildings up to 40 meters in height are allowed in the state. However,there are several proposals pending with the government for buildings more than 40 metres in height,which includes government as well as private projects,” government sources said.

“The state government has already allowed,in a special case,more than 29 stories (around 90 metres) for state government’s ambitious GIFT (Gujarat International Finance-Tec city) project in Gandhinagar. Two 29-stories towers are almost ready and likely to be functional by October 2012. However,for other buildings,the government feels needs of special policy,” sources said.

For all the latest Ahmedabad News, download Indian Express App