Gujarat turns to Shanghai developers to build a ‘towering’ financial hub

The project, which will be located along the eastern banks of Sabarmati on the outskirts of Gandhinagar, will have the region’s tallest highrise — over 350 metres. The signature skyscraper is likely to be called “The Diamond Tower” to mark Gujarat’s eminence as the diamond hub of the world.

The other highrises too will be based on a special theme. While promoters are tightlipped about the project details, the towers are expected to measure 200-350 metres high, and will “carry the imprint of Gujarat’s cultural heritage”.

“First, we have to sell the space,” says GIFT chairman Sudhir Mankad, amid hectic parleys that have seen memoranda of understanding for over 80 million sq ft of business space against 75 million sq ft planned for the first phase by 2010.

A joint venture between the Gujarat Urban Development Company (GUDC) and Infrastructure Leasing & Financial Services Ltd (IL&FS), GIFT is to be benchmarked as a global finance hub on the lines of London Dockyards, Lujiazui Shanghai, or Shinjuku in Tokyo.

While some work in the form of levelling of land has already begun, sources say the construction activity was likely to begin in September. Spread over 500 acres, the core area of GIFT would be a showcase business district, with its engineering geared for a “plug-n-play” and “walk-to-work” concepts.

“Details are being worked out keeping in mind 100 years of scalability, so that the ground infrastructure would need no changes,” say sources.

The hub will be connected to the Gandhinagar-Ahmedabad highway through two landmark bridges on the Sabarmati and a possible tunnel under the river.

“Given the scale, much underground work will need to be done in terms of laying the cables, pipes, wires to enable those highrises,” say government officials.

With the Gujarat government and IL&FS contributing Rs 25 crore each by way of equity, GIFT would also consider going public in more favourable market conditions. The construction cost is pegged at Rs 50,000 crore. Sources in the Chief Minister’s Office say GIFT would be hawked during the upcoming Vibrant Gujarat Global Investors Summit.

ECADI is credited with building or designing prestigious landmark buildings in Shanghai like the Shanghai World Financial Centre (101 floors, 492 m), Shimao International Plaza (60 floors, 330 m), 21st Century Tower (48 floors, 180 m), Jin Mao Tower (88 floors, 421 m), Pudong International Airport, Shanghai Oriental Art Centre, and the Shanghai Supreme People’s Court.