Gujarat Urban Development Company Limited (on behalf of the Government of Gujarat) and IL&FS are jointly developing Gujarat International Finance Tec-City (GIFT), which includes a multi-services Special Economic Zone (SEZ) and International Finance Services Centre (IFSC). As an anchor investor and co-developer in the project, IL&FS Urban is developing 7.77 million sq ft of built-up space in GIFT City.
Innovations and Impact
- GIFT hosts the first operational International Financial Services Centre (IFSC) in the country, which will reduce import of IFC services.
- It will facilitate flows of finance, financial products and services across borders and cater to customers as in a free trade zone.
- GIFT has high-density development (62 mn. sq ft of real estate development) equipped with an underground utility tunnel, city-wide district cooling system and vacuum-based waste management system. Tier IV data centre, and City Command and Control Centre are also present.
- Public transport connectivity through Metro Rail (MRT) and Bus Rapid Transit System (BRT) have been emphasized in the project.
- The project is expected to generate 0.5 mn direct and 0.5 mn indirect jobs. When fully developed it is expected to add an annual value of USD 25–55 billion to the GDP.
Project information, IL&FS Urban