Gujarat International Finance Tec-City (GIFT City) on Monday announced the launch of the Phase-2 development, which will be focused on International Financial Services Centre (IFSC) to be set up in GIFT SEZ.

With the launch of Phase-2 development, GIFT City has invited proposals from developers to build office towers in SEZ and non-SEZ areas, an official statement said here.

Phase 1 success GIFT City’s Phase 1 has received overwhelming response from realty developers as well as leading BFSI and IT players. So far, allotments of over 14 million square feet of built up area (BUA) has been made in the SEZ and Non-SEZ area for development of office towers, residential apartments and social facilities to be developed at an estimated investment of around ₹9,600 crore.

Ajay Pandey, MD & Group CEO of GIFT City, said, “The response from various major players in the BFSI, IT and realty segments to the first phase development of this mega project has been in line with our expectations. We expect the second phase to do even better and attract many more players, both from India as well as globally to participate in GIFT City and its IFSC project in GIFT SEZ.”

Allotments GIFT IFSC has already made allotment to around 20 institutions, including leading names such as SBI, IDBI Bank, ICICI Bank, Kotak Mahindra Bank and YES Bank.

GIFT has also signed Memorandum of Understanding (MoU) with various leading Capital Market players namely, BSE, NSE, MCX and DMCC.

Recently NSE has signed MoU with London Stock Exchange for setting up global trading platform at GIFT IFSC SEZ. From the Insurance sector, GIC and New India Assurance have also received allotment in GIFT IFSC.

IFSC banking units India’s first IFSC is already operational with the commencement of IFSC banking units by Yes Bank & Federal Bank in November 2015.

“While reputed developers such as Hiranandani Group, Brigade Group, and others have taken up development of offices, residential and hotel projects for the occupants in GIFT City. WTC Noida Development Company is developing Gujarat’s first World Trade Centre (WTC) in GIFT City which is under construction,” Pandey said.

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