The Gujarat International Finance Tec-City (GIFT City), India’s first global financial hub, having completed substantial Phase–I infrastructure development, has invited national and international developers for the development of commercial and residential towers in its premises.

At the pre-bid meeting held on December 31, 2013 and thereafter, developers have been visiting GIFT City. The company has floated a request for proposal (RFP) for further development in the GIFT SEZ and non-SEZ areas, said Ramakant Jha, Managing Director and Group CEO, here on Saturday.

As part of Phase-I development, GIFT City is developing around 13 million square feet of built-up area (BUA) for commercial, residential and social uses. Of this, 8.4 million sq.ft. of BUA has already been allotted. GIFT City has come up with 1.25 million sq.ft. of BUA for commercial and residential purposes in GIFT SEZ and non-SEZ areas.

Leading developers evincing an interest in participating in the development of GIFT City included Ajmera Realty, Hiranandani, Arihant Developers, Lodha, and Godrej, he said.

GIFT has already made land allotments to various social infrastructure projects, including a school (by Narsee Monjee Education Trust), club (West India Hospitality Pvt. Ltd.), and hospital (bid received). It has also made allotment for a Tier IV Data Centre and a fuel station.

When fully developed, GIFT City is expected to generate 5 lakh direct jobs and an equal numbers of indirect jobs. It will be the only project in India to provide such a large number of employment opportunities, Jha added.

GIFT is a globally-benchmarked International Financial Service Centre (IFSC) being developed by the Gujarat Government through a joint venture between its undertaking Gujarat Urban Development Company Ltd (GUDCL) and Infrastructure Leasing & Financial Services Ltd (IL&FS).The Central Finance Business District (CFBD) is being currently implemented on 886 acres of land.

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