Total development: 62 million sq ft of built-up area in three phases
Current status: 2 million sq ft of built-up area operational, development work ongoing for 3 million sq ft of built-up area
India’s first smart city with next-class infrastructure, spread over 886 acre, Gujarat International Finance Tec-City (GIFT City) has immense scope for development. It is India's first operational smart city as well as India's first international financial services centre (IFSC). Leading banks, insurance companies and capital markets, including India's first international exchange, have started operations in the city. All together, there are around 100 companies operational at GIFT, which has created around 5,000 jobs in the city.
The total development in the city will be around 62 million sq ft of built-up area in three phases covering commercial, residential and social facilities. Of the 62 million sq ft built-up area, around 15 million sq ft built-up area has already been allotted to various institutions and developers. Ajay Pandey, Managing Director & Group CEO, GIFT City, says, “Currently, 2 million sq ft of built-up area is operational, and development work is in full swing for 3 million sq ft of built-up area.”
The planning and design of every element of the city has taken into consideration the micro-climatology to be maintained in particular locations. “The city is built to adhere strongly to green building principles and every structure aims to achieve the highest standards of efficiency in terms of energy, waste management, quality of space and material efficiency,” says Pandey. GIFT City has next-class infrastructure for water, power, information and communication technology, an automated solid waste collection system, district cooling system and utility tunnel. Indeed, the project has regenerated the area as a high-quality, mixed-use district of residential, commercial and open space facilities that optimise land and real-estate values.