Mumbai-based real estate firm Shree Lotus Developers has entered into a joint development agreement with Bollywood actor Amitabh Bachchan to develop a major mixed-use project in GIFT City, Gandhinagar. The company made the mandatory disclosure on January 7.

The project will have a total built-up area of more than 1 million square feet and will be executed by the company’s subsidiary, Rise Root Projects Private Limited, under a profit-sharing arrangement with Bachchan. The development, to be built on freehold land, will include premium retail spaces, Grade-A commercial offices and high-end residential units, marking Shree Lotus Developers’ first project in Gujarat.

The company said the project is expected to be completed within four years from the commencement of construction. Shree Lotus Developers has so far completed four projects with a total carpet area of about 0.42 million square feet. Six projects are currently under construction, while another 12 are in the pipeline, with a combined carpet area of around 0.276 million square feet.

GIFT City, short for Gujarat International Finance Tec-City, is India’s first operational International Financial Services Centre and is rapidly emerging as a global finance and business hub. Located between Ahmedabad and Gandhinagar along the Sabarmati river, the 880-acre smart city comprises both special economic zone and non-SEZ areas, and has attracted strong interest from domestic and international investors due to its advanced infrastructure and policy framework.

Bachchan has also purchased land in Shahpur village, which falls within the GIFT City region, where he plans to build a premium residential property. This has further fuelled expectations of accelerated development in the area, with land prices rising sharply compared with levels seen around 15 years ago and increased investment activity by corporates.

Local representatives said the development of GIFT City has significantly boosted employment and given surrounding villages a national identity. Improved connectivity, including proposed metro links and a riverfront project, is also expected to further enhance the region’s growth prospects.