GIFT City triples in size, acquires nearby villages

The Gujarat International Finance Tec-City, commonly referred to as GIFT City, is set to undergo a significant expansion. It will incorporate four villages in Gujarat's Gandhinagar district, resulting in an increase of approximately 2,300 acre. This marks the first major expansion for GIFT City since its inception in 2007 and will expand the project area to more than three times its current size, from 1,065 acre to approximately 3,365 acre. According to Tapan Ray, Managing Director and CEO, GIFT City, the expansion is necessary due to the growing demand. Around 50% of the existing area within GIFT City has already been allocated. Additionally, there is a desire to prevent haphazard development and ensure equitable growth in the peripheral areas, thus avoiding the formation of slums. Therefore, the expanded area will be developed following the same principles as GIFT City. Bimal Patel, an urban planner and architect based in Ahmedabad, who previously designed and constructed the new Parliament building in Delhi through his firm HCP Design, Planning and Management, has been chosen to create the master plan for the proposed expansion. Ray stated, We sought someone with not only expertise in town planning but also knowledge of local laws and regulations in the state. He further explained that the original master plan of GIFT City will be adjusted to incorporate the proposed expansion. The selection of the firm was carried out through the expression of interest mode. Situated on the banks of the Sabarmati river, between Ahmedabad and Gandhinagar, GIFT City was conceived by Prime Minister Narendra Modi as a global financial hub and India's first operational smart city. It features a multi-service Special Economic Zone (SEZ) housing the country's inaugural International Financial Services Centre (IFSC), which facilitates corporations' access to global financial markets and meets the requirements of international financial services. Additionally, GIFT City includes a Domestic Tariff Area (DTA), referring to areas within the country that are outside the SEZ. The expansion will encompass four villages: Shahpur, Ratanpur, Lavarpur, and Pirojpur. These villages, with an estimated combined population of 25,000, were selected due to their close proximity to GIFT City. Ray emphasized that the villagers will not be relocated and the villages will become part of the expanded GIFT City. Also read: Final layout for legalisation of colonies in the Indore pub Shivalik Group achieves sales in GIFT City