GIFT-IFSC Global City to Expand by 2,300 Acres
Real Estate

GIFT-IFSC Global City to Expand by 2,300 Acres

A group of senior bureaucrats, planners, and stakeholders met behind closed doors last week to discuss the masterplan for GIFT-IFSC Global City's 2,300-acre expansion.

Hong Kong, Barcelona (Spain), San Francisco (US), and Leon (France) were among the cities suggested as potential examples for the project. The discussion focused on developing a business area that would attract corporates and businesses with international operations, including holding corporations, as well as their senior executives, to the GIFT-IFSC Global City.

The stakeholders talked on making enough room for low-rise residential buildings (no more than five to six storeys), open spaces, and shopping, entertainment, and recreation zones along Gandhinagar's freshly recovered riverside area.

"The focus will be on low-rise buildings, walk-to-work culture and world class social infrastructure so that families can enjoy a better quality of life," said a senior official in the urban development department.

The additional 2,300 acres of land comprises state-owned and privately held land parcels. "The emphasis will be on the tri-city of Ahmedabad, Gandhinagar and GIFT City in the overall development plan," added the senior official.

However, analysts believe that not only solid social infrastructure, but also an appealing tax structure, are required. Individuals who earn foreign exchange through multinational businesses, for example, incur substantial taxes in India. This is why senior executives and decision-makers are hesitant to relocate to GIFT Global Finance Business City, they claim.

Ramakant Jha, former MD and Group CEO, GIFT City said, " Singapore should be considered as a benchmark, and we should be better than them. Apart from world class infrastructure, we need to frame conducive rules and tax systems that help in ease of business. This will also include suitable modifications in the existing SEZ rules to enable people working in the IFSC area to be treated as deemed NRIs."

He added, "There should be more involvement from the Union ministry of finance for better understanding of the requirements of global finance and business operations, planning and development of institutions within the GIFT-IFSC Global City."

A group of senior bureaucrats, planners, and stakeholders met behind closed doors last week to discuss the masterplan for GIFT-IFSC Global City's 2,300-acre expansion. Hong Kong, Barcelona (Spain), San Francisco (US), and Leon (France) were among the cities suggested as potential examples for the project. The discussion focused on developing a business area that would attract corporates and businesses with international operations, including holding corporations, as well as their senior executives, to the GIFT-IFSC Global City. The stakeholders talked on making enough room for low-rise residential buildings (no more than five to six storeys), open spaces, and shopping, entertainment, and recreation zones along Gandhinagar's freshly recovered riverside area. The focus will be on low-rise buildings, walk-to-work culture and world class social infrastructure so that families can enjoy a better quality of life, said a senior official in the urban development department. The additional 2,300 acres of land comprises state-owned and privately held land parcels. The emphasis will be on the tri-city of Ahmedabad, Gandhinagar and GIFT City in the overall development plan, added the senior official. However, analysts believe that not only solid social infrastructure, but also an appealing tax structure, are required. Individuals who earn foreign exchange through multinational businesses, for example, incur substantial taxes in India. This is why senior executives and decision-makers are hesitant to relocate to GIFT Global Finance Business City, they claim. Ramakant Jha, former MD and Group CEO, GIFT City said, Singapore should be considered as a benchmark, and we should be better than them. Apart from world class infrastructure, we need to frame conducive rules and tax systems that help in ease of business. This will also include suitable modifications in the existing SEZ rules to enable people working in the IFSC area to be treated as deemed NRIs. He added, There should be more involvement from the Union ministry of finance for better understanding of the requirements of global finance and business operations, planning and development of institutions within the GIFT-IFSC Global City.

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?