Shilp Group acquires record-breaking development rights in GIFT City

14 Jun 2023 CW Team

According to sources, Shilp Group, which has already announced three projects in GIFT City, secured 500,000 square feet of development rights on a new land parcel in the SEZ area at a rate of Rs 1,821 per square foot, setting a record for the highest-priced development rights. Previously, Venus Group had acquired development rights at approximately Rs 1,800 per square foot.

Traditionally, GIFT City allocated development rights at Rs 1,000 per square foot for residential projects and Rs 1,350 per square foot for commercial projects. However, over the past year, the base price for both residential and commercial developments was increased to Rs 1,600 per square foot. Developers then participate in bidding processes. Despite the challenges posed by the pandemic, GIFT City has successfully allocated over 10 million square feet of development rights.

Covering an expansive 886 acres of land with a built-up area of 62 million square feet, GIFT City offers a wide range of facilities, including office spaces, residential apartments, schools, hospitals, hotels, clubs, and retail and recreational amenities. The development comprises a multi-service Special Economic Zone (SEZ) and a domestic area. GIFT City positions itself as a formidable competitor to global financial hubs like Dubai, Hong Kong, and Singapore, with numerous foreign banks and financial institutions already establishing a presence.

Confirming the deal, Yash Brahmbhatt, the founder of Shilp Group, stated, "Considering GIFT City's emergence as a global financial hub, we have decided to embark on another project in the GIFT SEZ. Our new project will span 500,000 square feet with an investment of Rs 4 billion, bringing our total development rights in GIFT City to 2.45 million square feet. We have already planned three projects in GIFT City, including a residential project of 710,000 square feet in the SEZ area, currently under construction. Additionally, a commercial project of 710,000 square feet is awaiting permissions. We have also acquired 500,000 square feet of development rights for another project in the SEZ area, and this latest acquisition will mark our second commercial project in the SEZ."

GIFT City, an emerging global financial hub, has garnered significant attention from developers, with Ahmedabad-based Shilp Group recently acquiring the most expensive development rights through an auction.According to sources, Shilp Group, which has already announced three projects in GIFT City, secured 500,000 square feet of development rights on a new land parcel in the SEZ area at a rate of Rs 1,821 per square foot, setting a record for the highest-priced development rights. Previously, Venus Group had acquired development rights at approximately Rs 1,800 per square foot.Traditionally, GIFT City allocated development rights at Rs 1,000 per square foot for residential projects and Rs 1,350 per square foot for commercial projects. However, over the past year, the base price for both residential and commercial developments was increased to Rs 1,600 per square foot. Developers then participate in bidding processes. Despite the challenges posed by the pandemic, GIFT City has successfully allocated over 10 million square feet of development rights.Covering an expansive 886 acres of land with a built-up area of 62 million square feet, GIFT City offers a wide range of facilities, including office spaces, residential apartments, schools, hospitals, hotels, clubs, and retail and recreational amenities. The development comprises a multi-service Special Economic Zone (SEZ) and a domestic area. GIFT City positions itself as a formidable competitor to global financial hubs like Dubai, Hong Kong, and Singapore, with numerous foreign banks and financial institutions already establishing a presence.Confirming the deal, Yash Brahmbhatt, the founder of Shilp Group, stated, Considering GIFT City's emergence as a global financial hub, we have decided to embark on another project in the GIFT SEZ. Our new project will span 500,000 square feet with an investment of Rs 4 billion, bringing our total development rights in GIFT City to 2.45 million square feet. We have already planned three projects in GIFT City, including a residential project of 710,000 square feet in the SEZ area, currently under construction. Additionally, a commercial project of 710,000 square feet is awaiting permissions. We have also acquired 500,000 square feet of development rights for another project in the SEZ area, and this latest acquisition will mark our second commercial project in the SEZ.

Equipment

09 Mar 2026

Company showcases North America-certified machinery and secures new deals

Zoomlion Heavy Industry Science & Technology Co., recently showcased a wide portfolio of North America-certified and customised construction equipment at CONEXPO-CON/AGG 2026 in Las Vegas. The display included engineering hoisting machinery, concrete equipment, earthmoving machinery, mining equipment and construction hoisting solutions tailored to regional operational requirements.All equipment presented at the exhibition complies with North American certification standards, with several models specifically developed to meet local regulatory requirements and site conditions. One of the hig..

Technology

09 Mar 2026

Sinoboom Launches Dual-ETM Smart Technology

Sinoboom recently introduced its Dual-ETM Smart Technology at CONEXPO-CON/AGG 2026, designed to enhance battery endurance and operational efficiency in electric boom lifts.The new technology integrates advanced components that enable real-time optimisation of power usage during equipment operation. By calculating the precise power requirement instantly, the system delivers only the energy needed for each movement, reducing the inefficiencies associated with conventional maximum-demand power systems.The solution incorporates multiple sensors—including pressure, weight, length and level sensor..

Infrastructure Transport

09 Mar 2026

Ramky Infra Wins Rs 14.01 Bn DMIC Project

Ramky Infrastructure has secured an engineering, procurement and construction (EPC) contract worth Rs 14.01 billion from Maharashtra Industrial Township Limited (MITL) for infrastructure development in Phase 1 of the Dighi Port Industrial Area (DPIA) under the Delhi–Mumbai Industrial Corridor (DMIC).The project, located in Raigad district of Maharashtra, involves comprehensive infrastructure works including design, engineering, construction, testing and commissioning, along with operations and maintenance. The contract includes a four-year operations and maintenance period after commissionin..