Gujarat International Finance Tec-City

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Gujarat International Finance Tec-City
ગુજરાત ઇન્ટરનેશનલ ફાઇનાન્સ ટેક-સિટિ
GIFT city
Nickname(s): GIFT
Gujarat International Finance Tec-City is located in Gujarat
Gujarat International Finance Tec-City
Gujarat International Finance Tec-City
Location in Gujarat, India
Coordinates: 23°09′35″N 72°41′04″E / 23.159626°N 72.684512°E / 23.159626; 72.684512Coordinates: 23°09′35″N 72°41′04″E / 23.159626°N 72.684512°E / 23.159626; 72.684512
Country  India
State Gujarat
District Gandhinagar
Government
 • Body Gujarat International Finance Tec-City Company Limited
Area
 • Total 3.99 km2 (1.54 sq mi)
Area rank 3.58[1]
Languages
 • Official Gujarati, Hindi
Time zone IST (UTC+5:30)
Telephone code +91
Website giftgujarat.in

Gujarat International Finance Tec-City or GIFT is an under-construction[2][3] central business district in the Indian state of Gujarat. It will be built on 886 acres (3.59 km2) of land. Its main purpose is to provide high quality physical infrastructure (electricity, water, gas, district cooling, roads, telecoms and broadband), so that finance and tech firms can relocate their operations there from Mumbai, Bangalore, Gurgaon etc. where infrastructure is either inadequate or very expensive.[4] It will have a special economic zone (SEZ), international education zone, integrated townships, an entertainment zone, hotels, a convention center, an international techno park, Software Technology Parks of India (STPI) units, shopping malls, stock exchanges and service units.

To develop and implement the Project, Government of Gujarat (GOG) through its undertaking Gujarat Urban Development Company Limited (GUDCOL) and Infrastructure Leasing & Financial Services (IL&FS) have established a Joint Venture Company, "Gujarat International Finance Tec-City Company Limited" (GIFTCL). The estimated cost of the entire project is Rs. 70000 crores (USD 11 Billion).[5]

GIFTCL proposes to implement GIFT as a globally benchmarked International Finance City with an eventual built on area of 85,000,000 sq ft (7,900,000 m2). The company plans to develop, finance, implement all infrastructure in and around GIFT on a turnkey basis to ensure that all conceivable services in relation to connectivity, communication, technology, security, services for quality of life etc. are established and sustained.

Currently, two 29-floor commercial towers have been completed.

Location[edit]

Centrally located in the state of Gujarat, between Ahmedabad and Gandhinagar, on the bank of river Sabarmati, having geographical coordinates 23°9’26’’N 72°41’12’’E. [1]

The site is 18 km from the Ahmedabad International Airport and 8 km from Gandhinagar and is located close to the prestigious Gujarat National Law University. The site abuts a four lane National Highway (NH8) which connects Ahmedabad and Gandhinagar on its eastern side. The Sabarmati river demarcates the western boundary of the Project site.

Concept[edit]

Modi delivering a talk on the planned financial services industry in GIFT.

"To design a CBD that will serve as a paradigm for Next Class city in terms of quality of life, infrastructure and ambience aiming to be high-density and high-rise, treating land as a precious resource."

The GIFT city has been conceptualized as a global financial and Information Technology services hub, the first of its kind in India, aimed to be at or above par with globally benchmarked financial centers such as Shinjuku, Tokyo, Lujiazui, Shanghai, La Defense, Paris, London Docklands etc.

Paris (La Defense) Tokyo (Shinjuku) London (Dockyards) Pudong (Lujiazui)          GIFT          
Land Area (km2) 1.6 1.6 1.05 1.7 3.58
Construction Scale (in mn sq m) 2.5 1.6 1.1 4.5 8.5
Greenbelt (in thousand sq m) 40 120 50 363 1183
Height (m) 200 250 250 490 410

[6] GIFT is planned as a financial Central Business District (CBD) between Ahmedabad and Gandhinagar as a greenfield development. GIFT is intended to form part of the future urban complex of Ahmedabad & Gandhinagar.
The GIFT development is expected to become a contemporary model development in India, advancing the ideas of sustainability and ecology. The project regenerates the area as high-quality, mixed use district of residential, commercial and open space facilities that optimize land and real estate values.
The vision for GIFT is achieved through the objectives which are enumerated as follows:

  • To develop a new format for globally benchmarked Integrated City
  • To propose a road map for fast track development and implementation
  • To make the city scalable in each & every aspect for a distant future
  • To derive the city format from fast changing lifestyles & new technologies
  • To achieve an image of Global city, that keeps pace with modern technologies

Fulfillment of Human Needs for

  • Safe and clean environment,
  • Food & Shelter,
  • Education,
  • Arts,
  • Culture and
  • Useful and satisfying employment

Maintenance of Ecological Integrity Through

  • Low energy consumption
  • Careful stewardship,
  • Reduction in wastes and
  • Protection of diverse and important natural species and systems

[7]

Salient Features[edit]

Idea[edit]

The idea of GIFT was developed during the Vibrant Gujarat Global Investor Summit 2007 and is being planned by East China Architectural Design & Research Institute (ECADI), which is responsible for planning much of modern day Shanghai, and Fairwood Consultants India .

Electricity[edit]

  • The 1000MW electricity supply is planned to be 99.999% reliable (about 5.3 minutes of outage per year). GIFT's power grid will be designed by ABB Group of Switzerland. All the electricity cables will be underground. Hong Kong Electric Company is 99.998% reliable since 1998.[8]

Piped Gas[edit]

  • Natural Gas will be distributed to every house and building via pipes, which is cheaper and safer than cylinders.

Gas supply to the city will be made from the existing gas network of GSPL, the state own company for gas transmission pipelines. Piped natural gas is already in distribution in the nearby cities of Ahmedabad and Gandhinagar.

Communications and Telecoms[edit]

Air Conditioning[edit]

  • GIFT will have a centralized AC system, called District cooling which is cheaper to run and uses less electricity.

Solid Waste Management

  • All waste will be automatically sucked through underground pipes at high speed of 90 km/hr, and the same will be treated through Plasma technology.

Concept

GIFT is being designed as a hub for the global finance services industry. The Project design has benefited greatly from the inputs of a large number of domestic and international experts who have had an opportunity to determine the key needs of Companies in the financial services space. More particularly, connectivity, infrastructure and transportation access have been integrated into the design of the city. An attractive pricing strategy is also being developed to ensure that it is a fraction of the cost that is ordinarily incurred in other Indian and global finance cities.

Its Target Business Segments are:

  • Financial Services Operations (Back-office of banking, Insurance and Asset Management Companies)
  • IT services (Software Application development and maintenance)
  • Capital Markets & Trading
  • ITeS
  • BPO Services
  • KPO Services

Transportation[edit]

GIFT aims at providing transportation network which ensures accessibility, easy & fast mobility and zero road accidental deaths. This would be achieved by:

1. Using a multimodal mix of Transport systems (MRTS/LRTS/BRTS, etc.) for both inter region (Ahmedabad, Airport, Gandhinagar and the City) and intra-city.

2. Using walk-to-work concept as part of urban planning with a nodal split of 10:90 between private and public transport.

3. Use of electric personal rapid transit systems within the City.

GIFT City will also have its own metro stations.[9]
In future, City will be linked with Ahmedabad BRTS, operated by Ahmedabad JanMarg Ltd.

Indian Railways railway lines pass the city on the east and west sides; the closest stations are in Dabhoda and Naroda.

Landmarks[edit]

  • GIFT Gateway Towers - will be located in the main avenue of the city. It would have elaborated terrace gardens and rooftop restaurant. The towers draw inspiration from Buland Darwaza. It will have a total 7,300,000 square feet (680,000 m2) built up space.
  • GIFT Convention Centre - Inspired by the structure of Salt crystals and Mahatma Gandhi's Dandi March, the convention centre would have an opera and have a seating capacity of 10,000. The centre would have total built up area of 6,500,000 square feet (600,000 m2).

Current Status[edit]

- Term sheet has been executed with anchor investor for development of two building packages; - Formal approval for multi service Special Economic Zone received from Ministry of Commerce, Government of India; - Master Planning and Concept design has been undertaken; - Detailed proposal for external connectivity (by road) has been completed in consultation with Roads & Building Department. For other external connectivity viz Bus Rapid Transit System (BRTS) and Metro Rapid Transit System (MRTS), detailed discussions are in progress with Ahmedabad Municipal Corporation (AMC) and Gujarat Infrastructure Development Board (GIDB) respectively. - Other important studies viz. Market Assessment study, Talent Assessment and Skill Set Analysis study have been completed; - GUDC is designated as Area Development Authority for the GIFT Project; - In principle approval received from SSNNL for allotment of domestic water; - Partnership MoU has been signed with CISCO for Operationalizing GIFT ICT; - Fencing of the project site and access to the site has been provided by construction of peripheral earthen roads; - Major approvals viz. Environmental Clearance for the Project and height clearance for part of Phase-1 has been received; - Construction activities at site viz leveling and dressing have been initiated; Phase-1 is expected to commence in the later part of this year and would be completed in 3–5 years. Subsequent phases would be implemented thereafter.

Government has completed land acquisition of 673 acres of land for this project. Presently land leveling activities are going on just next to the Sabarmati river. Works like four lane road, gutter line, water, I.T. broadband cables and power installations will follow this.

The permissions that are obtained so far include GUDA master plan, central Civil Aviation department’s clearance, environmental clearance, and micro-zoning. The government has taken a decision to allow highest 3.65 FSI in GIFT city. The central government has granted SEZ permission to GIFT city. Ahmedabad Municipal Corporation has granted permission for phase-3 of BRTS as part of transportation facility in BRTS. Gujarat Infrastructure Development Board has granted permission for MRTS.

According to officials close to the development, the process of issuing Rs. 200 crore worth of tenders is in advance stage. While Rs. 7,000 crore budget is needed to create all facilities, the government is likely to pump in Rs. 1,000 crore in next three years.

GUDA has been handed over about 673 acre land for land development. Government has prepared 11 types of study reports including a report on earth quake proof construction. 1 km long and 7 meter deep Sant Sarovar is being developed to provide water to proposed GIFT city and its construction.

Construction[edit]

First Phase[edit]

Two commercial towers, each of 29 floors called the GIFT ONE and GIFT TWO have been finished. Tendering for the next bunch of towers is going on.[10]

Second Phase[edit]

The second phase includes construction of roads and bases of buildings......

Third Phase[edit]

The third phase's planned period for construction and commencement - 2013-2017.

Fourth Phase[edit]

The fourth phase, termed "The Enpeoplement", fills the planned city with humans to experience commerce and labor.

Consultants[edit]

Recent news[edit]

On Dec 15 2011, Economic Times reported that city officials in GIFT are inviting companies from Singapore who wish to expand but cannot do so due to a lack of land in Singapore to open their businesses in GIFT. Among the investments being encouraged include investments from banks, private equity companies, insurance companies and asset management companies.[13]

On Dec 26 2011, the Times of India reported that China's technology giant Huawei is likely to provide technology to GIFT. According to Eric Yu, president, enterprise business, Huawei India, this technology includes networking solutions and setting up of data centres and surveillance as well as other opportunities.[14]

References[edit]

  1. ^ http://giftgujarat.in/masterplan/vision.aspx
  2. ^ GIFT Genesis page
  3. ^ GIFT Video
  4. ^ GIFT Gujarat official website
  5. ^ http://giftgujarat.in/documents/sep_A.pdf
  6. ^ http://giftgujarat.in/masterplan/vision.aspx
  7. ^ http://giftgujarat.in/masterplan/vision.aspx
  8. ^ ABB Group article on GIFT's electricity supply
  9. ^ http://articles.timesofindia.indiatimes.com/2013-01-10/ahmedabad/36257250_1_gift-city-gujarat-international-finance-tec-city-ramakant-jha
  10. ^ India’s tallest proposed building Diamond Tower showcased(Video)
  11. ^ http://newsroom.cisco.com/dlls/2009/prod_060409c.html
  12. ^ http://www.abb.com/cawp/seitp202/e564972c0a2c6cfec125749c002d678d.aspx?leftdb=abbzh250&v=553E&e=us
  13. ^ http://articles.economictimes.indiatimes.com/2011-12-15/news/30520461_1_singapore-firms-singapore-government-financial-sector
  14. ^ http://articles.timesofindia.indiatimes.com/2011-12-16/ahmedabad/30524622_1_huawei-india-international-finance-tec-city-sis

External links[edit]