Gujarat International Finance Tec-City

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Gujarat International Finance Tec-City

Down town Ahmedabad
GIFT City
GIFT City Progress (As of early 2018)
GIFT City Progress (As of early 2018)
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
Gujarat International Finance Tec-City is located in India
Gujarat International Finance Tec-City
Gujarat International Finance Tec-City
Gujarat International Finance Tec-City (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
StateGujarat
DistrictGandhinagar
Government
 • BodyGujarat International Finance Tec-City Company Limited
Area
 • Total3.99 km2 (1.54 sq mi)
Area rank3.58[1]
Languages
 • OfficialGujarati, Hindi, English
Time zoneUTC+5:30 (IST)
Telephone code+91
Vehicle registrationGJ1, GJ27
Websitegiftgujarat.in

Gujarat International Finance Tec-City (GIFT City) is a business district promoted by the Government of Gujarat[2] through a joint venture company. GIFT City is India's first operational smart city in the Gandhinagar.[3] and international financial services centre.[4]

GIFT is an operational smart city developed in the Gandhinagar[5] metropolitan region as a greenfield development. The project includes features like a district cooling system, underground utility tunnel, and automated vacuum waste collection. The city is designed for walkability and includes commercial and residential complexes.

The project is located on the bank of the Sabarmati River and is around 12 km (7.5 mi) from Gandhinagar international airport. GIFT is easily accessible from all directions through 4-6 lane State and National Highways. A double corridor metro system is planned to connect GIFT City to the Airport and various parts of Ahmedabad and Gandhinagar.

The idea for 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. GIFT City’s Master Plan is for the 359 hectares (886 acres) of land area to have approximately ~110 buildings with ~5,800,000 m2 (62,000,000 sq ft) of built-up area, of which around 67% is commercial, 22% is for residential and 11% is social facilities. Currently ~190,000 m2 (2,000,000 sq ft) of commercial space is operational, and another 280,000 m2 (3,000,000 sq ft) is under development. As of now an investment of Rs 10,500 crore has already been committed for GIFT City.[6] The city has an integrated development model which has been spread out in three phases. Each phase is designed as integrated sustainable development, for example the first phase itself includes development of office space, residential, school, hotel, club etc.

Currently approximately 200 units/companies are operational with more than 7500 employed in the GIFT City.[7]

Utilities[edit]

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.

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-owned company for gas transmission pipelines. Piped natural gas is already in distribution in the nearby cities of Ahmedabad and Gandhinagar.

Air conditioning[edit]

India's first city-level district cooling system is operational at GIFT City. It reduces the operational cost by 30-40% and avoids the capital cost of implementing coolers in each building.

Solid waste management[edit]

All waste will be automatically sucked through underground pipes at a high speed of 90 km/h (56 mph), and will be treated through plasma gasification.

Transportation[edit]

GIFT aims at providing a transportation network that ensures accessibility, easy and fast mobility and few accidental road deaths. This would be achieved by:

1. Using a multimodal mix of transport systems (MRTS/LRTS/BRTS, etc.) for both intercity transport (to Ahmedabad, Airport, and Gandhinagar) and intra-city transport.

2. Using a 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.[8]

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

Landmarks[edit]

  • GIFT Diamond Tower
  • GIFT Gateway Towers - will be located in the main avenue of the city. It would have elaborate terrace gardens and a rooftop restaurant. The towers draw inspiration from Buland Darwaza. It will have a total 680,000 square metres (7,300,000 sq ft) built up space.
  • GIFT Crystal Towers - With a total 790,000 square metres (8,500,000 sq ft) built up area, four Crystal Towers will overlook the Sabarmati River.
  • 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 600,000 square metres (6,500,000 sq ft).
  • World Trade Centre, GIFT City.

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 272 hectares (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 272 hectares (673 acres) of 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.

As part of Phase-I development, around 780,000 square metres (8.4×10^6 sq ft) of BUA has already been allotted from the 1,200,000 square metres (13×10^6 sq ft) of BUA (built-up area) available for commercial, residential and social uses.[9]

In the recent allotment in February 2014, chief executive officer of New York-based World Trade Centers Association (WTCA), Eric Dahl received an "allotment letter"[10] to build one at the GIFT City project at Gandhinagar, where the association will invest over Rs 600 crore along with an Indian partner VIRIDIAN GROUP.

The World Trade Centre, GIFT City, is under construction for financial and allied services. The centre will connect businesses around 343 locations worldwide. The cities of Pune, Kolkata, Bangalore, Chennai, Kochi, and Mumbai all have their own WTCs. Construction work is under progress.

On 28 March, 2018, the city's CEO Ajay Pandey told CNN Business that "Except for the fact that we are not sitting in Singapore and GIFT City is not Singapore, I think from a business perspective we have everything that is required" to become a world financial centre[11]

Construction Timeline[edit]

First phase[edit]

Two commercial towers, each of 28 floors called the GIFT ONE and GIFT TWO have been finished. Tendering for the next bunch of towers is going on.[12] This phase will also include building up of basic infrastructure.

Second phase[edit]

The second phase construction has already begun and the Hiranandani Signature building has been built which hosts India International exchange.The WTC is under construction apart from a couple of buildings as part of the SEZ.The road connectivity to and in GIFT City has increased with the construction of new roads.

Third phase[edit]

The third phase's planned period for construction and commencement of the fully built city is 2020-2023.

Fourth phase[edit]

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

Consultants[edit]

  • Design and Architecture - East China Architectural Design & Research Institute (ECADI) and Fairwood Consultants India
  • ICT Advisory Services - British Telecom
  • Market Demand Assessment - McKinsey & Company
  • Talent Demand Assessment - Hewitt Associates
  • Environmental Assessment - IL&FS Ecosmart Ltd
  • Process Management - IL&FS Infrastructure Development Corporation Ltd
  • Power Management - ABB Group[13]

Project milestones[edit]

  • GoG has earmarked 886 acres of land for GIFT Project, out of 886 Acre; 673 Acre of land is in possession of GIFT.
  • IL&FS Township & Urban Asset Limited (ITUAL) has taken 7.77 mn sq ft of Built Up Area (BUA) in Phase I of GIFT Project.
  • Inauguration of "GIFT ONE" Gujarat's tallest tower in GIFT City by Hon'ble Chief Minister Narendra Modi, on 10 January 2013.
  • Foundation stone Laying by Narsee Monjee Education Trust for Development of School at GIFT, on 15 August 2013.
  • Foundation stone Laying by Smart ICT Pvt Ltd. (consortium led by TATA Communication) for Development of Tier IV Data Centre at GIFT, on 15 December 2013.
  • Allotment of total 1.5mn Sq. ft of BUA made to WTC Noida Development Company Ltd. for development of Gujarat's first World Trade Centre (WTC) at GIFT City, on 15 February 2014 for development of commercial offices and residential service apartments.
  • Allotment of 0.2mn Sq. ft of BUA made to State Bank of India (SBI), India's largest public sector bank for development of their Commercial Tower at GIFT City, on 15 February 2014.
  • Allotment of 0.25mn Sq. ft of BUA made to Sterling Addlife India Pvt. Ltd. for development of 200 beds multispecialty Hospital at GIFT City, on 15 February 2014.
  • Allotment of 0.2mn Sq. ft of BUA made to Global Insurance Services (India) Ltd. for development of Skill Development & Training Centre at GIFT City, on 15 February 2014.
  • Allotment of aggregate 0.55mn Sq. ft of BUA made to two developers: Sangath Infrastructure Pvt. Ltd. & B. U Bhandari Projects for development of Residential Towers in GIFT City on 10 April 2014 and 14 April 2014 respectively.
  • Foundation Stone Laying by West India Hospitality Limited for Development of GIFT International Centre (Business Club) at GIFT City, on 3 October 2014.
  • Allotment of 1.1 mn Sq. ft of BUA made to developer Brigade Enterprises Ltd. for development of Commercial, Residential, Hotel & Retail Mall in GIFT SEZ & Non SEZ Area on 9 October 2014.
  • Allotment of 0.25mn Sq. ft of BUA made to developer Hiranandani Group for development of Commercial Tower in GIFT SEZ Area on 9 October 2014.
  • Allotment made of around 0.5 mn Sq. ft of BUA issued to BSE Brokers' Forum for development of Commercial Building for members of BSE Brokers' Forum at GIFT City, on 28 November 2014.

News[edit]

On 15 December 2011, The 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 are investments from banks, private equity companies, insurance companies and asset management companies.[14]

On 26 December 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.[15]

On 2 October 2014, NetIndian reported that a new World Trade Center would be set up in GIFT City as per an agreement between World Trade Center India Services Council (WTCS) and Gujarat International Finance Tec-City Company Ltd (GIFT City). It would be completed within 4 years.[16]

According to the news report from The Times of India on 18 October 2014. The Bangalore-based Brigade Group will invest Rs.500 crore over the next few years to develop 100,000 square metres (1.1×10^6 sq ft) of built up area with future option of investing another Rs. 600 crore to develop 160,000 square metres (1.7×10^6 sq ft).[17]

BSE Broker's Forum would invest 120 crore to build a commercial tower to set up back office operations to lower their costs and enjoy modern facilities. They have been allocated 28,000 square metres (300,000 sq ft) to develop the commercial tower. With the likelihood of setting up an exchange office.[18]

As per story by The Wire (Gujarat Will Buy Crisis-Hit IL&FS Stake in 'Gift City', Says CM Vijay Rupani) Gujarat will buy out the 50% stake of beleaguered Infrastructure Leasing & Financial Services (IL&FS) in Gujarat International Finance Tec-City, or GIFT City, to ensure there are no delays to the project, said chief minister Vijay Rupani. The value of the IL&FS stake is being currently determined.[19]

According to Business Standard (Boost for AIF biz at Gift city as top fund administrator gets license) OPS Fund Services, a subsidiary of OPS Global, Singapore, which is a strategic partner of Basiz Fund Services, received the license to set up shop in International Financial Service Centre at Gujarat International Fin-Tec City (GIFT). [20]

References[edit]

  1. ^ "Gujarat International Finance Tec-City - Global Financial Hub | GIFT Gujarat". Giftgujarat.in. Retrieved 2017-01-03.
  2. ^ "THE GUJARAT INTERNATIONAL FINANCE TEC-CITY (GIFT)". www.gudcltd.com. Retrieved 2018-02-02.
  3. ^ "GIFT makes steady progress; witnesses a 'hockey stick growth curve'". www.businesstoday.in. Retrieved 1 November 2018.
  4. ^ Subramanian, N. Sundaresha (2018-02-01). "More gifts for GIFT City may stop flight of capital to Singapore". The Economic Times. Retrieved 2018-02-02.
  5. ^ "Developments of Ahmedabad".
  6. ^ "Rs 10,500 crore investment committed for GIFT City: CEO". 1 November 2018. Retrieved 1 November 2018 – via The Economic Times.
  7. ^ "Gift city may see 3-4 foreign banks set up shop soon - Times of India". Retrieved 1 November 2018.
  8. ^ "India News, Latest Sports, Bollywood, World, Business & Politics News - Times of India". Articles.timesofindia.indiatimes.com. Retrieved 2017-01-03.
  9. ^ "News Update 2015 | VG 2015 | Vibrant Gujarat Global Summit 2017". Vibrantgujarat.com. Retrieved 2017-01-03.
  10. ^ "GIFT City Report by CNBC". YouTube. 2014-02-19. Retrieved 2017-01-03.
  11. ^ https://www.cnn.com/2018/09/30/investing/india-gujarat-gift-city-foreign-investment/index.html
  12. ^ "India's tallest proposed building Diamond Tower showcased(Video) | DeshGujarat News from Gujarat". Deshgujarat.com. 2009-01-22. Retrieved 2017-01-03.
  13. ^ "ABB will power up the world's biggest financial district". Abb.com. 2008-08-13. Retrieved 2017-01-03.
  14. ^ "Singapore firms get Gujarat International Finance Tec City (GIFT) invite - The Economic Times". Articles.economictimes.indiatimes.com. 2011-12-15. Retrieved 2017-01-03.
  15. ^ "India News, Latest Sports, Bollywood, World, Business & Politics News - Times of India". Articles.timesofindia.indiatimes.com. Retrieved 2017-01-03.
  16. ^ "GIFT City, GCCI and World Trade Centre in pact for trade development | NetIndian". Netindian.in. 2014-10-02. Retrieved 2017-01-03.
  17. ^ "Brigade Group to invest Rs 500 crore in GIFT City as co-developer - Times of India". Timesofindia.indiatimes.com. 2014-10-18. Retrieved 2017-01-03.
  18. ^ "BSE to set up commercial tower at GIFT city in Gujarat | Latest News & Updates at Daily News & Analysis". Dnaindia.com. 2014-10-15. Retrieved 2017-01-03.
  19. ^ https://thewire.in/political-economy/gujarat-buying-crisis-hit-ilfs-stake-gift-city-vijay-rupani
  20. ^ https://www.business-standard.com/article/economy-policy/boost-for-aif-biz-at-gift-city-as-top-fund-administrator-gets-license-119011400379_1.html

External links[edit]