Brigade Group to develop 1.1 mn sq ft of Commercial, Residential, Retail and Hotel projects in GIFT City and assessing to expand presence upto 4 mn sft
Bangalore, October 17, 2014: Brigade Group will invest Rs. 500 crores in Gujarat International Finance Tec-City (GIFT City), India’s first globally benchmarked International Financial Services Centre (IFSC) over next few years. Allotment of Development Rights for 1.1 mn. sq. ft. of Built Up Area (BUA) has been made to the Group for development of Commercial, Residential, Retail Mall and Hotel projects in SEZ & Non-SEZ Area in GIFT City. The Group has also submitted its interest for taking additional BUA aggregating to 2.8
Brigade Group has significant presence in southern India, including cities like Bangalore, Chennai, Hyderabad, Kochi etc. and is known for their high standards and quality of development across various facilities.
Shri Saurabhbhai Patel, Hon’ble Minister (Finance & EPD), GoG during the road show of Vibrant Gujarat in Bangalore said, “We are happy that Brigade Enterprises Ltd., Bangalore for the first time participated in Gujarat, and has taken up large development in GIFT City, Gujarat to provide facilities like offices for Financial Services & IT, Residential, Retail Mall & Hotels with an estimated investment of around Rs.
Mr. Ramakant Jha, MD & Group CEO, GIFT Company Ltd said, “The investment on such a large scale by south-India based group is a testimony of the opportunities that this project offers. Real estate firms would benefit in terms of return on investment and growth that would make them part of development of country’s first IFSC. Brigade Group’s reputation of developing Grade ‘A’ properties and experience across all real estate domains is in concord with world-class services and infrastructure that GIFT City would offer.â€
Speaking on the development, Mr. M.R. Jaishankar, CMD, Brigade Group said, “We are pleased to be Co Developers in GIFT City which we consider as a real SMART City in the country. The development covering more than 800 acres is beautifully planned with world class infrastructure which we believe will set a benchmark in real estate development in the country. GIFT City provides an excellent platform to present India’s position to international companies as investors as well as for establishing an operating presence in the development. We are pleased to be part of our Hon’ble Prime Minister Shri Narendra Modi’s vision of creating 100 SMART Cities in our country and look forward to making it a successâ€
Gujarat International Finance Tec-City (GIFT) a Government of Gujarat Project in partnership with IL&FS is developing India’s First Global Financial Hub. GIFT is India’s first multi-service SEZ with International Financial Service Centre (IFSC) status which will cater to India’s large financial services potential by offering global firms, world-class infrastructure and facilities. It aims to attract the top talent in the country by providing the finest quality of life. It is estimated that GIFT would provide 5,00,000 direct and an equal number of indirect jobs which would require 62 million square feet of real estate office and residential space.
