GIFT (Gujarat International Finance Tec-City) is positioned as an International Finance Center with a strategic location (Gujarat accounts for 30% of India’s market cap) and world class infrastructure. The Master Plan for the 62msf project is complete. The initial phase of 4msf is targeted to be completed in 2012. The target segment is core financial services, IT/ITES for financial services and also capital market and trading. IL&FS has signed up as the anchor tenant. Initial rentals are at Rs50-55/sf per month.
Gujarat Chief Minister Narendra Modi’s objective behind GIFT is to create a finance center that is globally best in class like La Defense in Paris, Shinjuku in Tokyo, Dockyard in London and Lujiazui in Pudong, China.
The strategy behind Gujarat International Finance Tec-City is the state has the highest number of chartered accountants in India. Gujarat contributes 30% to Indian Market Capitalization. India’s financial services sector employs 3m people, constitutes about 5% of the GDP and has an estimated market capitalization of over US$200b. The financial sector could generate about 10m jobs and make a GDP contribution of US$350b-400b by 2020.
A globally benchmarked financial centre, strategically located (locally it is near Mumbai, and internationally it is a mid-point between the East and the West), world class infrastructure and scale. To facilitate developers, GUDC has been designated as a single-window area development authority. A separate building code is being written for GIFT.
In the next post we will see about Location, Infrastructure and towers that will come up in GIFT. What say ?
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