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GIFT City, an emerging global financial hub, has captivated the attention of prominent developers, and the Shilp Group, based in Ahmedabad, has made waves by acquiring the most valuable development rights through a fiercely competitive auction. Insider sources disclose that Shilp Group, already engaged in three projects at GIFT City, clinched an impressive 500,000 square feet of development rights on a new land parcel in the SEZ area, shattering previous records with an astonishing rate of Rs 1,821 per square foot.
In the past, Venus Group had established the highest acquisition price at approximately Rs. 1,800 per square foot. However, a notable shift has occurred in GIFT City's landscape. Traditionally, GIFT City had conservatively assigned development rights for residential projects at Rs 1,000 per square foot and for commercial projects at Rs 1,350 per square foot. However, over the past year, the base price for both residential and commercial developments escalated to Rs 1,600 per square foot, igniting fierce competition among developers during the bidding process. Remarkably, despite the challenges posed by the pandemic, GIFT City successfully allocated over 10 million square feet of development rights.
Spanning an expansive area of 886 acres with a remarkable built-up space of 62 million square feet, GIFT City encompasses a comprehensive array of amenities, encompassing office spaces, residential apartments, schools, hospitals, hotels, clubs, and diverse retail and recreational facilities. It positions itself as a formidable contender among global financial hubs, akin to Dubai, Hong Kong, and Singapore, with numerous foreign banks and financial institutions having already established their presence within its bounds.
Yash Brahmbhatt, the visionary founder of the Shilp Group, has affirmed the significance of this momentous deal, stating that, recognizing the emergence of GIFT City as a global financial hub, we have made the momentous decision to embark on another project within the GIFT SEZ. Our upcoming venture will span 500,000 square feet, entailing an investment of Rs 400 crore, thus augmenting our total development rights in GIFT City to an impressive 2.45 million square feet. We have already strategized three projects in GIFT City, including a residential undertaking spanning 710,000 square feet within the SEZ area, which is presently under construction. Additionally, a commercial project of 710,000 square feet awaits the necessary regulatory approvals. With this latest acquisition of 500,000 square feet of development rights, we eagerly anticipate commencing our second commercial endeavour in the SEZ.
The dynamic expansion and soaring development rights within GIFT City exemplify its rapid metamorphosis into a prominent international financial centre, captivating substantial investments and showcasing its prowess as a thriving hub for business and commerce.
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