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Gujarat International Finance Tec-City Company Ltd (GIFTCL) has unveiled ambitious plans for the development of a vibrant social infrastructure zone spanning approximately 20.5 acres within the confines of GIFT City. This exciting endeavour is set to include a captivating entertainment, recreational, and retail precinct, in addition to a colossal Ferris wheel aptly named the "GIFT Eye."
The proposed development is slated to encompass a sprawling minimum of 1.5 million square feet, strategically positioned along the picturesque riverfront. GIFTCL's bidding document offers a tantalizing glimpse into their vision, igniting curiosity and anticipation among potential stakeholders.
At the heart of this visionary project is the GIFT Eye, a colossal Ferris wheel that promises to redefine the skyline. Per the current no-objection certificate issued by the Airports Authority of India, the tentative highest point of this architectural marvel is projected to reach an impressive height of 158 meters. To put this into perspective, the iconic London Eye stands at a towering 135 meters. However, it is essential to note that securing the requisite regulatory permissions for such an ambitious undertaking is a paramount task that the selected party will need to navigate.
Real estate developers, ever astute to the dynamics of urban development, have hailed this strategic move by GIFTCL to nurture social infrastructure. They see it as the missing piece of the puzzle, one that will infuse vitality into the fabric of the international fintech hub that is GIFT City.
Jaxay Shah, the esteemed founder and chairman of Savvy Group, a key investor in several commercial and residential projects within GIFT City, expressed his enthusiastic endorsement. He affirmed that the development of social infrastructure is the catalyst that will breathe life and vitality into the city, elevating its lifestyle quotient and ensuring that it becomes a magnet for top-tier talent.
In a bid to bring this grand vision to fruition, GIFTCL has invited bids for the development of the social infrastructure zone. The scope of potential bidders is broad, encompassing consortiums and special purpose vehicles. However, there is a stringent financial threshold in place. Interested parties are expected to have a minimum net worth of Rs 10,000 crore or $1.2 billion, as of the last financial year.
Furthermore, GIFTCL has set forth a set of criteria to ensure that only experienced and reputable entities participate in this transformative project. Prospective bidders must demonstrate a track record of success by having delivered at least three real estate projects designed by international or renowned architects. Each of these projects should have a minimum built-up area of 1.5 million sq ft, completed over the last six years. Additionally, bidders are required to have successfully developed at least one project spanning a minimum land area of 21 acres. Furthermore, they should have designed and completed at least one shopping mall covering an expansive 0.5 million sq ft within the past six years.
In terms of location, GIFTCL has already identified a prime piece of land within the special economic zone's non-processing area, earmarked for the comprehensive development of commercial and entertainment infrastructure. This strategic positioning ensures that the social infrastructure project will seamlessly integrate with the existing landscape of GIFT City, complementing its status as a burgeoning fintech and business hub.
In summary, GIFTCL's ambitious plan to usher in a vibrant social infrastructure zone within GIFT City, complete with the spectacular GIFT Eye, has garnered significant attention. This visionary project promises to redefine the city's skyline, boost its ecosystem, and attract top talent, further solidifying GIFT City's position as a global player in the world of finance and technology. As the bidding process unfolds and potential partners step forward, the world watches with anticipation to see this grand vision come to life, shaping the future of GIFT City in the process.
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