Brigade to invest Rs 500 crore to co-develop GIFT city in Gujarat

NEW DELHI: Realty firm Brigade group today said it will invest Rs 500 crore over the next few years to develop housing, commercial and hotel projects in the Gujarat International Finance Tec-City ( GIFT City).

The allotment of 1.1 million sq ft of built-up area has been made to Brigade Group for development of commercial, residential, retail mall and hotel projects in SEZ & Non-SEZ area in GIFT City, Bangalore-based firm said in a statement.

"Brigade Group will invest Rs 500 crore in GIFT City, India's first globally benchmarked International Financial Services Centre (IFSC) over next few years," it said.

The group has also submitted its interest for taking additional 1.7 million sq ft of built-up area to be developed at an estimated investment of Rs 600 crore.

Gujarat International Finance Tec-City Company Ltd (GIFT) has been set up as joint venture company between the Gujarat Urban Development Company Ltd and Infrastructure Leasing & Financial Services Ltd (IL&FS).

The company aspires to cater to India's large financial services potential by offering global firms a world-class infrastructure and facilities. It aims to attract the top talent in the country by providing the finest quality of life.

"We are happy that Brigade Enterprises for the first time participated in Gujarat, and has taken up large development in GIFT City, Gujarat to provide facilities like offices, residential, retail mall & hotels with an estimated investment of around Rs 500 crore," said Saurabhbhai Patel, Minister (Finance & EPD), Gujarat government.

Brigade Group CMD M R Jaishankar CMD said: "We are pleased to be co-developers in GIFT City which we consider as a real SMART City in the country."

The company has significant presence in southern India, including cities like Bangalore, Chennai, Hyderabad and Kochi.