Gujarat International Finance Tec-City

Gujarat International Finance Tec-City
ગુજરાત ઇન્ટરનેશનલ ફાઇનાન્સ ટેક-સિટિ
GIFT city
Nickname(s): GIFT
Gujarat International Finance Tec-City

Location in Gujarat, India

Coordinates: 23°09′35″N 72°41′04″E / 23.159626°N 72.684512°E / 23.159626; 72.684512Coordinates: 23°09′35″N 72°41′04″E / 23.159626°N 72.684512°E / 23.159626; 72.684512
Country  India
State Gujarat
District Gandhinagar
Founded by Narendra Modi
Government
 • Body Gujarat International Finance Tec-City Company Limited
Area
 • Total 3.99 km2 (1.54 sq mi)
Area rank 3.58[1]
Languages
 • Official Gujarati, Hindi
Time zone IST (UTC+5:30)
Telephone code +91
Website giftgujarat.in

Gujarat International Finance Tec-City or GIFT is an under-construction[2][3] central business district between Ahmedabad and Gandhinagar in the Indian state of Gujarat. It is a dream project of current Prime Minister of India Narendra Modi. Since assuming office, the Modi Government has fast-tracked the setting up of the city. It will be built on 359 hectares (886 acres) of land. Its main purpose is to provide high quality physical infrastructure (electricity, water, gas, district cooling, roads, telecoms and broadband), so that finance and tech firms can relocate their operations there from Mumbai, Bangalore, Gurgaon etc. where infrastructure is either inadequate or very expensive.[1] It will have a special economic zone (SEZ), international education zone, integrated townships, an entertainment zone, hotels, a convention center, an international techno park, Software Technology Parks of India (STPI) units, shopping malls, stock exchanges and service units.

To develop and implement the Project, Government of Gujarat (GOG) through its undertaking Gujarat Urban Development Company Limited (GUDCOL) and Infrastructure Leasing & Financial Services (IL&FS) have established a Joint Venture Company, "Gujarat International Finance Tec-City Company Limited" (GIFTCL). The estimated cost of the entire project is Rs. 70,000 crore.[4]

Gift City, Gandhinagar, Gujarat


GIFTCL proposes to implement GIFT with an eventual built-on area of 7,900,000 m2 (85,000,000 sq ft). The company plans to develop, finance, implement all infrastructure in and around GIFT on a turnkey basis to ensure that all conceivable services in relation to connectivity, communication, technology, security, services for quality of life etc. are established and sustained.

Currently, two 29-floor commercial towers have been completed with development of truck infrastructure now underway for further development.

Location

Centrally located in the state of Gujarat, between Ahmedabad and Gandhinagar, on the bank of river Sabarmati, having geographical coordinates 23°9’26’’N 72°41’12’’E. The city lies in the influence zone of the ongoing $90 billion Delhi Mumbai Industrial Corridor Project.

The site is 18 km (11 mi) from the Sardar Vallabhbhai Patel International Airport and 8 km (5.0 mi) from Gandhinagar and is located close to Gujarat National Law University. The site abuts a four lane National Highway (NH8) which connects Ahmedabad and Gandhinagar on its eastern side. The Sabarmati river demarcates the western boundary of the Project site.

Utilities

The idea of GIFT was developed during the Vibrant Gujarat Global Investor Summit 2007 and is being planned by East China Architectural Design & Research Institute (ECADI), which is responsible for planning much of modern-day Shanghai, and Fairwood Consultants India.

Electricity

The 1000MW electricity supply is planned to be 99.999% reliable (about 5.3 minutes of outage per year). GIFT's power grid will be designed by ABB Group of Switzerland. All the electricity cables will be underground. Hong Kong Electric Company is 99.998% reliable since 1998.[5]

Piped Gas

Natural Gas will be distributed to every house and building via pipes, which is cheaper and safer than cylinders. Gas supply to the city will be made from the existing gas network of GSPL, the state-owned company for gas transmission pipelines. Piped natural gas is already in distribution in the nearby cities of Ahmedabad and Gandhinagar.

Air Conditioning

GIFT will have a centralized air conditioning system called District cooling, which is cheaper to run and uses less electricity.

Solid Waste Management

All waste will be automatically sucked through underground pipes at a high speed of 90 km/h (56 mph), and will be treated through plasma gasification.

Transportation

GIFT aims at providing a transportation network that ensures accessibility, easy and fast mobility and few accidental road deaths. This would be achieved by:

1. Using a multimodal mix of transport systems (MRTS/LRTS/BRTS, etc.) for both intercity transport (to Ahmedabad, Airport, and Gandhinagar) and intra-city transport.

2. Using a walk-to-work concept as part of urban planning with a nodal split of 10:90 between private and public transport.

3. Use of electric personal rapid transit systems within the city.

GIFT City will also have its own metro stations.[6]

Indian Railways railway lines pass the city on the east and west sides; the closest stations are in Dabhoda and Naroda.

Landmarks

Current Status

- Term sheet has been executed with anchor investor for development of two building packages; - Formal approval for multi service Special Economic Zone received from Ministry of Commerce, Government of India; - Master Planning and Concept design has been undertaken; - Detailed proposal for external connectivity (by road) has been completed in consultation with Roads & Building Department. For other external connectivity viz Bus Rapid Transit System (BRTS) and Metro Rapid Transit System (MRTS), detailed discussions are in progress with Ahmedabad Municipal Corporation (AMC) and Gujarat Infrastructure Development Board (GIDB) respectively. - Other important studies viz. Market Assessment study, Talent Assessment and Skill Set Analysis study have been completed; - GUDC is designated as Area Development Authority for the GIFT Project; - In principle approval received from SSNNL for allotment of domestic water; - Partnership MoU has been signed with CISCO for Operationalizing GIFT ICT; - Fencing of the project site and access to the site has been provided by construction of peripheral earthen roads; - Major approvals viz. Environmental Clearance for the Project and height clearance for part of Phase-1 has been received; - Construction activities at site viz leveling and dressing have been initiated; Phase-1 is expected to commence in the later part of this year and would be completed in 3–5 years. Subsequent phases would be implemented thereafter.

Government has completed land acquisition of 272 hectares (673 acres) of land for this project. Presently land leveling activities are going on just next to the Sabarmati river. Works like four lane road, gutter line, water, I.T. broadband cables and power installations will follow this.

The permissions that are obtained so far include GUDA master plan, central Civil Aviation department’s clearance, environmental clearance, and micro-zoning. The government has taken a decision to allow highest 3.65 FSI in GIFT city. The central government has granted SEZ permission to GIFT city. Ahmedabad Municipal Corporation has granted permission for phase-3 of BRTS as part of transportation facility in BRTS. Gujarat Infrastructure Development Board has granted permission for MRTS.

According to officials close to the development, the process of issuing Rs. 200 crore worth of tenders is in advance stage. While Rs. 7,000 crore budget is needed to create all facilities, the government is likely to pump in Rs. 1,000 crore in next three years.

GUDA has been handed over about 272 hectares (673 acres) of land for land development. Government has prepared 11 types of study reports including a report on earth quake proof construction. 1 km long and 7 meter deep Sant Sarovar is being developed to provide water to proposed GIFT city and its construction.

As part of Phase-I development, around 780,000 square metres (8.4×10^6 sq ft) of BUA has already been allotted from the 1,200,000 square metres (13×10^6 sq ft) of BUA (built-up area) available for commercial, residential and social uses. [7]

In the recent allotment in Feb 2014, Chief executive officer of New York-based World Trade Centers Association (WTCA), Eric Dahl received an "allotment letter"[8] to build one at the GIFT City project at Gandhinagar, where the association will invest over Rs 600 crore along with an Indian partner VIRIDIAN GROUP.

World Trade Centre, GIFT City for financial & allied services along with the Viridian Group which is coming up about eight WTCs including those in Noida and Chandigarh. The centre will connect businesses around 343 locations worldwide. The cities of Kolkata, Bangalore, Chennai, Kochi, Mumbai, etc. have their own WTCs. Construction work under progress.

Construction

First Phase

Two commercial towers, each of 29 floors called the GIFT ONE and GIFT TWO have been finished. Tendering for the next bunch of towers is going on.[9] This phase will also include building up of basic infrastructure.

Second Phase

The second phase includes further construction of buildings and development of services.

Third Phase

The third phase's planned period for construction and commencement of the fully built city- 2020-2023

Fourth Phase

The fourth phase, termed "The Enpeoplement", fills the planned city with humans to experience commerce and labour.

Consultants

Project Milestone

Awards & Recognition

News

On Dec 15 2011, Economic Times reported that city officials in GIFT are inviting companies from Singapore who wish to expand but cannot do so due to a lack of land in Singapore to open their businesses in GIFT. Among the investments being encouraged are investments from banks, private equity companies, insurance companies and asset management companies.[12]

On Dec 26 2011, the Times of India reported that China's technology giant Huawei is likely to provide technology to GIFT. According to Eric Yu, president, enterprise business, Huawei India, this technology includes networking solutions and setting up of data centres and surveillance as well as other opportunities.[13]

On Oct 2, 2014, NetIndian reported that a new World Trade Center would be set up in GIFT City as per an agreement between World Trade Center India Services Council (WTCS) and Gujarat International Finance Tec-City Company Ltd (GIFT City). It would be completed within 4 years.[14]

According to the news report from the Times of India on October 18, 2014. The Bangalore-based Brigade Group will invest Rs.500 crore over the next few years to develop 100,000 square metres (1.1×10^6 sq ft) of built up area with future option of investing another Rs. 600 crore to develop 160,000 square metres (1.7×10^6 sq ft)[15]

BSE Broker's Forum would invest 120 crore to build a commercial tower to set up back office operations to lower their costs and enjoy modern facilities. They have been allocated 28,000 square metres (300,000 sq ft) to develop the commercial tower. With the likelihood of setting up an exchange office.[16]

References

  1. 1 2 GIFT Gujarat official website
  2. ↑ GIFT Genesis page
  3. ↑ GIFT Video
  4. ↑ http://giftgujarat.in/documents/sep_A.pdf
  5. ↑ ABB Group article on GIFT's electricity supply
  6. ↑ http://articles.timesofindia.indiatimes.com/2013-01-10/ahmedabad/36257250_1_gift-city-gujarat-international-finance-tec-city-ramakant-jha
  7. ↑ http://www.vibrantgujarat.com/DisplayNewsUpdate.htm?NewsUpdateId=121
  8. ↑ http://www.youtube.com/watch?v=ko836ix3lFc
  9. ↑ India’s tallest proposed building Diamond Tower showcased(Video)
  10. ↑ http://newsroom.cisco.com/dlls/2009/prod_060409c.html
  11. ↑ http://www.abb.com/cawp/seitp202/e564972c0a2c6cfec125749c002d678d.aspx?leftdb=abbzh250&v=553E&e=us
  12. ↑ http://articles.economictimes.indiatimes.com/2011-12-15/news/30520461_1_singapore-firms-singapore-government-financial-sector
  13. ↑ http://articles.timesofindia.indiatimes.com/2011-12-16/ahmedabad/30524622_1_huawei-india-international-finance-tec-city-sis
  14. ↑ http://netindian.in/news/2014/10/02/00030771/gift-city-gcci-world-trade-centre-pact-trade-development
  15. ↑ http://timesofindia.indiatimes.com/business/india-business/Brigade-Group-to-invest-Rs-500-crore-in-GIFT-City-as-co-developer/articleshow/44867808.cms
  16. ↑ http://www.dnaindia.com/money/report-bse-to-set-up-commercial-tower-at-gift-city-in-gujarat-2026420

External links

Official website

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