Gujarat International Finance Tec-City, popularly known as Gift City has seen a proposal of Rs. 3,870 per square feet for a residential project. According to sources involved to this matter, as development rights, the developer will pay around Rs. 450 crore to Gift City. This project will pay around Rs. 450 crore to Gift City as development rights and the project will come up on a 9,400 sq meters plot.
Approximately 14 developers had proposal for the project and a Yogi Construction Company won the offer whereas the prominent developer, Nila Spaces Ltd stood second with a offer of Rs. 3,636 per square feet.
In accordance with the sources, this project will be the largest residential project among other projects in the Gift City. The respective plot is located in the domestic zone of the Gift City and the bids were invited for about 11.60 lakh sq feet development rights.
An official source related to the developmental project said, “Base price of development rights in Gift City is around Rs. 1,600 per sq feet and this project has seen the highest bid of Rs. 3,870 per sq feet, which is the highest so far in Gift City for any project”.
According to other sources, about 14 real estate companies had bid for the residential project and of those folks; two were marked as ineligible for diverse reasons. So, total five bidders quoted above Rs. 3,000 per sq feet.
Also the source states, “This shows a growing interest for Gift City among developers. Gift City has a world-class amenities in place and it is designed as an international smart city. International Financial Services Centre (IFSC) has witnessed interest from global banks and funds and foreign universities. Domestic zone of the Gift City has also seen the arrival of global tech giants like Google. Around 20,000 employees are already working in Gift City and with new companies coming in, the number will increase soon”.
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