- Savvy to develop commercial, residential and social buildings in GIFT SEZ.
- The developer will make Rs. 700 crores investment bringing the total investment with their current commercial tower to Rs 1000 crores in GIFT City.
- This will lead to fresh direct employment of around 8000 people; in addition to the 3000 people who will be employed in the existing commercial tower which is almost fully leased & operational in GIFT SEZ area (total employment potential of 11000 people in GIFT City).
January 5, 2021: In a significant development amid the ongoing Covid-19 pandemic, GIFT City – India’s first operational smart city and International Financial Services Centre (IFSC), has allotted 10 lakh Sq. ft build up area (BUA) to Savvy Infrastructure Pvt. Ltd. for development of commercial, residential and social buildings in GIFT SEZ area. Savvy will develop around 5 projects and invest about Rs. 700 crores in this development. This will be in addition to the existing 23 storied commercial tower which consists of offices & Free Trade Warehousing Zone (FTWZ) operational in GIFT SEZ area.
Commenting on the development, Mr. Tapan Ray, MD & Group CEO, GIFT City said, “Such a significant real estate allotment during the challenging times of Covid-19 will give boost to the real estate dynamics of this region. It is a testimony to GIFT City being an ideal investment destination in the post Covid-19 era. In the light of the pandemic, the challenge for policy makers is how to evolve a mechanism for building cities of the future and it is here that GIFT City is the ideal example which can be emulated. We are delighted to have Savvy committing such an important investment at this crucial juncture”.
Mr. Jaxay Shah, Group CMD, Savvy Infrastructure Pvt. Ltd. said, “Our maiden office tower project of 5 lakh Sq. ft BUA in GIFT SEZ received encouraging response & is almost fully leased. Hence, we decided to double our expansion here & have decided to develop over 10 lakh Sq. ft BUA which is also receiving equally good response. In the next decade, we foresee GIFT City as the ideal destination for the services sector industry and hence this place will witness exponential business growth in the coming years. In post Covid-19 scenario, GIFT City’s walk to work concept & other technology aspects are worth emulating. People will realize the benefits of living and working in smart cities and hence we decided to go for integrated city development projects at GIFT City.”
As per the proposed allotment, Savvy will develop various sub-projects within the 10 lakh Sq. feet built up area. These sub-projects will consist of office buildings, logistic space, business center, residential complexes, university building and international club facility in the SEZ area. The construction of these projects will commence within a stipulated timeline and will deploy state-of-the art design and facility in line with other global financial hubs.
The key benefits for Indian and International developers to consider GIFT City are its strategic location; unique plug and play infrastructure; single window clearance; walk to work concept; better quality of life and lower operational cost. Taking the current pandemic as an opportunity, GIFT has devised an attractive allotment policy to facilitate large investments at GIFT City.