Real estate developer Sobha Limited has forayed into the Gujarat market, with an investment of over Rs 500 crores towards residential development in the Gujarat International Finance Tec City (GIFT City). Sobha will develop close to 1,000 housing units, with a total built up area of 1.3 million sq ft in the fully-integrated city, built on the walk-to-work concept. With this investment, which is in line with its focus on developing affordable housing projects in the major cities across the country, Sobha will increase its residential footprint to 10 cities in India.
Speaking on the occasion, Ravi Menon, chairman of Sobha Limited said, “Ahmedabad is a prominent business centre of Gujarat. It is the second-largest cotton textile centre in India, after Mumbai, with equally strong pharma, petrochemical and automobile industries. Rapid infrastructure development over the years, has augmented the IT and ITeS sectors tremendously, making it an important investment destination. These have given a fillip to the commercial and residential real estate markets in the city. To fulfil this increasing demand, the government of Gujarat initiated the integrated city project of GIFT City, between Ahmedabad and Gandhinagar, where Sobha will contribute significantly, in fulfilling the residential demand.”
Ajay Pandey, MD and group CEO, GIFT City said, “GIFT City is experiencing unprecedented growth in commercial developments and corporate participation. We are delighted to have Sobha committing such a significant investment, to complement and participate in GIFT City’s journey, in becoming a global financial and services hub. It has also emerged as one the prominent landmarks in the office market, after witnessing rapid office development by companies from BFSI, IT/ITeS and other services sectors. As a result, more developments will be needed, to cater to the increasing demand at GIFT City,” he added.
Spread over 886 acres of land, GIFT City includes a district cooling system, underground utility tunnel and automated vacuum waste collection, many of which are being introduced in India for the first time. The city is designed for walkability and includes commercial and residential complexes. GIFT City has so far received investment of over Rs 11,000 crores, with allotment of nearly 16 million sq ft of built-up area. Around 200 companies are presently operational at GIFT City, employing around 8,000 people.
JC Sharma, vice-chairman and managing director of Sobha Limited added “Our unique model of backward integration, makes us the only real estate player in India to have all the competencies and resources in-house, to deliver a project from conceptualisation to completion. With our investment in GIFT City, Sobha aims to meet the increasing demand for affordable housing, while contributing to the vision of ‘Housing for All by 2022’. This also aligns with the vision of GIFT City, of offering world-class services and infrastructure.”