Sobha Limited has forayed into the Gujarat
real estate market, with an investment of over Rs 500 crores, to develop around
1,000 housing units at GIFT City
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.”
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