Haven't updated this in a while... first some older news:
This article shows how crazy fast this project has attracted investors. Apparently they're all but sold out -- even before it begins construction!
From Times of India (21 Apr):
Quote:
Gandhinagar: Less than a year after it was first unveiled in June 2007, the glitzy Gujarat International Finance Tec-City (GIFT) is more than sold out. That is, if all the MOUs inked actually fructify into concrete committments.
Gujarat’s Rs 63,700 crore GIFT, that’s being designed to give Mumbai a run for its money as India’s financial hub, is “overbooked” with 78 million square feet space being lapped up as against the 75 m sq ft space on offer at the 500-acre international finance hub. Incidentally, only two bookings for a total of 8.5 million sq ft are committed out of the total 24 bookings. What’s more, proposals are still pouring in. “We are getting one proposal daily though we are all sold out,” said a senior official.
GIFT chairman Sudhir Mankad told TOI, “We are on the fast track. The concept design will be ready by May-end after which we will start the process of implementing the project on the ground by appointing agencies to build basic infrastructure.” According to officials, international and domestic players including financial biggies as well as realty giants have booked space at GIFT.
GIFT is being set up by GIFTCL (Gujarat International Finance Tec-City Company Ltd), a 50:50 JV between the Gujarat government and International Leasing & Financial Services Ltd.
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A list of the companies that have booked space:
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And from another article about the June IPO
Quote:
“GIFTCL has decided to apply to Securities and Exchange Board of India (SEBI) by June-end to raise money through the capital markets to part-fund the Rs 12,000 crore investment that would go into setting up basic infrastructure for the project,” a senior state official told TOI.
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Well-placed Sachivalaya sources told TOI that as soon as the basic design of GIFT is ready by May-end, GIFTCL would firm up its IPO plans. When contacted, GIFT chairman Sudhir Mankad confirmed plans for an IPO, but said “details of the plan would be clearer only a month from now”.
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According to officials, the decision to go public has been taken because there has been an “overwhelming response” from top realtors, finance biggies and IT entrepreneurs to GIFT that plans to give Mumbai a run for its money.
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Full article (TOI 22 Apr):
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Someone
left this comment in my blog. Take it fwiw:
Quote:
I just returned from Gandhinagar yesterday. I went to the GIFT city site in hte village of Shahpur. The adjoining villages of Vallaj, Ferozepur, have all seen an exponential increase in the value of real estate. The development of the GIFT has started. Initial digging has resumed and the Diamond tower height has been reduced to being 82 storeys on account of the soil conditions.
The entire GIFT project is on wasteland between hte Shahpur and Ferozepur villages. Not one farm has been acquirede for the project. This is the amazing thing. This is the reason why you do not hear any complaints from the adjoining villagers. The price of the land adjoining the project is now between 50 lacs a bigha to 1 crore a bigha( itr was 5 lacs a bigha in September 2007).
The problem that i see is that the farmers are finding it difficult to adjust to this new found wealth. Fianace advice to these people with counselling would help.
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Also, apparently there is apparently a model of the city on display somewhere:
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