GANDHINAGAR, INDIA | Gujarat International Finance Tec-City (Multiple Towers)

[Jai]

Gujarat International Finance Tec-City (GIFT), Ahmedabad, India



The Indian Skyscraper Race is ON.

This last year has been big for Indian architecture and development fans. A total of 7 megaprojects with supertall towers have been either approved or beginning construction (sadly, only a handful of them with renderings released), each of them vying to grab the coveted title of "India's Tallest Building."

But this latest project, located at Gandhinagar, the capital city of the über-industrial Indian state of Gujarat, and nearby the state's commercial capital of Ahmedabad, its a home-run hit deep to left field (or maybe I should try to speak in cricket terms... a deep sixer(??)) Why? Although it may not necessarily win the title of India's tallest building (not for long anyway), the project certainly has all the megaprojects made public beat in terms of sheer massing and scale.





^ Views of the CBD and skyline

Boasting 17 high rise commercial buildings -- the tallest being the signature 80-storey, 400m "Diamond Tower" -- as well as an artificial island, integrated mass transit and dedicated expressways, residential townships, and dedicated power supply, the 500 acre GIFT aims to be Global Financial Services hub. The project, is being developed by the Gujarat Finance City Development Company Ltd, a 50:50 joint venture between the Gujarat government and Infrastructure Leasing & Financial Services Ltd (IL&FS) as a Public-Private partnership, will employ 400,000 people and house 50,000 residents.





^ Perspective and View of the GIFT skyline

Arguably India's most economically proactive and reform-minded state, Gujarat's second-tier metropolises have chafed under the shadow of nearby Maharashtra state's (and India's) financial capital of Mumbai. It is this rivalry that has triggered the rapid industrialization of the state and the vision and drive to try to directly compete with India's biggest city (though with a population of 5.7 million, the Ahmedabad-Gandhinagar urban agglomeration is no slouch either.)



The Gujarat International Finance Tec-City, well placed between the political and commercial capitals of Gujarat, was conceived as the beginning of that competition. Designed to kick Mumbai in the FDI balls, GIFT is developed as India's first major supertall CBD project that is designed to be the focal point of India's booming financial services market -- in direct competition with Mumbai -- by providing companies with all those things Mumbai is still developing: comprehensive infrastructure, power, verticalized office space, and a well designed, planned and expandable urban form. Its strong proximity and infrastructure connectivity with Mumbai ensures that mutually beneficial development occurs between the two metros.





The project is being planned to be at or above par with presently acknowledged globally benchmarked financial centers such as Shinjuku (Tokyo), Lujiazui (Shanghai), La Defense (Paris) and Dockyards (London). Size-wise too, at over 75 million sq. feet of office space, it is almost twice as massive as in Shinjuku, Luijiazui, La Defense and Dockyards combined! However, with India's financial sector employing 10 million people by 2020, it hardly puts a dent in the 800 million sq feet of office space needed for this industry alone... implies what big things are in store for Indian commercial development in the near future!



^ View of the Diamond Tower

Inspired by the boom cities of China, the city is being masterplanned by East China Architectural Design & Research Institute (ECADI), which is responsible for planning much of Shanghai, and Fairwood Consultants India, one of India's largest and fastest growing consulting firms. According to Mr Yao Wen Lin, board chairman of ECADI, Gujarat International Finance Tec-City will be designed "to a standard that would be superior to one in Shanghai, China".



^ Riverfront recreational and greenspace development

GIFT is designed as an extremely environmentally friendly development that will have the lowest per capita energy consumption of any Indian metro. The project itself will boast an impressive green area covering 65% of the total land, in large part due to the number of skyscrapers. In addition, the area long the Sabarmati River's banks will be developed into a riverfront recreational area, complementing the riverfront developments planned for Ahmedabad. The project will also boast a museum, large conference center and gardens on the man made Fortune Island, where Diamond Tower is located. In addition to expressway linkages, GIFT will also boast underground arterial road, as well as MRTS/LRTS/BRTS connections and abundant parking.



Phase 1 of the project, which will begin construction in March, 2008 and to be completed by 2010, will consist of the 400m Diamond Tower and the core CBD of GIFT, comprising a total of 25.8 million sq ft. Already, 15 million sq ft. of the floorspace of this first phase has already been secured by a host of national and international companies, with MOUs for the other 10 million in the works. Two more phases will then be rolled out for an eventual 2017 completion date.










Exciting times for the Indian architecture enthusiast indeed!

Cheers,
Jai

[Aleks]

Great difference from what I've seen before. I like it. Go India.

[spyguy]

Unexpected, especially for Gandhinagar/Ahmedabad which is comprised mostly of midrise/lowrise buildings.

[alphawolf]

Very good mix of open space. Better than what I've seen before with a lot of big proposals.

[djvandrake]

Outstandingly informative first post for this project Jai.

I really like this project. The diamond tower is stunning.

[Nowhereman1280]

Dubai+Legitimate Economic Demand = INDIA in a year or two...

[Jai]

Originally Posted by djvandrake

Outstandingly informative first post for this project Jai.

I really like this project. The diamond tower is stunning.

Thanks


Here's an image of the Museum and Convention center on Fortune Island, with one of the twin towers on the right side of the image, taken from a PDF of a scan of a pamphlet advertising job openings in GIFT:


Hopefully, as the project progresses, more renderings will come out

[Aleks]

Again GO INDIA!

But anyways, if there are so many mega projects in India how come they haven't been added to the Diagram section of SSP?

[Jai]

Too many projects, and not enough people able to grab the essential elements of information about each project.

I barely can keep up with even listing new developments. There's no way in hell I have the time to extract the EEIs , though most of the information is out there on developers' websites, etc.

Cheers
Jai

[Jai]

Forumer Nitro at SSC's India section has been in email contact with one of the guys from ILFS. According to them, the project is making "good progress" and if all goes well construction should start in April, 2008.

[Jai]

The next major step towards construction of the GIFT has been passed! After winning state and local approval, federal approval and clearances and SEZ status of the project has finally been given!

Even cooler, already 40 million sq ft of this project has been booked. To put it in other terms, that's nearly the entire first two phases of construction. As the GIFTCL chairman puts it, over half the investment into GIFT is "in the bag" even before the project even breaks ground.

The 400m Diamond Tower and the 310m Twin towers, among other 200+ towers, are all going up in the first phase, so that means bookings for Diamond Tower and the others, as was reported earlier, are indeed completely full and construction is a certainty! Construction for this first phase will commence after the monsoons later this year and will be done in less than three years.


Props to Indiansunite for posting the articles

-Jai

Gujarat's GIFT zips into SEZ street

12 Jan 2008, 0246 hrs IST,TNN

GANDHINAGAR: Ahmedabad’s aggressive claim as a global financial hub, streets ahead of Mumbai and rivalled only by the best in the world like Manhattan, Shanghai, London and Singapore, got a sizzling punch with the Centre finally clearing a special economic zone (SEZ) status for the Gujarat International Finance Tec-City (GIFT).

The clearance paves the way for developing 250 acres out of the total 500-acre GIFT project as an SEZ with a possible International Finance Service Centre status that would make it one of its kind project in the country.

The project will of course add a sizzling global touch to Ahmedabad’s skyline with its glitzy skyscrapers, including a 400-metre tall diamond faceted steel and glass Diamond Tower. After all, it is being designed by the Shanghai-based East China Architectural Design & Research Institute Co Ltd that has designed Shanghai’s Pearl Tower.

More importantly, GIFT will alter the contours of India’s financial skyline as well by setting towering global benchmarks in investments, exports and job creation. The multi-services SEZ, which is slated to bring in investments of over Rs 15,000 crore, is targeting exports worth $1 billion in the first three years beginning 2010, when the first phase of the project will become operational.

Exports are slated to zoom to $2 billion per annum by the fifth year and to $3 billion by 2020. These figures could shoot through the roof if the project bags an IFSC status. On the job front, GIFT is targeting nearly 1 million jobs by 2020, including a direct employment of 4 lakh.

The project that promises to catapult Ahmedabad into the global big league is being developed by the Gujarat International Finance Tec-City Company Ltd, a joint venture between the state-run Gujarat Urban Development Company (GUDC) and Infrastructure Lease and Financial Services (IL&FS).

And apart from the IFSC, the SEZ portion of GIFT will house an international techno park, STPI technology units, international market zone, stock exchanges and services units, international education zone, integrated townships, entertainment zone, hotels and convention centre and shopping malls.

And so excited has the project got global and domestic finance biggies as well as realtors that even before it has got off the ground, 13 memoranda of understanding have already been inked with nearly 40 million sq ft space being booked.

SEZzling GIFT: India’s next global fin hub

source: Times of India Epaper, Ahmedabad, 12 Jan, 2007

Gandhinagar: In the new year its finally time for Gujarat to uncork the bubbly. For come 2010, it won’t be Mumbai, but finance savvy Gujarat that will house India’s most world class International Finance Services Centre.

All thanks to the upcoming Gujarat International Finance Tec-City project that has now bagged an SEZ status. The project, designed to compete with Mumbai and woo global and domestic financial services players along with the IT/ITES sector to Gujarat’s shores, is slated to see the first phase being completed in Gujarat’s golden jubilee year 2010.

To be located at Shahpur village between Ahmedabad and Gandhinagar, abutting National Highway No 8A on the banks of the river Sabarmati, GIFT is proposed to be spread over 500 acres, offering a total built space of 75 million sq feet.

While the crown jewel will be the 400 metre tall diamond tower, GIFT will have a total of 11 buildings of over 150 metres tall and a total of 319 high-rise buildings.

Sniffing a global opportunity coming their way at nearly throwaway realty prices as compared to next door neighbour Mumbai, Indian finance giants like Kotak Mahindra have already signed up space for its financial services hub at GIFT.

Speaking to TOI after a high level presentation made to chief minister Narendra Modi on Friday, GIFTCL chairman Sudhir Mankad, said of the 75 million square feet of built-up area that GIFT proposes to set up, investment for nearly 40 million sq ft has already been lined up.

“Of the Rs 30,000 crore worth of investment expected in GIFT, more than half is in the bag,” an elated Mankad said. As the SEZ approval letter, not made public due to the recent polls, has just come in, he was unsure about which investors, who have signed up, would like to switch over to SEZ area.

“We expect external road connectivity leading up to GIFT to be provided within the next two months with work already in progress. Work on internal infrastructure like roads, drainage, drinking water, horticulture, parking facilities will begin in June. We expect private developers to start construction soon after monsoon after they get the requisite,” said Mankad.

While 60 per cent of GIFT will have office space for financial services, rest of it might go for knowledge-based industry, cultural and educational activities. The residential complex will cover around 12 per cent of the built-up space, where housing blocks, including independent bungalows and flats, will be built for about 50,000 people.

[WilliamTheArtist]

Looks great. Glad to see India getting into the mix and doing stuff like this. Keep us updated. :-) I looked at your india blog and am impressed with the aesthetic sensibilities present in the architecture. I like how they include a lot of green space around, and in some cases even on and within the buildings. Gives it a distinctively "Indian" feel. A lot of the architecture has flair but also an extra bit of refinement that you dont always see. Very nice.

[Rise To The Top]

Looks too bland. I hate developments like this, dozens of towers with potential, but horrible/boring facades combinded with the twinning effect and location = shit.

[Jai]

oops! Keep forgetting to post updates....

Firstly, the start date of the project has now been made official!

Gujarat launching Tec-City in June

Ahmedabad: Work on building the first phase of the Gujarat International Finance Tec-City (GIFT), a global financial hub, is expected to start in June, official sources said.

Officials here believe that the conferment of Special Economic Zone (SEZ) status is the first key step taken to build a central business district that could eventually rival globally recognised financial centres like Tokyo, Shanghai, Paris and London.

The project, with which Chief Minister Narendra Modi hopes to excel the much talked about international financial hub at Mumbai, is to be built on a sprawling 500-acre campus, about 40 km from Ahmedabad.

The SEZ will house an international education zone, integrated townships, an entertainment zone, hotels and a convention centre besides an international techno park, Software Technology Parks of India (STPI) units, shopping malls, stock exchanges and services units.

With the union government's clearance, the SEZ would now be developed over 250 acres and a Domestic Tariff Area (DTA) would be constructed on the rest of the land.

The DTA would function as a domestic financial district with a separate technology park, finance and tech services, an export-oriented undertakings park, a domestic market zone and domestic utilities.

The project would have more than 80 million square feet of built-up area in a highly concentrated and vertical form.

The city would function as an integrated city-centre with extensive residential, commercial and public spaces. To be developed along the Sabarmati River, GIFT would have advanced facilities like inner-city light rail transit systems (LRTS), dedicated and guaranteed power and water facilities and central cooling services.

The first phase of the project, covering 25 million square feet, is scheduled to be operational by mid-2010.

In all, GIFT is expected to have a cluster of 17 high-rise commercial buildings, with the tallest being the signature 80-storey, 400-metre Diamond Tower.

The concept of GIFT was born during the Vibrant Gujarat Summit of 2007 and is being planned by East China Architectural Design & Research Institute (ECADI), which is responsible for planning much of Shanghai, and Fairwood Consultants India, one of the country's largest consulting firms.
Yao Wen Lin, ECADI board chairman, has been quoted as saying that GIFT's design would excel Shanghai.

Pre-construction activities like road building in the neighbourhood of the project site have started. Already, 15 million square feet of the floor space of the first phase has been secured by a host of national and international companies.

The project is being implemented by the Gujarat International Finance Tec-City Co Ltd, a joint venture between the state-run Gujarat Urban Development Co (GUDC) and Infrastructure Lease and Financial Services (IL&FS).

GIFT is expected to change India's financial skyline creating new benchmarks in investments, exports and job creation. The multi-service SEZ, which is expected to attract Rs.150 billion ($3.8 billion) in investments, is targeting exports worth $1 billion in the first three years beginning 2010, when the first phase of the project will become operational.

Current projections estimate that exports will double to $2 billion by 2015 and to $3 billion by 2020. A total job creation of one million is estimated by 2020.

As of now, five types of businesses have been contemplated - a global BPO centre, operations hub for domestic financial services providing mid-office and back-office related activities, a global IT hub for financial services, a global research and development centre for emerging sectors like pharmaceuticals and a financial centre for selected product markets.

Source: Indo-Asian News Service

[Jai]

Some more information on the infrastructure development paralleling this project

Come 2009, all roads will lead to GIFT

The state govt has decided to invest Rs 400 cr in building three dedicated approaches across the Sabarmati river — an underground tunnel flanked by two four lane bridges — connecting GIFT to Ahmedabad



Come 2009, all roads will lead to the glitzy, ambitious Gujarat International Finance Tec-City (GIFT) being set up by the Gujarat government jointly with IL&FS at Shahpur village.

In a bid to provide a fast track access to the proposed international financial hub coming up on 500-acres near Gandhinagar, the Gujarat government has decided to invest Rs 400 crore in building three dedicated approaches across the Sabarmati river — an underground tunnel flanked by two four-lane bridges — connecting GIFT to Ahmedabad.

While the underground tunnel will lead directly to the towering 400-metre tall Diamond Tower, GIFT’s diamond faceted steel and glass signature building will tower over 17 other skyscrapers in the project, the two bridges will directly lead to the right and left-hand side main entrances of the GIFT campus.

International consultants have already been appointed for preparing a feasibility study of the project. “The work has been undertaken by Shanghai based Consortium of East China Architectural Design Institute (ECADI) and Fairwood India at the cost of Rs 25 lakh. Work on the dedicated approaches is expected to start in 2009,” a senior urban development department official said.

While the exact location of the underground tunnel and the two bridges will be made known after a complete hydrological study of the river, officials said, all the three dedicated approaches will be situated in the vicinity of Raysan and Koba off Gandhinagar and will be connecting the just broadened six-lane highway leading to the Ahmedabad airport.

GIFT chairman and former Gujarat chief secretary Sudhir Mankad told TOI that the three dedicated approaches will be needed to solve the huge traffic from two sides of Ahmedabad — Sabarmati and Sarkhej — and from Gandhinagar that will move towards the modern finance city.

“We estimate that GIFT will initially employ two lakh people,” he said, adding, “We are looking into the possibility of enhancing the Bus Rapid Transport System (BRTS) to GIFT in future.” Other forms of transport, too, are being contemplated, as the total employment in GIFT is estimated to hit 4 lakh in a decade’s time.

A public-private partnership project between the Gujarat Urban Development Company (GUDC) and the Infrastructure Leasing & Financial Services Ltd (IL&FS), the $16.33 billion project comprises two parts – a 250 acre special economic zone (SEZ) and a 250-acre domestic tariff area.

According to sources, other roads, particularly the one coming from Himmatnagar in the north and connecting the Ahmedabad airport in the south, will also be broadened from a two-lane to a four-lane road.

Plans are also afoot to reconstruct the Shahpur bridge, which gave way during floods, to provide immediate connectivity from Gandhinagar to GIFT.

From Times of India, Ahmedabad edition, 5 Feb 08

[Jai]

Here is a video presentation released last year about the first phase of this project:
• Video Link

Aimed at investors for the 1st phase of the project when they opened the doors to booking (1st phase is now sold out and most of the second phase ), it's a nice overview of the project, though a because its about a year old, is quite a bit dated as it was released before the complete project design was completed -- most notably the lack of the Diamond Tower (which will also be constructed in the first phase) and detailed renderings of the other phases of construction.

've included some screencaptures below, including renderings of the 1st phase of the highrise waterfront, waterfront gate, canal, convention and rec center, IT offices, residential and mass infrastructure. Note that they are in many cases preliminary renderings, devoid of the detail we see in later-released images. Also absent, as I mentioned, is the signature Diamond Tower (400m) and the two twin towers (350m each), which will also be constructed in the first phase:




























That's all for now

Cheers,
Jai

[Jai]

Oh yeah! One more update

According to this article in Times of India, Ahmedabad edition, 5 Feb 08, the twin towers are not going to be 310m but 350 meters in height!:

GIFT will have a total 34 million sq ft of built-up area in high rise buildings with 25 out of the total 319 buildings that will come up there to be over 150 metres in height and 52 highrise buildings above 100 metres, Srinivas said. This includes the signature steel and glass Diamond Tower that will tower at 400 metres and the two flanking gateway towers of around 350 metres.

-Jai

[Jai]

Check this out! Due to the success of GIFT, planning for a 'GIFT II', a 500 acre CBD as big as the first, is underway!

Also, any detractors out there, seems that the entire friggin project -- all phases -- will be sold out even before the first phase is completed! Talk about pent up demand....

Positive response to GIFT city sows seeds for GIFT II

March 15th, 2008 - 12:59 am ICT by admin - Email This Post Email This Post

By P.S. Anantharaman

Ahmedabad, March 14 (IANS) Encouraged by the positive response its $6 billion (Rs.240 billion) high-tech city project received from various quarters, Gujarat International Finance Tech-city (GIFT) company is now planning to construct another global city in the state. “It seems the entire 25 million sq feet of the built-up area of the GIFT city will be signed up before the completion of the first phase in 2010. The total built-up area of the project is pegged at 75 million sq feet,” company chairman Sudhir Mankad told IANS.

According to Mankad, GIFT II, which would come up on 500 acres of land, would be as big as the first one.

The GIFT city, which is being built according to global standards, is coming up between Naroda in Ahmedabad and Gandhinagar, 12 km from the Ahmedabad international airport.

Companies like State Bank of India (SBI), Kotak Mahindra Ltd, Punj Lloyd Ltd and also a number of overseas firms have booked space in the upcoming city. The total space booked exceeds 40 million sq feet, he said.

Mankad said many global mutual and pension fund companies have shown interest in setting up their shops in GIFT city. A bourse in Chicago in the US could be another participant.

According to Mankad, the marketing strategy of GIFT has three key elements. First, it will provide a base in the state for investors. Second, it seeks to make Gujarat a destination for financial tourism and a base to export financial services to non-resident Indias (NRI) and overseas clients/institutions. Finally, it will focus on technology infrastructure for financial markets and technology services providers.

GIFT would be equipped with an efficient transportation system besides possessing a fully integrated technology centre. As a financial hub, the city will target international financial services, which include offshore banking units, international financial services firms and back office processing centres.

A 12 km dedicated expressway to the international airport is being built as part of the project.

In the domestic segment, the city plans to work in tandem with financial institutions, capital and commodity market players, investor organisations and associates and regulatory bodies.

D.S. Anjaria, one of the directors of the GIFT, said out of the total 500 acres of land, 250 acres will be allotted to a multi-services special economic zones (SEZs) for which the centre has accorded approval.

Multi-services SEZs would comprise processing and non-processing areas.

GIFT could become a centralised hub for mid and back office related activities for domestic financial services company, said Anjaria.

Gujarat’s Finance Minister Vajubhai Vala, presenting the state budget, said when GIFT city becomes operational, it would provide direct employment to half a million professionals and indirect employment to an equal number in allied support services.

[Jai]

By the way, here are some more renderings from their website I overlooked before:

Here is a perspective of the skyline, with the twin Gateway Towers and part of the Diamond Tower visible:


I did my best to clear it up. You can tell the facades of the other buildings will definitely be interesting:



A poster showcasing the Diamond Tower:


Again, I tried to clear it up. Gives a better view on the unique cut-out design:



A couple new and better renderings of some of the landmark buildings of the project:













And finally some handy-dandy project timetables:







Cheers,
Jai

[Jai]

This article states the Diamond Tower will be 410m tall. Also reiterates the fact -hat the buildings have already been approved, and again gives the 2009 date.

New collective investment scheme awaits SEBI nod

Tuesday, 08 April , 2008, 08:28


Mumbai: Gujarat International Finance Tec city (GIFT) is planning to raise the equivalent of $ 2 billion (Rs 8,000 crore) through a ‘Collective Investment Scheme’, a fund-raising route little used since the ‘nineties.

(For Indian investors the collective investment scheme (CIS) would bring to mind the infamous ‘Own Your Goat’, ‘Own Your Teak Tree’ or ‘Golden Forest’ offers which promised outrageously high returns to investors over a ridiculously short period of time. Most of these schemes went under, burying the investors’ wealth forever).

GIFT, a joint venture of Gujarat Urban Development Company and IL&FS, has informally sounded out the Securities and Exchange Board of India (SEBI) on its CIS plan, said Ravi Parthasarathy, Executive Chairman, IL&FS. The regulator has now asked GIFT to file a formal request, he said.

A pre-CIS placement of $ 500 million, which will constitute the “cornerstone investment,” is also part of the plan.

After the goat and teak fiascos, SEBI was compelled to bring this investment animal under its wing.

The CIS was never banned; but it was brought under regulation in 1999. A CIS is an arrangement by which payments from investors are pooled together and utilised with a view to receiving profits, income, produce or property, says the SEBI Web site. Investors do not have day-to-day control over the management of such a scheme.

In the case of GIFT, some of the investors would receive property development rights. The CIS will sell two kinds of units -- Units A will relate to commercial projects that are viable; while units B will relate to commercially unviable projects (such as greening, landscaping) but give its holders property development rights, said Hari Sankaran, Managing Director, IL&FS.

“There is an economic rationale for this,” said Parthasarathy. “Wherever we put infrastructure, land prices go up, not just at a CAGR of 30-40 or 50 per cent, but three and four times.”

“Subscribers can even get to choose the buildings they want to develop,” he said. A trust formed by IL&FS and the Gujarat government will manage the CIS.

Financial services zone

GIFT is developing a 500-acre core world-class financial services zone at a cost of $ 16 billion. This core area will itself be part of a 27,000 acre city-township area located between Ahmedabad and Gandhinagar.

There will be 40 different projects within the 500-acre zone. GIFT itself would develop most of the basic common infrastructure.

According to Sankaran the Indian financial services sector will require 1 billion sq. ft of office space in 20 years’ time. GIFT which is being designed for workforce of 3 million has been benchmarked to international standards, he said.

This city would have the tallest buildings in the country, the tallest at 410 metres, with over 30 buildings over 250 metres in height. These buildings have been approved by the State Government already. By mid-2009, the buildings would come up, he said.