Gujarat International Finance Tec-City

2021-07-04T19:45:04Z

49.182.110.10:

{{More citations needed|date=March 2021}}
{{Use dmy dates|date=May 2018}}
{{Use Indian English|date=May 2018}}
{{Short description|Business district under construction in Gujarat, India}}
{{Infobox settlement
| name = GIFT City
| official_name = Gujarat International Finance Tech City
| native_name =
| other_name =
| nickname =
| settlement_type =
| image_skyline = Tallest Building in Gujarat Gift One.jpg
| caption = GIFT One, the first tower built in GIFT city
| pushpin_map = India Gujarat#India
| pushpin_map_alt =
| pushpin_map_caption = Location in Gujarat, India
| coordinates = {{coord|23.159626|N|72.684512|E|display=inline,title}}
| subdivision_type = Country
| subdivision_name = {{flag|India}}
| subdivision_type1 = [[States and territories of India|State]]
| subdivision_name1 = [[Gujarat]]
| subdivision_type2 = [[List of districts of India|District]]
| subdivision_name2 = [[Ahmedabad]]
| established_title = 
| established_date =
| named_for =
| government_type =
| governing_body = Gujarat International Finance Tec-City Company Limited
| unit_pref = Metric
| area_footnotes =
| area_rank = 3.58<ref name=official>{{cite web|url=http://giftgujarat.in/ |title=Gujarat International Finance Tec-City - Global Financial Hub | GIFT Gujarat |website=Giftgujarat.in |access-date=2017-01-03}}</ref>
| area_total_km2 = 3.99
| elevation_footnotes =
| elevation_m =
| population_total =
| population_as_of = 0
| population_rank =
| population_density_km2 = auto
| population_demonym =
| population_footnotes =
| demographics_type1 = Languages
| demographics1_title1 = Official
| demographics1_info1 = [[Gujarati language|Gujarati]], [[Hindi language|Hindi]], [[English language|English]]
| timezone1 = [[Indian Standard Time|IST]]
| utc_offset1 = +5:30
| postal_code_type = 
| postal_code = 382426
| area_code_type = Telephone code
| area_code = +91
| registration_plate = GJ1
| website = {{URL|http://giftgujarat.in}}
| footnotes =
}}
'''Gujarat International Finance Tec-City''' ('''GIFT City''') is a [[business district]] near [[Ahmedabad]] in [[Gujarat]], India. It is India's first operational [[Greenfield land|greenfield]] [[smart city]] and international financial services centre, which the [[Government of Gujarat]] promoted as a [[greenfield project]], The city is located on the banks of the [[Sabarmati River]] and is around {{cvt|12|km}} from [[Sardar Vallabhbhai Patel International Airport]].<ref>{{Cite web|url=http://www.gudcltd.com/gujarat-international-finance-tech-city|title=THE GUJARAT INTERNATIONAL FINANCE TEC-CITY (GIFT)| website=www.gudcltd.com| language=en|access-date=2018-02-02}}</ref><ref>{{cite web|url=http://www.businesstoday.in/sectors/infra/gift-city-gujarat-international-finance-tec-city-jobs-companies-offices/story/268278.html|title=GIFT makes steady progress; witnesses a 'hockey stick growth curve'|website=www.businesstoday.in|access-date=1 November 2018}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/markets/stocks/news/more-gifts-for-gift-city-might-stop-flight-of-capital-to-singapore/articleshow/62744143.cms|title=More gifts for GIFT City may stop flight of capital to Singapore|last=Subramanian|first=N. Sundaresha|date=2018-02-01|work=The Economic Times|access-date=2018-02-02}}</ref><ref>{{cite web|title= Developments of Ahmedabad | url=https://www.nationsroot.in/member/ahmedabad-west-mp-dr-kirit-p-solanki}}</ref> The city is designed so residents can walk to work, and includes commercial and residential complexes.

The city is connected though 4-6 lane State and National Highways. A double corridor metro system is being constructed to connect GIFT City to the [[Sardar Vallabhbhai Patel International Airport|nearby airport]] and various parts of [[Ahmedabad]].

The idea for GIFT was conceived during the [[Vibrant Gujarat Global Investor Summit]] 2007 and the initial planning was done by [[East China Architectural Design & Research Institute]] (ECADI), which planned much of modern-day [[Shanghai]]. The GIFT City's plan is for {{convert|886|acres|order=flip}} of land to have approximately 110 buildings with {{cvt|62000000|sqft|order=flip}} of built-up area, of which around 67% is commercial, 22% is residential and 11% is social facilities. {{As of|April 2021}}, {{cvt|2000000|sqft|order=flip}} of commercial space is operational and another {{cvt|3000000|sqft|order=flip}} is under development. {{As of|April 2021}}, an investment of {{INR|10,500 crore}} has already been committed for GIFT City.<ref>{{cite web|date=1 November 2018|title=Rs 10,500 crore investment committed for GIFT City: CEO|url=https://economictimes.indiatimes.com/news/economy/finance/rs-20000-crore-investment-committed-for-gift-city-ceo/articleshow/62620928.cms|access-date=1 November 2018|via=The Economic Times}}</ref> The city has an integrated development model, which has been spread out in three phases, each of which is designed as integrated, sustainable development The first phase includes development of office space, residential, school, hotel and clubs.

{{As of|April 2021}}, about 225 units/companies are operational and more than 12,000 professionals are employed in the city.<ref>{{cite web| url=https://timesofindia.indiatimes.com/business/india-business/gift-city-may-see-3-4-foreign-banks-set-up-shop-soon/articleshow/62415881.cms|title=Gift city may see 3-4 foreign banks set up shop soon - Times of India|access-date=1 November 2018}}</ref>

==History==
[[File:Shri Sudhir Mankad, Chairman, GIFT City, presenting key of GIFT City to the Prime Minister, Shri Narendra Modi, at the inauguration ceremony of the India International Exchange in GIFT City, Gandhinagar, Gujarat.jpg|thumb|Presenting key of GIFT City to the Prime Minister, Shri Narendra Modi, at the inauguration ceremony of the India International Exchange in GIFT City]]

On 15 December 2011, ''[[The Economic Times]]'' reported city officials in GIFT were inviting companies from [[Singapore]] that wished to expand but could not do so due to a lack of land in Singapore to open their businesses in GIFT. Investments from banks, private equity companies, insurance companies and asset management companies were considered.<ref>{{cite web|url=http://articles.economictimes.indiatimes.com/2011-12-15/news/30520461_1_singapore-firms-singapore-government-financial-sector |title=Singapore firms get Gujarat International Finance Tec City (GIFT) invite - The Economic Times |website=Articles.economictimes.indiatimes.com |date=2011-12-15 |access-date=2017-01-03}}</ref>

On 26 December 2011, ''[[The Times of India]]'' reported China's technology giant [[Huawei]] was likely to provide technology to GIFT. According to Eric Yu, president, enterprise business of [[Huawei|Huawei India]], this technology included networks, data centres and surveillance.<ref>{{cite web|url=http://articles.timesofindia.indiatimes.com/2011-12-16/ahmedabad/30524622_1_huawei-india-international-finance-tec-city-sis |archive-url=https://web.archive.org/web/20120116131308/http://articles.timesofindia.indiatimes.com/2011-12-16/ahmedabad/30524622_1_huawei-india-international-finance-tec-city-sis |url-status=dead |archive-date=2012-01-16 |website=[[The Times of India]] |title=India News, Latest Sports, Bollywood, World, Business & Politics News |access-date=2017-01-03}}</ref>

On 2 October 2014, NetIndian reported a new World Trade Center would be set up in GIFT City as per an agreement between World Trade Center India Services Council (WTCS) and GIFT City Ltd. It would be completed within four years.<ref>{{cite web|url=http://netindian.in/news/2014/10/02/00030771/gift-city-gcci-world-trade-centre-pact-trade-development |title=GIFT City, GCCI and World Trade Centre in pact for trade development | NetIndian |website=Netindian.in |date=2014-10-02 |access-date=2017-01-03}}</ref>

[[BSE Broker's Forum]] would invest {{INR|120 crore}} to build a commercial tower to set up back-office operations to lower their costs and enjoy modern facilities. They were allocated {{convert|300000|sqft|m2|order=flip}} to develop the commercial tower with the likelihood of setting up an exchange office.<ref>{{cite web|url=http://www.dnaindia.com/money/report-bse-to-set-up-commercial-tower-at-gift-city-in-gujarat-2026420 |title=BSE to set up commercial tower at GIFT city in Gujarat | Latest News & Updates at Daily News & Analysis |website=Dnaindia.com |date=2014-10-15 |access-date=2017-01-03}}</ref>

According to ''[[The Times of India]]'' on 18 October 2014, the [[Bangalore]]-based [[Brigade Group]] would invest {{INR|500 crore}} over the next few years to develop {{convert|1.1|e6sqft|m2|order=flip}} of built up area with a future option of investing another{{INR|600 crore}} to develop {{convert|1.7|e6sqft|m2|order=flip}}.<ref>{{cite web|url=http://timesofindia.indiatimes.com/business/india-business/Brigade-Group-to-invest-Rs-500-crore-in-GIFT-City-as-co-developer/articleshow/44867808.cms |title=Brigade Group to invest Rs 500 crore in GIFT City as co-developer - Times of India |website=Timesofindia.indiatimes.com |date=2014-10-18 |access-date=2017-01-03}}</ref>

In November 2018, [[The Wire (India)|The Wire]] reported the Government of Gujarat State would buy out the 50% stake of beleaguered [[Infrastructure Leasing & Financial Services]] (IL&FS) in the GIFT City to minimize delays to the project.<ref>{{cite web|url=https://thewire.in/political-economy/gujarat-buying-crisis-hit-ilfs-stake-gift-city-vijay-rupani|title=Gujarat Will Buy Crisis-Hit IL&FS Stake in 'Gift City', Says CM Vijay Rupani|website=The Wire}}</ref> In June, 2020, IL&FS concluded sale of its stake in GIFT-City for {{INR|32 crore}} equity value to the state government.<ref>{{Cite news|date=2020-06-08|title=IL&FS sells 50% stake in GIFT City to Gujarat govt, reduces consolidated debt by over Rs 1,200 crore|work=The Economic Times|url=https://economictimes.indiatimes.com/markets/stocks/news/ilfs-sells-50-pc-stake-in-gift-city-to-gujarat-govt-reduces-consolidated-debt-by-over-rs-1200-crore/articleshow/76260582.cms|access-date=2020-06-09}}</ref>

According to Business Standard<ref>[https://www.business-standard.com/article/economy-policy/boost-for-aif-biz-at-gift-city-as-top-fund-administrator-gets-license-119011400379_1.html] Boost for AIF biz at Gift city as top fund administrator gets license</ref> [[OPS Fund Services]], a subsidiary of [[OPS Global, Singapore]], received a license to open in the International Financial Service Centre at GIFT city.<ref>{{cite web|url=https://www.business-standard.com/article/economy-policy/boost-for-aif-biz-at-gift-city-as-top-fund-administrator-gets-license-119011400379_1.html|title=Boost for AIF biz at Gift city as top fund administrator gets license|first=Rajesh|last=Bhayani|date=14 January 2019|via=Business Standard}}</ref>

On 5 December 2019, [[Business Standard]] reported [[Bank of America]] opened a Global Business Services Center at GIFT.<ref>{{Cite news|url=https://www.business-standard.com/article/finance/bank-of-america-opens-global-business-services-center-at-gift-ifsc-119120601155_1.html|title=Bank of America opens Global Business Services Center at GIFT-IFSC|last=Umarji|first=Vinay|date=2019-12-06|work=Business Standard India|access-date=2020-01-23}}</ref>

On 6 January 2020, [[Accor]] opened the first international hotel in GIFT City.<ref>{{Cite web|url=https://www.traveldailymedia.com/accor-opens-the-first-international-hotel-in-gift-city/|title=Accor opens the first international hotel in GIFT City|date=2020-01-06|website=Travel Daily|language=en-US|access-date=2020-01-23}}</ref>

On 20 January 2020, [[The Economic Times]] reported GIFT was ready to begin trading in rupee-dollar in the [[futures market]].<ref>{{Cite news|url=https://economictimes.indiatimes.com/markets/forex/gift-city-to-begin-trading-in-rupee-dollar-in-futures-market/articleshow/73444484.cms|title=GIFT City to begin trading in rupee-dollar in futures market|last=Das|first=Saikat|date=2020-01-20|work=The Economic Times|access-date=2020-01-23}}</ref>

===Construction timeline===
{{More citations needed section|date=April 2021}}
Two 28-floor commercial towers called GIFT One and GIFT Two have been finished. Tendering for the construction of more towers is ongoing.<ref>{{cite web|url=http://deshgujarat.com/2009/01/22/indias-tallest-proposed-building-diamond-tower-showcasedvideo/ |title=India's tallest proposed building Diamond Tower showcased(Video) | DeshGujarat News from Gujarat |website=Deshgujarat.com |date=2009-01-22 |access-date=2017-01-03}}</ref> This phase will also include the building of basic infrastructure. The second phase construction has already begun and the [[Hiranandani Signature building]], which hosts India International exchange, has been completed. The [[WTC]] is under construction. New road access to GIFT City has been built. The third phase's construction and commencement of the fully built city will occur between 2020 and 2023. The fourth phase, termed "The Enpeoplement", will fill the city with humans.

===Consultants===
* Design and Architecture - East China Architectural Design & Research Institute (ECADI) and Fairwood Consultants India
* ICT Advisory Services - [[British Telecom]]
* Market Demand Assessment - [[McKinsey & Company]]
* Talent Demand Assessment - [[Hewitt Associates]]
* Environmental Assessment - IL&FS Ecosmart Ltd
* Process Management - IL&FS Infrastructure Development Corporation Ltd
* Power Management - [[ABB Group]]<ref>{{cite web|url=http://www.abb.com/cawp/seitp202/e564972c0a2c6cfec125749c002d678d.aspx?leftdb=abbzh250&v=553E&e=us |title=ABB will power up the world's biggest financial district |website=Abb.com |date=2008-08-13 |access-date=2017-01-03}}</ref>

===Status===

As part of Phase-I development, around {{convert|8.4|e6sqft|m2|order=flip}} of built-up area has already been allotted from the {{convert|13|e6sqft|m2|order=flip}} available for commercial, residential and social use.<ref>{{cite web|url=http://www.vibrantgujarat.com/DisplayNewsUpdate.htm?NewsUpdateId=121 |title=News Update 2015 | VG 2015 | Vibrant Gujarat Global Summit 2017 |website=Vibrantgujarat.com |access-date=2017-01-03}}</ref> On 11 September 2019, [[Tapan Ray]], Managing Director and Group CEO of GIFT City, said the city had attracted around {{INR|11,000 crore}} of investment.<ref name="CNN Business">{{cite web|url=https://www.financialexpress.com/industry/immediate-priority-to-reach-30000-jobs-in-next-3-years-tapan-ray-managing-director-gift-city/1702395/|title=30,000 jobs in next 3 years immediate priority, says Tapan Ray, MD, Gujarat International Finance Tec-city|last=Business|first=Rishi Iyengar, CNN|website=CNN}}</ref>

==Utilities==
[[File:Utility Tunnel GIFT City.jpg|thumb|Utility Tunnel GIFT City]]
India's first city-level [[district cooling]] system (DCS) is operational at GIFT City. The first phase of this DCS, with a capacity of 10,000 [[Ton of refrigeration]] has been in operation since April 2015; it reduces the operational cost by 30-40% and avoids the capital cost of implementing individual air conditioners in each building.<ref>{{Cite web|url=https://www.rehva.eu/publications-and-resources/rehva-journal/2018/012018/indias-first-district-cooling-system-at-gift-city.html|title=India's First District Cooling System at GIFT City: REHVA|website=www.rehva.eu|access-date=2019-02-18}}</ref>

==Transport==
[[File:Gift City.jpg|thumb|Gift City night view]]

GIFT City will have a metro station connecting it to the [[Ahmedabad Metro|Ahmedabad metro]] network by March 2024.<ref>{{cite web|url=http://articles.timesofindia.indiatimes.com/2013-01-10/ahmedabad/36257250_1_gift-city-gujarat-international-finance-tec-city-ramakant-jha |archive-url=https://web.archive.org/web/20131105151056/http://articles.timesofindia.indiatimes.com/2013-01-10/ahmedabad/36257250_1_gift-city-gujarat-international-finance-tec-city-ramakant-jha |url-status=dead |archive-date=2013-11-05 |website=[[The Times of India]] |title=India News, Latest Sports, Bollywood, World, Business & Politics News |access-date=2017-01-03}}</ref><ref>{{Cite web|url=https://www.financialexpress.com/infrastructure/ahmedabad-gandhinagar-metro-rail-work-on-phase-2-of-the-project-to-begin-in-june-2020-details/1767787/|title=Ahmedabad- Metro Rail: Work on phase 2 of the project to begin in June 2020; details|date=2019-11-18|website=The Financial Express|language=en-US|access-date=2020-01-23}}</ref>

==References==
{{Reflist|30em}}

==External links==
* {{Official website|http://giftgujarat.in/}}
* {{Youtube|YynCpCEEMYU|"Financial Centres Of The World 2020: Focus On GIFT City, Gujarat"}}
{{gujarat}}

{{DEFAULTSORT:GIFT CITY}}
[[Category:Proposed infrastructure in India]]
[[Category:Economy of Gujarat]]
[[Category:Science and technology in Gujarat]]
[[Category:Financial districts in India]]
[[Category:Buildings and structures under construction in India]]
[[Category:Planned cities in India]]
[[Category:Financial services in India]]
[[Category:Chief Ministership of Narendra Modi]]
[[Category:Economy of Ahmedabad]]

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Gujarat International Finance Tec-City