SOBHA forays into Gujarat with GIFT City
April 18th, 2018
Ahmedabad is one of the prominent business centres of Gujarat. It is the second largest cotton textile hub in India after Mumbai. It has strong pharma, petrochemical and automobile industries as well. Over the years, rapid infrastructure development has augmented the IT and ITES sectors y, making it an important investment destination. Together, these factors have given a fillip to the commercial and residential real estate market in the city. To fulfil this increasing demand, the Government of Gujarat had initiated in 2013 the Gujarat International Finance Tec-City (GIFT City), India’s 1st operational Smart City and International Financial Services Centre (IFSC) located between Ahmedabad and Gandhinagar. Joining hands with GIFT City, SOBHA has forayed into Gujarat with an expected investment of over INR 500 crore. This will increase SOBHA’s residential footprint in 10 cities in the country.
With a total built up area of 1.3 million square feet, SOBHA will develop close to 1000 housing units in the fully-integrated city built on the walk-to-work concept. This investment is in line with SOBHA’s focus on developing affordable housing projects in major cities across the country while contributing significantly to Hon’ble Prime Minister’s vision of ‘Housing for All’.
Spread over 886 acres of land, GIFT City features include 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 INR 11,000 crore with allotment of ~16 Mn sq ft of built up area (BUA). Presently, ~200 companies are operational at GIFT City, employing around 8000 people.
SOBHA has set benchmarks in the Indian real estate sector with its precision and international quality homes across segments. The company’s unique model of backward integration makes it the only real estate player in India to have all the competencies and resources in-house to deliver a project from conceptualisation to completion.