Since the day of its announcement, GIFT City has always been the most awaited development project in our Indian history and is in the headlines every second day. Recently, the news that has been released states that an investment proposal of ₹6187 crores has been put forth to be invested in GIFT City’s infrastructure throughout one and a half decades, i.e., 15 years. One of the GIFT City's managerial officials stated that the ambitious expansion project of GIFT City in Gujarat entails a massive investment of approximately ₹6,200 crore towards developing its infrastructure. While the project aims to create a state-of-the-art urban landscape, it is noteworthy that some of the cutting-edge infrastructure that characterizes the existing GIFT City, such as the District Cooling System and Underground Utility Tunnels, may not be replicated in the new areas. This should be considered while planning and developing the infrastructure for the expanded zone.
The Draft Plan
On Friday, the Gujarat government revealed its draft development plan of the ₹6200 crores, which aims to expand GIFT City in three phases – the first phase of this investment is estimated to be ₹826 crores, while the second phase is estimated to be ₹2765 crores, and the last phase of ₹2596 crores. For this investment, the government is expected to rely on grants and loans from central and state governments to fund this expansion. The investment funds will be used to develop water supply, drainage systems, solid waste management, lake and water channel development, landscape, and streets. The Public Private Partnership (PPP) model is a collaborative approach that aims to expedite the implementation of the development plan for future infrastructure projects. This model is beneficial for promptly executing essential projects like roads, public transit systems, water supply, and solid waste management. The PPP model is also recommended for other significant development projects like waterfront and affordable housing. The PPP model can optimize the efficiency and effectiveness of infrastructure development by harnessing the resources and expertise of both the public and private sectors. The proposed development plan for the new area of 2,441 acres surrounding GIFT City suggests that the existing smart infrastructure, such as the District Cooling System and Underground Utility Tunnels, will not be extended into this area. This decision will impact the five villages in the area, and their infrastructure development plans must be reconsidered. The proposed development plan suggests that the expanded region of GIFT City will depend more on the traditional door-to-door waste collection system, similar to what other municipal areas in Gujarat employ. This is expected to be the preferred method, rather than using the newer Automatic Waste Collection and Segregation System that connects all the high-rise buildings in GIFT City. A representative from the state government was questioned about why the advanced smart infrastructure found in GIFT City hasn't been recommended for the upcoming expansion area. In response, they stated that the current plan is still in its draft phase and is open for public consultation. They added that if people insist on having similar infrastructure for the new area and are willing to bear the cost, it can be included in the final development plan. However, the government has the final authority on the decision. It is anticipated that the infrastructure facilities, including the electric supply, round-the-clock availability of Narmada water, water treatment infrastructure, and stormwater network, will be comparable to those already in place in GIFT City. These essential amenities are crucial to support the smooth functioning of the city, and it is expected that they will be of the same high standard as those currently available in the area.
Bottom Line
The ambitious ₹6,200-crore three-phase expansion plan for GIFT City represents a significant leap forward in India's economic landscape. Proposing to triple the existing GIFT City area to 3,430 acres, this transformative initiative is poised to elevate the city's stature as a global financial and technology hub.
By expanding the GIFT City footprint, the plan anticipates accommodating the evolving needs of diverse industries, enhancing employment opportunities, and promoting sustainable urban development. As the project unfolds in multiple phases, it stands as a testament to India's strategic vision and determination to position GIFT City as a key player on the global stage, fostering economic growth and prosperity for years to come.
If you are planning to invest in GIFT City, contact RES Management and get the best guidance for investing in the best GIFT City properties and owning your dream property in Gujarat’s best IFSC center.
_1.jpg)
_0.jpg)
