Sri Lotus Developers shares jump 4% as firm enters GIFT City with ultra-luxury project

Sri Lotus Developers shares jump 4% as firm enters GIFT City with ultra-luxury project

• Sri Lotus Developers signed a profit-sharing deal with Abhishek Bachchan for GIFT City.
• The project includes luxury retail, offices, and residences over 1 million sq ft.
• Sri Lotus shares rose over 4 percent after the announcement

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The shares of Sri Lotus Developers and Realty jumped more than 4 percent on January 7 after the company announced that it has signed a development agreement with Abhishek Bachchan for a land parcel in Gujarat's GIFT City.

The shares of the company closed at Rs 167.42 apiece on Wednesday, snapping a two-session losing streak.

Sri Lotus Developers on January 7 announced that the development agreement was done through its wholly owned subsidiary Rise Root Projects Private Limited. This marks the company’s expansion into the GIFT City Area, Gandhinagar.

The project will have a built-up area of more than one million square feet. "The Company has made a strategic entry into the GIFT City Area, Gandhinagar with an ultra-luxury, mixed-use development on freehold land, marking Lotus’ first project in Gujarat and a key milestone in its growth journey beyond its core Mumbai market," the firm said.

The deal marks a profit-sharing arrangement with Abhishek Bachchan, enabling Sri Lotus to leverage its core strengths in design, planning, development, and execution, it said.

The proposed development will comprise a mix of premium retail, Grade-A commercial office spaces and high-end residential units. The project is designed to address the growing demand from financial institutions, fintech firms and IT/ITeS companies.

The project is expected to be completed within a period of four years following the launch of the project.

Speaking about the development, Sri Lotus Developers Chairman & Managing Director Anand K Pandit said, "We are pleased to announce our entry into the GIFT City Area, Gandhinagar with our flagship ultra luxury mixed use project. GIFT City is rapidly emerging as a premier global financial and business hub, supported by progressive policy initiatives, robust infrastructure development, and increasing interest from domestic and international investors. Our expansion into this market is driven by the objective of addressing the rising demand for premium and ultra-luxury residential and commercial spaces within the region."

Sri Lotus share price:

Sri Lotus Developers shares have gained nearly 6 percent in the past five days, and around 7 percent in the past one month. This comes after the stock fell more than 14 percent in the past six months.

The company currently has a market capitalization of Rs 8,182 crore.