The real estate development company plans to develop 1,000 housing units with a total built up area of 1.3 million sq ft.
Bengaluru-based Sobha Group has forayed into Gujarat with a Rs 500 crore plus investment where it will be developing 1,000 housing units at the Gujarat International Finance Tec-City (GIFT City), a company release said.
With a total built-up area of 1.3 million square feet, Sobha will develop close to 1,000 housing units in the fully-integrated city built on the walk-to-work concept. This investment is in line with the company’s focus on developing affordable housing projects in major cities across the country.
GIFT City is India’s first operational Smart City and International Financial Services Centre (IFSC). With this, Sobha will increase its residential footprint to 10 cities across the country.
“Ahmedabad is a prominent business centre of Gujarat. It is the second largest cotton textile centre in India after Mumbai with equally strong pharma, petrochemical and automobile industries. Rapid infrastructure development over the years has augmented the IT and ITES sectors as well tremendously, making it an important investment destination. These, together, have given a fillip to commercial and residential real estate market in the city. To fulfil this increasing demand, the Government of Gujarat initiated the full-integrated city project of GIFT City between Ahmedabad and Gandhinagar, where SOBHA will contribute significantly in fulfilling the residential demand,” said Ravi Menon, Chairman, Sobha Limited.
Commenting on the development, Ajay Pandey, MD and Group CEO, GIFT City said, “GIFT City is experiencing unprecedented growth in the commercial developments and corporate participation. We are delighted to have SOBHA committing such a significant investment at GIFT to complement and participate in GIFT’s journey in becoming a global financial and services hub. It has also emerged as one the prominent landmarks in the office market, after witnessing rapid office development by companies from BFSI, IT/ITES and other services sectors. As a result, more developments will be needed to cater to the increasing demand at GIFT City.”
“SOBHA has set benchmarks in the Indian real estate sector with its precision and international quality homes across segments. Our unique model of backward integration makes us the only real estate player in India to have all the competencies and resources in-house to deliver a project from conceptualisation to completion. With our investment in GIFT City, SOBHA aims to meet the increasing demand for affordable housing while contributing to Hon’ble Prime Minister’s vision of ‘Housing for All’. This also aligns with the vision of GIFT City of offering world-class services and infrastructure. We look forward to working on this project and associating with GIFT City to introduce first-of-its-kind housing project,” said JC Sharma, Vice Chairman and Managing Director, Sobha Limited.
Spread over 886 acres of land, GIFT City features include a district cooling system, underground utility tunnel, and automated vacuum waste collection, a a number of other facilities that are being introduced in India for the first time.GIFT City has so far received investment of over Rs 11,000 crore with allotment of 16 million sq ft of built-up area. Presently, 200 companies are operational at GIFT City, employing around 8,000 people.