India’s maiden operational International Financial Services Centre (IFSC), Gujarat International Finance Tec-City (GIFT City), is drawing high-end property developments as Mumbai-based Sri Lotus Developers & Realty Limited entered into a joint development partnership agreement with Bollywood star and actor Abhishek Bachchan for developing a luxury mixed-use development project in Gandhinagar, Gujarat.
Announcement of the agreement, marks the foray of Sri Lotus Developers in the Gujarat real estate industry. This suggests the increasing confidence of the developers in the long-term potential of GIFT City to emerge as an international finance and business destination. In this proposed development, the built-up size would be over one million square feet and would be developed on the freehold land through the company’s subsidiary entity, Rise Root Projects Pvt. Ltd.
Asset Light Development Model
As per the company's information, Rise Root Projects has signed a development partnership deal with Abhishek Bachchan on a profit-sharing basis. The piece of land where the project will come up was purchased by the actor almost 15 years ago, according to sources. Although the company has not revealed the investment amount for the project, it will operate on the principle of asset-light development, which will help Sri Lotus Developers increase its presence.
As the company emphasized, this is anticipated to improve capital efficiency and allow for scalable growth in the emerging and high potential market of GIFT City, where the development of infrastructure and support from policy initiatives are increasingly picking up pace.
Project configuration & Timeline
The new development will be an ultra-luxury mixed-use project comprising ultra-premium retail, Grade-A commercial offices, and super-premium homes. Sri Lotus Developers said the project is coming up to meet growing demand emanating from financial institutions, fintech companies, IT, and ITeS companies, and senior professionals looking for premium residential options near their workplaces.
The project is expected to be completed within four years from its commencement in line with GIFT City's overall master plan of development of the city in phases for commercial, residential, and social infrastructure.
During thedeclaration, the Chairman and Managing Director of Sri Lotus Developers & Realty Limited, Mr. Anand K Pandit, stated that, their decision to enter into the property market in GIFT City is guided by the continuous rising demands for luxury properties in this area.
He emphasized that GIFT City is rapidly becoming a global hub for finance and business, with the help of such factors as policy reforms Council, upgrading of infrastructure, and a surge in investment interest from both domestic and foreign investors. The identified residential and office spaces development proposal is intended, in the developer's view, to provide the very high, end accommodation and commercial space that is currently lacking in the region.
The position of GIFT City is between Ahmedabad and Gandhinagar with the Sabarmati River on either side and it encompasses a land area of about 880 acres. The initiative is to build a smart city, in which commercial, residential, and social amenities would be perfectly combined. This venture will comprise both the SEZ and non SEZ areas, in which it will house companies from the global finance sector, tech companies, and their affiliated services.
Currently, around 30% of GIFT City is operational, with another 30% earmarked for housing development. The city is home to India’s first IFSC, which enables financial transactions in foreign currencies within India’s regulatory framework. Institutions operating from GIFT City also include the NSE International Exchange, where GIFT Nifty is traded.
Recent policy measures, including regulatory relaxations and operational incentives, have further strengthened the city’s appeal for multinational firms, financial service providers, and real estate developers.
Sri Lotus Developers has completed four projects with a combined carpet area of over 4.2 lakh square feet. The company currently has six projects under development and 12 upcoming projects, covering approximately 27.6 lakh square feet of carpet area and around 20.5 lakh square feet of saleable area.
With its entry into GIFT City, the developer joins a growing list of real estate players seeking to establish an early presence in one of India’s most ambitious urban and financial developments. As GIFT City continues to mature, mixed-use developments combining commercial, residential, and retail components are expected to play a key role
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