August 4, 2023
The Gujarat International Finance Tec-City (GIFT City) has attracted 4,103 residential units as the two-year-long “sunset clause” that allowed people not working at GIFT City to own and reside in a house built inside the campus came to an end on March 8, 2023.
The sunset clause was introduced in 2021 in a bid to attract real estate developers to GIFT City. However, it was not fully subscribed, with only 10 developers pledging to construct the 4,103 housing units.
The biggest housing project is being developed by a Bengaluru-based real estate company. The other developers who have pledged to construct housing units in GIFT City are based in Ahmedabad.
Tapan Ray, Managing Director and Group CEO of GIFT City, said that the sunset clause will not be extended in the future. “Initially, the houses were meant only for those working at GIFT City. However, we saw that there was a demand from other people as well,” he said.
Ray added that the 4,103 housing units will be ready for occupancy in the next two to three years.
The development of residential units in GIFT City is seen as a positive sign for the financial hub. It is expected to attract more people to the city and boost the local economy.
The Gujarat International Finance Tec-City (GIFT City) has attracted 4,103 residential units from 10 developers, including Sobha Ltd, Arvind Infrastructure Ltd, Brigade Enterprises Ltd, Galaxy Group, Hiranandani Group, JNS Group, Lilavavati Group, Savvy Infrastructure, Stellar Infrastructure, and WTC GIFT City. The sunset clause that allowed people not working at GIFT City to own and reside in a house built inside the campus came to an end on March 8, 2023. The development of residential units in GIFT City is seen as a positive sign for the financial hub. It is expected to attract more people to the city and boost the local economy.
