The GIFT City Master Expansion Plan - Paving the Way for a Global Financial Hub

Finalizing the Vision for GIFT City's Growth

The Gujarat International Finance Tec-City (GIFT) is on the brink of a significant expansion, with its master plan to extend over 3,300 acres from the current 886 acres nearing completion. The Gift Urban Development Authority is set to submit this plan to the Gujarat government’s Urban Development Department shortly. This expansion marks a pivotal step in transforming GIFT City into a global hub for financial activity, as envisioned by Prime Minister Narendra Modi.

Phase Two Development: Enhancing GIFT City

The second phase of GIFT City's development, including town planning schemes, is expected to unfold post-review by the state government and public feedback. This phase aims to fortify GIFT City's position as a premier destination for global financial activities.

Integrated Metropolis Vision

Tapan Ray, MD and Group CEO of GIFT City, shared that the expansion, riverfront development, and upcoming metro connectivity are crucial elements in GIFT City’s transformation into an integrated metropolis. The focus is not just on infrastructure but also on creating a lifestyle that rivals the world’s best.

Government’s Ambitious Plans for GIFT City

During a fintech event organized by IFSCA and GIFT City, Prime Minister Modi emphasized the government's ambition to position GIFT City as the core of global finance, climate financing, and technology services. Jaxay Shah, founder and chairman of Savvy Group, noted the new phase's focus on cohesive development, including residential and social infrastructure that promotes work-life balance.

Infrastructure and Social Hub Developments

The Gujarat government plans to operationalize GIFT City's metro network by July 2024 and complete a 9-kilometer riverfront along the Sabarmati River within 2.5 years. Ray envisions GIFT City as more than a financial center, aiming to build a community with a vibrant social hub. Planned developments include a central park, international-class retail, and a recreational zone.

GIFT City's Lifestyle and Entertainment Aspirations

The Gujarat International Finance Tec-City Company Ltd (GIFTCL) intends to develop an entertainment, recreational, and retail zone over 20.5 acres. This will feature attractions like a large Ferris wheel, "GIFT Eye," rivaling the height of the London Eye, and a fountain show adjacent to the riverfront. Additionally, an independent tower is planned for fintech training institutions, startups, and research & development, accelerating GIFT City's growth.

GIFT City: A Financial and Technological Hub

GIFT City has rapidly emerged as a financial and technological hub, attracting global fintech entities, banks, funds, and stock exchanges. It is home to over 500 entities, including Google, IBM, and numerous fintech companies. Moreover, it hosts India’s first bullion exchange with over 100 qualified jewelers.