The Gujarat International Finance Tec-City Company (GIFTCL) has received the highest bid of Rs 6,557 per sq. ft. totalling over Rs 342 crore for development rights of a proposed residential project in the special economic zone (SEZ) of GIFT City.

Ahmedabad-based Nila Spaces has outbid 10 other bidders to emerge as the highest bidder with Rs 6,557 per sq. ft. for development of 5.22 lakh sq. ft. on a 1.37-acre plot. The bids were opened on 14 June, 2024. This is the highest-ever price being paid for development rights in GIFT City.

As much as Rs 750 crore will be spent in the project to be developed on this plot which also includes land development charges. The project is likely to be started in the next few months after the design and specific development plan is finalised.

GIFT City had recently invited bids to develop social infrastructure including entertainment, recreational and retail zone spread over 20.5 acres along with a large ferris wheel, GIFT Eye. The proposed ultra-luxury hotel will be developed in line with this infrastruture.