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GIFT City’s master plan for expansion to over 3,300 acres nearing completion

Tuesday, 12 Dec 2023
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The Gujarat International Finance Tec-City (GIFT City) is expanding to over 3,300 acres along with social infrastructure from the current 886 acres, with the master plan being in the final stages of completion. In the coming weeks, GIFT Urban Development Authority is likely to submit the expansion plan to the Urban Development Department, Government of Gujarat.

Gujarat International Finance Tec-City Company (GIFTCL) is planning to develop social infrastructure, including an entertainment, recreational and retail zone spread over 20.5 acres in GIFT City along with a large ferris wheel, GIFT Eye. The development will spread over 1.5 million sq. ft., including retail space, an entertainment area with attractions like a large ferris wheel, fountain show etc. adjacent to the riverfront.

For the GIFT Eye, the tentative highest point of the structure will be 158 mtrs. as per the current no-objection certificate from the Airports Authority of India (AAI). In addition, the GIFT City board is also planning to build an independent tower for fintech training institutions, start-ups, and research and development (R&D) to speed up the work progress.

The second phase development plan with town planning schemes around the GIFT City is anticipated to be unveiled after the state government’s review and feedback from the public as per the statutory requirements. The development plan is expected to further the efforts to develop GIFT City as a global financial activity hub.

The expansion of GIFT City along with riverfront development and upcoming metro connectivity, seeks to create an integrated metropolis which offers a world-class lifestyle. With this, the government’s vision is to make GIFT City the centre of a new age of global finance, including climate financing, and technology services.

Further, the state government plans to operationalise the metro network in the city by July 2024. It has also announced a nine km riverfront along the banks of the Sabarmati River near GIFT City, which will be completed in the next 2.5 years.

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