GIFT City to get ferris wheel higher than London’s Eye
GANDHINAGAR : The Gujarat International Finance Tec-City (GIFT) is set for a massive expansion, with the master plan for its growth to over 3,300 acres nearing completion. Currently spanning 886 acres, the expansion plan will be submitted to the Gujarat government’s Urban Development Department in the coming weeks.
The second phase of development, which includes town planning schemes around GIFT City, will be revealed after the state government reviews and considers public feedback as per statutory requirements, according to a report.
This development plan aims to transform GIFT City into a global financial hub, aligning with Prime Minister Shri Narendra Modi’s vision. The GIFT City is often seen among PM Modi’s dream projects.
Tapan Ray, MD and Group CEO of GIFT City, emphasized that the expansion of GIFT City, along with riverfront development and upcoming metro connectivity, aims to create an integrated and thriving metropolis that offers a world-class lifestyle.
During a fintech event organized by the International Financial Services Centres Authority (IFSCA) and GIFT City, Prime Minister Modi reiterated the government’s commitment to making GIFT City a prominent center for global finance, including climate financing and technology services.
Jaxay Shah, Founder and Chairman of Savvy Group, which has invested in various projects in GIFT City, highlighted the importance of cohesive and integrated development in the new phase. This includes the creation of residential and social infrastructure that supports a dynamic work-life balance.
To support the infrastructure development in and around GIFT City, the Gujarat government plans to operationalize the metro network by July 2024. Additionally, a 9-kilometer riverfront along the Sabarmati River near GIFT City is expected to be completed within the next 2.5 years.
GIFTCL, the Gujarat International Finance Tec-City Company Ltd, has also planned the development of social infrastructure on 20.5 acres in GIFT City. This will include an entertainment, recreational, and retail zone, featuring attractions such as a large ferris wheel called GIFT Eye.
The development will span a minimum of 1.5 million square feet, including retail spaces and entertainment areas adjacent to the riverfront. The proposed height of GIFT Eye will be 158 meters, higher than London Eye’s 135 meters, as per the current no-objection certificate from the Airports Authority of India.
Furthermore, the GIFT City board intends to construct a dedicated tower for fintech training institutions, start-ups, and research and development. This initiative aims to accelerate the city’s progress.
GIFT City has gained recognition as a financial hub, attracting numerous global fintech entities. It is currently home to over 500 companies, including aircraft and ship leasing companies, fintech firms, banks, funds, stock exchanges, and renowned technology companies like Google, IBM, and Oracle. Additionally, it houses India’s first bullion exchange, with more than 100 qualified jewellers onboarded.