Ahmedabad based Shilp Group has acquired the costliest development rights here through an auction. Shilp Group which has already announced three projects as GIFT City secured 5 lakh square feet of development rights on a new land parcel in the SEZ area at Rs 1,821 sq ft setting a new record for the costliest development rights.
Previously Venus Group has acquired development rights at around Rs 1,800 per sq ft. Traditionally GIFT City allocated development rights at Rs 1,000 per sq ft for residential projects and Rs 1,350 per sq ft for commercial projects. However, in the past year, the base price for both residential and commercial developments was set at Rs 1,600 per sq ft. Developers would then participate in the bidding process. Despite the challenges posed by the pandemic, GIFT City has successfully allocated over one crore sq ft of development rights.
Spanning 886 acres of land with a built-up area of 62 mn sq ft, GIFT City offers a comprehensive range of facilities, including office space, residential apartments, schools, hospitals, hotels, clubs and retail and recreational amenities. The development consists of a multi-service SEZ and domestic area, it is positioning itself as a formidable competitor to global financial hubs like Dubai, Hongkong and Singapore with several foreign banks and financial institutions already establishing a presence here.
Confirming the deal, Shilp Group Founder, Yash Brahmbhatt says, “Considering GIFT City’s emergence as a global financial hub we have decided to embark on another project in the GIFT SEZ. Our new project, will span 5 lakh sq ft with an investment of Rs 400 crore, bringing our total development rights as a GIFT City to 24.50 lakh sq ft. We have already planned three projects in GIFT City, including a residential project of 7.10 lakh sq ft in the SEZ area, which is currently under construction.”
Additionally, a commercial project of 7.10 lakh sq ft is awaiting permissions. We have also acquired 5 lakh sq ft of development rights for other projects in the SEZ area and this latest acquisition will mark our second commercial project in the SEZ.
