Ahmedabad-based Nila Spaces is investing INR 750 crore in a new residential project at GIFT City, signaling the area's evolution into an urban living hub. The developer secured a 5,550 sqm plot for INR 342 crore, with plans for a 100-meter tall residential building spanning 5.22 lakh sq ft. This project aims to generate over INR 1,000 crore in revenue and cater to professionals in the financial and technology sectors. With other developers like Sobha Limited also investing, GIFT City is poised to become a premier destination for both business and urban living.
Ahmedabad-based real estate developer Nila Spaces is investing INR 750 crore into a new residential project within Gujarat International Finance Tec-City (GIFT City). This substantial investment signals a growing trend ? GIFT City is no longer just a business district, but a potential hub for urban living, attracting major players in the real estate industry.
Nila Spaces secured a 5,550 square meter plot of land for a hefty INR 342 crore through a competitive auction process. This translates to a per-square-foot transaction value of INR 6,557, highlighting the premium nature of the location within GIFT City. Plans for the project include a towering 100-meter residential building offering a spacious 5.22 lakh square feet of developed space. With a projected total revenue exceeding INR 1,000 crore, the project is poised to be a landmark addition to GIFT City's landscape.
Nila Spaces isn't the only developer recognizing GIFT City's potential. Luxury real estate developer Sobha Limited has already established a presence with its Avalon and Dream Heights projects. These projects offer high-end apartments ranging from 737 to 2,277 square feet, catering to the growing demand for premium residences within GIFT City. Reportedly, prices for these apartments start from INR 4,710 per square foot and can reach up to INR 13,542 per square foot, reflecting the high-end market segment they target.
Deep Vadodaria, director of Nila Spaces, emphasizes a unique vision for their project, which aims to create urban living spaces that address global needs, focusing on mental health and combating corporate burnout. This emphasis on resident well being is intended to appeal to professionals working in GIFT City's fast-paced financial and technology sectors. By setting Nila Spaces apart from competitors, this approach could attract a new demographic seeking a holistic living experience.
GIFT City's appeal extends beyond residential development, attracting major corporations seeking a world-class business environment. Bank of America has leased a substantial 400,000 square feet of office space for 15 years, underscoring its long-term commitment to the area. Similarly, Google has secured an entire floor in the Fintech One commercial tower, reflecting the increasing presence of tech giants in GIFT City. These significant investments by leading global companies highlight GIFT City's burgeoning reputation as a premier destination for business and innovation.
Interestingly, even companies facing challenges are recognizing the potential of GIFT City. Infrastructure Leasing & Financial Services (IL&FS), a non-banking finance company that has struggled financially in recent years, put commercial properties exceeding 540,000 square feet in GIFT City's GIFT TWO tower up for sale. This move highlights the overall confidence in GIFT City's growth potential, even attracting companies looking to monetize their assets.
This project could mark a significant shift towards GIFT City becoming a self-contained urban center. With residential options alongside established businesses, GIFT City could offer a complete work-life experience for professionals. Nila Spaces' commitment to resident well being adds another layer of appeal, potentially attracting a new generation of urban residents seeking a healthy and balanced lifestyle.
Whether Nila Spaces' project proves to be a trendsetter or a lone venture, it undoubtedly opens a new chapter for GIFT City. With major developers entering the market, this investment could be a catalyst for transforming GIFT City from a business hub to a thriving urban center, offering a complete and attractive living environment for residents. The success of Nila Spaces' project and future developments by other players will be closely watched, shaping the future of GIFT City as a potential model for integrated urban living.
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