GIFT CITY (Gujarat International Finance Tech CITY)

Gujarat International Finance Tech-City or GIFT is an under-construction city in the Indian state of Gujarat. It will be built on 986 acres (3.99 km2) of land. Its main purpose is to provide high quality physical infrastructure (electricity, water, gas, district cooling, roads, telecoms and broadband), so that finance and tech firms can relocate their operations there from Mumbai, Bangalore, Gurgaon etc. where infrastructure is either inadequate or very expensive. It will have a special economic zone (SEZ), international education zone, integrated townships, an entertainment zone, hotels, a convention center, an international techno park, Software Technology Parks of India (STPI) units, shopping malls, stock exchanges and service units.






To develop and implement the Project, Government of Gujarat (GOG) through its undertaking Gujarat Urban Development Company Limited (GUDCOL) and Infrastructure Leasing & Financial Services (IL&FS) have established a Joint Venture Company, "Gujarat International Finance Tec-City Company Limited" (GIFTCL).

GIFTCL proposes to implement GIFT as a globally benchmarked International Finance City with an eventual built on area of 85,000,000 sq ft (7,900,000 m2). The company plans to develop, finance, implement all infrastructure in and around GIFT on a turnkey basis to ensure that all conceivable services in relation to connectivity, communication, technology, security, services for quality of life etc. are established and sustained.

Currently, two commercial towers, each of 29 floors each are under construction. They will be completed in December 2012 and January 2013, respectively, while the work on a third residential tower of 33 floors will start soon.

Location:

Centrally located in the state of Gujarat, between Ahmedabad and Gandhinagar, on the bank of river Sabarmati, having geographical coordinates 23°9’26’’N 72°41’12’’E.
 

Silent Features:

Idea
  • The idea of GIFT was developed during the Vibrant Gujarat Global Investor Summit 2007 and is being planned by East China Architectural Design & Research Institute (ECADI), which is responsible for planning much of modern day Shanghai, and Fairwood Consultants India .

Electricity
  • The 1000MW electricity supply is planned to be 99.999% reliable (about 5.3 minutes of outage per year). GIFT's power grid will be designed by ABB Group of Switzerland. All the electricity cables will be underground. Hong Kong Electric Company is 99.998% reliable since 1998.

Piped Gas
  • Natural Gas will be distributed to every house and building via pipes, which is cheaper and safer than cylinders.
  • Gas supply to the city will be made from the existing gas network of GSPL, the state own company for gas transmission pipelines. Piped natural gas is already in distribution in the nearby cities of Ahmedabad and Gandhinagar.

Communications and Telecoms
  • GIFT will have: an Internet Gateway, world-class next generation IP-based network, International Fiber Landing System.

Air Conditioning
  • GIFT will have a centralized AC system, called District cooling which is cheaper to run and uses less electricity.

Concept
  • GIFT is being designed as a hub for the global finance services industry. The Project design has benefited greatly from the inputs of a large number of domestic and international experts who have had an opportunity to determine the key needs of Companies in the financial services space. More particularly, connectivity, infrastructure and transportation access have been integrated into the design of the city. An attractive pricing strategy is also being developed to ensure that it is a fraction of the cost that is ordinarily incurred in other Indian and global finance cities.
Its Target Business Segments are:
  • Financial Services Operations (Back-office of banking, Insurance and Asset Management Companies)
  • IT services (Software Application development and maintenance)
  • Capital Markets & Trading
  • ITeS
  • BPO Services
  • KPO Services

Location:

The site is 18 km from the Ahmedabad International Airport and 8 km from Gandhinagar and nearby shahpur village . The site abuts a four lane National Highway (NH8) which connects Ahmedabad and Gandhinagar on its eastern side. The Sabarmati river demarcates the western boundary of the Project site.

Transportation
  • GIFT aims at providing transportation network which ensures accessibility, easy & fast mobility and zero road accidental deaths. This would be achieved by:
1. Using a multimodal mix of Transport systems (MRTS/LRTS/BRTS, etc.) for both inter region (Ahmedabad, Airport, Gandhinagar and the City) and intra-city.
2. Using walk-to-work concept as part of urban planning with a nodal split of 10:90 between private and public transport.
3. Use of electric Personnel Rapid Transport systems within the City.
  • In future, City will be linked with Ahmedabad BRTS, operated by Ahmedabad JanMarg Ltd.

Landmarks
GIFT one, the first tower completed

GIFT Diamond Tower
GIFT Gateway Towers - will be located in the main avenue of the city. It would have elaborated terrace gardens and rooftop restaurant. The towers draw inspiration from Buland Darwaza. It will have a total 7,300,000 square feet (680,000 m2) built up space.

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GIFT Crystal Towers - With a total 8,500,000 square feet (790,000 m2) built up area, four Cyrstal Towers will overlook the Sabarmati River

 

GIFT Convention Centre - Inspired by the structure of Salt crystals and Mahatma Gandhi's Dandi March, the convention centre would have an opera and have a seating capacity of 10,000. The centre would have total built up are of 6,500,000 square feet (600,000 m2).

image
 
Project Phases
  • First Phase
As of now, two commercial towers, each of 29 floors called the GIFT one and GIFT two have been finished. Tendering for the next bunch of towers is going on.
  • Second Phase
The second phase's construction of roads and bases of buildings is under full flow.
  • Third Phase
The third phase's planned period for construction and commencement - 2013-2017.
 
Consultants Engaged in GIFT
1. Design and Architecture - East China Architectural Design & Research Institute (ECADI) and Fairwood Consultants India.
2. ICT Advisory Services - British Telecom
3. Market Demand Assessment - McKinsey & Company
4. Talent Demand Assessment - Hewitt Associates
5. Environmental Assessment - IL&FS Ecosmart Ltd
6. Process Management - IL&FS Infrastructure Development Corporation Ltd
7. ICT Management - Cisco Systems International
8. Power Management - ABB Group

Recent news
  • On Dec 15 2011, Economic Times reported that city officials in GIFT are inviting companies from Singapore who wish to expand but cannot do so due to a lack of land in Singapore to open their businesses in GIFT. Among the investments being encouraged include investments from banks, private equity companies, insurance companies and asset management companies.
  • On Dec 26 2011, the Times of India reported that China's technology giant Huawei is likely to provide technology to GIFT. According to Eric Yu, president, enterprise business, Huawei India, this technology includes networking solutions and setting up of data centers and surveillance as well as other opportunities.

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