Gandhinagar is poised to witness a significant expansion in ultra-luxury mixed-use development as the Bachchan family formalises a development agreement with Mumbai-based Sri Lotus Developers & Realty Limited. The project, set within India’s only operational international financial services centre at GIFT City, will be executed through Rise Root Projects Private Limited, a wholly owned subsidiary of the developer, under an asset-light, profit-sharing model.
The land parcel, measuring approximately 23,000 square metres along the Sabarmati riverfront, has been in the family’s possession for nearly 15 years. Industry analysts observe that converting this prime freehold, non-agricultural land into a high-end mixed-use development aligns with GIFT City’s strategic objective of attracting premium residential, commercial, and retail assets catering to financial institutions, fintech enterprises, and IT/ITeS firms. For Sri Lotus Developers, this initiative represents its first foray into Gujarat and a strategic extension beyond its Mumbai base following its recent initial public offering. The collaboration leverages the developer’s experience in high-value urban projects, combining design, construction, and operational expertise to deliver complex developments. A senior urban planner noted that such asset-light partnership models allow private investors and landowners to de-risk large-scale developments while enabling developers to maintain flexibility in capital allocation and execution.
The proposed development is expected to exceed one million square feet of built-up area, integrating ultra-luxury residential units with Grade-A commercial offices and premium retail. There is scope for hospitality and serviced apartment components, reflecting evolving occupier demands in India’s only operational international financial centre. Market observers highlight that mixed-use projects of this scale can enhance the functional diversity of urban hubs, support workforce accommodation needs, and stimulate local economic activity through employment, service provision, and infrastructure development. The association between the Bachchan family and Sri Lotus Developers is long-standing. The family has been an early investor in the company and has acquired multiple high-end residences from its portfolio, making the collaboration both a continuation of an existing relationship and a strategic urban investment. Experts suggest that celebrity-backed developments often bring additional visibility and attract high-net-worth occupiers, potentially influencing the city’s luxury real estate market dynamics.
Execution is expected over four years, contingent on regulatory approvals and market conditions. Urban development specialists emphasise that the project could serve as a model for integrating sustainable, high-end mixed-use spaces in emerging financial hubs, balancing density, design quality, and environmental considerations along key riverfront precincts. By bringing world-class residential, commercial, and retail spaces to GIFT City, the development reinforces the district’s positioning as a high-value, globally competitive urban centre while setting benchmarks for future ultra-luxury projects in Gujarat and beyond.
Bachchan Family Partners Sri Lotus For GIFT City
