Ahmedabad, In a significant administrative shift, the Gujarat state government has transferred jurisdiction over the expansive land slated for the Gujarat International Finance-Tec City (GIFT) City’s growth to the Gandhinagar Urban Development Authority (Guda). This move enlarges the development area from the current 1,000 acres to 3,430 acres, effectively reallocating governance rights from the GIFT Urban Development Authority (GIFT UDA) to Guda.
The decision, outlined in a notification dated June 11, 2024, by the urban development and urban housing department, annuls previous notifications from November 2022 and November 2023 that endorsed GIFT City’s expansion under GIFT UDA’s purview. The notification cites the necessity for rational and cohesive development of the region.
The expanded area, which includes previously privately owned land parcels, posed acquisition challenges. The revised development plan, disclosed in December 2023, charts a course for infrastructure investments amounting to Rs 6,187 crore over the next 15 years within the extended GIFT City domain.
Key adjustments in the new expansion zone include modifications to the floor space index (FSI), limiting construction to 25 meters (approximately eight floors), whereas the existing GIFT City permits an FSI of 125 meters (about 40 floors). This alteration aims to balance development while maintaining environmental and urban planning standards.
GIFT City presently accommodates over 600 entities across financial services, technology, banking, and insurance sectors. Notable institutions such as the International Financial Services Centres Authority (IFSCA) and three exchanges—GIFT Nifty, India International Exchange (India INX), and India International Bullion Exchange (IIBX)—operate within its precincts. As of March 31, 2024, IFSC Banking Units (IBUs) managed banking assets worth $60 billion, highlighting its pivotal role in global financial services.
The restructuring of GIFT City’s expansion under Guda’s stewardship underscores strategic urban planning aimed at fostering sustainable growth and maximizing economic potential in Gujarat. Future developments will pivot on regulatory compliance, economic dynamics, and the imperative to maintain GIFT City’s status as a premier international financial hub.
