GANDHINAGAR | Gujarat Int'l Finance Tec-City | 50 fl x 40+ | 25 fl x 40+ | U/C

[bhopalus]

so this is a government fostered project or a purely private enterprise?

[Jai]

It's all on the first page -- a public-private partnership

[ElVoltageDR]

It's amazing how some of these cities are practically building new cities in one bang with huge projects like these. There are some amazing designs in this project and the centerpiece is just that.

[Indymaestro]

Sweet monkey jesus!

Looks like Gujarat is gonna be a *completely* different place compared to when I stayed there for a year while I was a kid. I'll definitely be visiting this place at some point.

Question: how good is the State at enforcing environmentally friendly development and planning? I hope they try and construct this mega-project without disturbing the natural balance of the surrounding areas too much.

Here's hoping. Some of the best memories I ever have are from wandering around the grasslands and forests of sub-urban Gujarati cities [and villages!].

[shivy]

yes im gujarati and what you should know is that we are good with money and have had a great record of development. I live in surat and we have the longest flyover here in all of india. It was completed on time also. Hail Narendra Modi

[davee08]

by far the best project being proposed/approved in india can't wait to see construction begin and yeah what a nice diamond tower and an icon of the city

[Jai]

Oops, I haven't been keeping this thread up to date with news and developments

Firstly, this article states the Diamond tower will be 410m tall. Also reiterates the fact that the buildings have already been approved, and again gives the 2009 date.

New collective investment scheme awaits SEBI nod

Tuesday, 08 April , 2008, 08:28


Mumbai: Gujarat International Finance Tec city (GIFT) is planning to raise the equivalent of $ 2 billion (Rs 8,000 crore) through a ‘Collective Investment Scheme’, a fund-raising route little used since the ‘nineties.

(For Indian investors the collective investment scheme (CIS) would bring to mind the infamous ‘Own Your Goat’, ‘Own Your Teak Tree’ or ‘Golden Forest’ offers which promised outrageously high returns to investors over a ridiculously short period of time. Most of these schemes went under, burying the investors’ wealth forever).

GIFT, a joint venture of Gujarat Urban Development Company and IL&FS, has informally sounded out the Securities and Exchange Board of India (SEBI) on its CIS plan, said Ravi Parthasarathy, Executive Chairman, IL&FS. The regulator has now asked GIFT to file a formal request, he said.

A pre-CIS placement of $ 500 million, which will constitute the “cornerstone investment,” is also part of the plan.

After the goat and teak fiascos, SEBI was compelled to bring this investment animal under its wing.

The CIS was never banned; but it was brought under regulation in 1999. A CIS is an arrangement by which payments from investors are pooled together and utilised with a view to receiving profits, income, produce or property, says the SEBI Web site. Investors do not have day-to-day control over the management of such a scheme.

In the case of GIFT, some of the investors would receive property development rights. The CIS will sell two kinds of units -- Units A will relate to commercial projects that are viable; while units B will relate to commercially unviable projects (such as greening, landscaping) but give its holders property development rights, said Hari Sankaran, Managing Director, IL&FS.

“There is an economic rationale for this,” said Parthasarathy. “Wherever we put infrastructure, land prices go up, not just at a CAGR of 30-40 or 50 per cent, but three and four times.”

“Subscribers can even get to choose the buildings they want to develop,” he said. A trust formed by IL&FS and the Gujarat government will manage the CIS.

Financial services zone

GIFT is developing a 500-acre core world-class financial services zone at a cost of $ 16 billion. This core area will itself be part of a 27,000 acre city-township area located between Ahmedabad and Gandhinagar.

There will be 40 different projects within the 500-acre zone. GIFT itself would develop most of the basic common infrastructure.

According to Sankaran the Indian financial services sector will require 1 billion sq. ft of office space in 20 years’ time. GIFT which is being designed for workforce of 3 million has been benchmarked to international standards, he said.

This city would have the tallest buildings in the country, the tallest at 410 metres, with over 30 buildings over 250 metres in height. These buildings have been approved by the State Government already. By mid-2009, the buildings would come up, he said.

[Jai]

This article shows how crazy fast this project has attracted investors. Apparently they're all but sold out -- even before it begins construction!

From Times of India (21 Apr):

Gandhinagar: Less than a year after it was first unveiled in June 2007, the glitzy Gujarat International Finance Tec-City (GIFT) is more than sold out. That is, if all the MOUs inked actually fructify into concrete committments.



Gujarat’s Rs 63,700 crore GIFT, that’s being designed to give Mumbai a run for its money as India’s financial hub, is “overbooked” with 78 million square feet space being lapped up as against the 75 m sq ft space on offer at the 500-acre international finance hub. Incidentally, only two bookings for a total of 8.5 million sq ft are committed out of the total 24 bookings. What’s more, proposals are still pouring in. “We are getting one proposal daily though we are all sold out,” said a senior official.

GIFT chairman Sudhir Mankad told TOI, “We are on the fast track. The concept design will be ready by May-end after which we will start the process of implementing the project on the ground by appointing agencies to build basic infrastructure.” According to officials, international and domestic players including financial biggies as well as realty giants have booked space at GIFT.

GIFT is being set up by GIFTCL (Gujarat International Finance Tec-City Company Ltd), a 50:50 JV between the Gujarat government and International Leasing & Financial Services Ltd.

A list of the companies that have booked space:


-------==--=--==-------


And from another article about the June IPO

“GIFTCL has decided to apply to Securities and Exchange Board of India (SEBI) by June-end to raise money through the capital markets to part-fund the Rs 12,000 crore investment that would go into setting up basic infrastructure for the project,” a senior state official told TOI.
....
..
Well-placed Sachivalaya sources told TOI that as soon as the basic design of GIFT is ready by May-end, GIFTCL would firm up its IPO plans. When contacted, GIFT chairman Sudhir Mankad confirmed plans for an IPO, but said “details of the plan would be clearer only a month from now”.
...
..
According to officials, the decision to go public has been taken because there has been an “overwhelming response” from top realtors, finance biggies and IT entrepreneurs to GIFT that plans to give Mumbai a run for its money.

Full article (TOI 22 Apr):



Thanks to forumer Indiansunite for the articles

[Jai]

Someone left this comment in my blog. Take it fwiw:

I just returned from Gandhinagar yesterday. I went to the GIFT city site in hte village of Shahpur. The adjoining villages of Vallaj, Ferozepur, have all seen an exponential increase in the value of real estate. The development of the GIFT has started. Initial digging has resumed and the Diamond tower height has been reduced to being 82 storeys on account of the soil conditions.

The entire GIFT project is on wasteland between hte Shahpur and Ferozepur villages. Not one farm has been acquirede for the project. This is the amazing thing. This is the reason why you do not hear any complaints from the adjoining villagers. The price of the land adjoining the project is now between 50 lacs a bigha to 1 crore a bigha( itr was 5 lacs a bigha in September 2007).

The problem that i see is that the farmers are finding it difficult to adjust to this new found wealth. Fianace advice to these people with counselling would help.

Also, apparently there is apparently a model of the city on display somewhere:

[Ni3lS]

That's amazing news! I love this project. Really huge, and the design of the Diamond Tower..

[Jai]

Some major news!

Firstly, the size of GIFT has grown 20%! From 75 to 90 million sq ft of built up area!

Secondly, due to the overwhelming demand (its already close to if not completely sold out),the entire project is going up all at once, not in phases!

And lastly, it seems Diamond Tower has grown even taller -- to 100 stories! Assuming the ratio stays the same as the old design (400m:80fl), the building would presumably be 500 meters/1,640 feet tall!





Gujarat banks on mega projects to lure global investors

Ahmedabad, June 24 (IANS): At the Vibrant Gujarat global investors summit in January next year, the Gujarat government’s accent will be on marketing the $90-billion Delhi-Mumbai Industrial Corridor (DMIC) and the $6-billion Gujarat International Finance Tech-City (GIFT) projects. Officials told IANS Tuesday that besides these two mega projects, the state government will also focus on attracting investments in identified sunrise sectors such as biotechnology and nanotechnology.

The DMIC project, planned on the lines of the famous Tokyo-Osaka industrial corridor, covers Delhi and the National Capital Region around it, as well as the states of Uttar Pradesh, Haryana, Rajasthan, Gujarat and Maharashtra.

But the maximum area of the project passes through Gujarat - about 40 percent.

The officials said thanks to the DMIC project, Gujarat could have a dedicated petroleum, chemicals and petrochemicals hub in the Bharuch-Dahej area, in addition to another in the Ahmedabad-Dholera stretch.

Besides, it could also build four industrial regions along the corridor.

The DMIC and the special economic zones that have been proposed along the corridor will cover 18 districts and an estimated 75 percent of the population. Gujarat hopes to attract an investment of Rs.2000 billion, estimated to generate 800,000 direct and indirect jobs.

The four industrial regions proposed are the Palanpur-Siddhpur-Mehsana sector in north Gujarat, the Vadodara-Bharuch stretch in central Gujarat, and the Surat-Navsari and Valsad-Umargaon zones in south Gujarat.

Dairy farming, textile mills, salt, ginning and value-added agri product sectors would benefit in north Gujarat, while in central Gujarat, it would be auto components, automobiles, electronics, chemicals, cement and pharmaceuticals.

In south Gujarat, the biotech, ceramic and engineering sectors would reap benefits.

The GIFT on the other hand, according to project chief executive officer D.S. Anjaria, could emerge as the world’s largest international finance centre, sprawled over 500 acres on the banks of the Sabarmati river near Gandhinagar.

The first phase of the project is planned to be operational by 2010, and Anjaria said memoranda of understanding (MoU) have already been signed with realtors to develop 90 million square metres, against the planned 75 million square metres.

“We are planning to develop the project at one time, instead of in phases,” he said. A 100-storey skyscraper - the tallest in India - surrounded by model townships, techno-parks, financial districts, and export-oriented unit parks would be developed.

The special economic zone (SEZ) proposed within the GIFT will have a financial centre, techno -parks, software parks, market zones, money exchanges, service units and education zones.

Anjaria said five Indian banks have already confirmed their location at GIFT, while two foreign banks have shown interest. “Stock markets and commodities markets are expected to come up in the SEZ,” he added.

Anjaria, who is a former chief secretary of Gujarat, said the Vibrant Gujarat summit is the “ripe time to market the project and clinch deals as we will have done much spadework on the project by that time.”

At the 2007 edition of the summit, the state attracted investment proposals worth Rs.4,628.35 billion.

One thing to note, the reporter got mixed up. It's not 90 million sq meters, but sq feet.

[bhopalus]

Finally, our first on site pics:

http://www.skyscrapercity.com/showpo...&postcount=116

[bhopalus]

http://www.ecadi.com/en/news_d.php?id=337

ECADI Attended Davos Economic Forum in Dalian-Discussing Strategical Cooperation with Gujarat, India 2007-09-30
Davos annual meeting is referred to as the unofficial economics summit meeting by western media with its biggest feature to emphasize particularly on strategically thinking service for entrepreneurs to develop their business. From 6 September 2007 to 8 September 2007, the summer Davos Economic Forum- Annual Meeting of the New Champions was held in Dalian, China.

Gujarat is one of the fastest growing economic zones in the world. It has attracted much foreign investment, representing nearly 25% of that attracted by India. Therefore, India's Gujarat was invited to attend this meeting, and a promotion conference of Gujarat was also held. As a member of the joint design group for Gujarat International Finance Town Project which plays a crucial role in helping improve investment environment and attract foreign funds, ECADI was invited by the owner of the Project to attend the conference. On behalf of ECADI, Mr. Yao Wenlin, attended the conference and discussed in-depth strategic cooperation between ECADI and Gujarat with the other guests, including Governor of Gujarat.

During the meeting, Governor of Gujarat spoke very highly of the plan by our Company for Gujarat International Finance Town Project, and hoped our Company to continue to bring ideas from our valuable experiences in China for the design of this project. The Governor also encouraged ECADI to play an active role in turning this project into a worldwide advanced urban district. He also extended his intention that ECADI may serve more projects in the new town construction of India.

Meanwhile, President Yao Wenlin went on an in-depth discussion with President of IL&FS Company, which is one of the owners of this project and also one of the largest basic facilities development companies in India, on participation of our Company in IL&FS Company's various development projects. The bilateral communication involves issues of how to participate in the projects in Gujarat and how to cooperate strategically between both parties in fields such as project information exchange and human resources exchange.

[Jai]

Rs 4,000-cr GIFT set to be unwrapped by year end

BASHIR PATHAN

Posted online: Sunday , July 13, 2008 at 03:47:06
Updated: Sunday , July 13, 2008 at 03:47:06

Gandhinagar, July 12 Shanghai inspiration behind structural design of skyscrapers

With the East China Architectural Design and Research Institute (ECADI) busy giving final touches to the detailed structural designs for several skyscrapers to come up for the planned Gujarat International Finance Tec-city (GIFT) project, the work on the Rs 4,000 crore infrastructure component of the project is expected to begin by the year end.

"The laying of internal roads, underground cables and pipes, water supply, sewage, power supply system and so on will begin early this December," said a delegation member.

Recently, Gujarat Urban Development Company (GUDC) Managing Director Srinivas Katikithala went on a week-long visit to Shanghai to hold detailed discussions with a team of ECADI designers and architects on the subject. Srinivas was part of an 8-member delegation comprising consultants of the GIFT project who visited Shanghai early this week.

"During its recent visit to Gujarat, the ECADI team had presented concept designs for six skyscrapers envisaged for the ambitious GIFT project. We went to Shanghai to understand the concept designs, and after prolonged discussions with them, we endorsed the concept," said Srinivas.

"During our six-day stay in Shanghai, we also discussed this and other issues related to the master planning and development of the project with the ECADI team," said a delegation member.

A GUDC official told this paper that the ECADI team of designers will visit Gandhinagar sometime next month when detailed structural designs and other things related to the proposed highrises under the GIFT project will be finalised.

To be benchmarked as "a global finance hub", the Rs 50,000 crore GIFT project is a joint venture between the GUDC and Infrastructure Leasing and Financial Services Limited (IL&FS) — a leading Mumbai-based infrastructure consultancy firm. It is envisaged to come up on 500 acres of land along the eastern banks of the Sabarmati on the outskirts of Gandhinagar.

A senior official associated with the project said: "One of the skyscrapers envisaged on the GIFT project premises will be more than 80 storeys high, while the rest will be just above 50-storeys. More than 50 such buildings are proposed for construction under the multi-crore state-of-the-art project."

An official said the China Government-owned ECADI is a reputed company credited with the design and construction of 80 per cent of the buildings in Shanghai.

The Gujarat team members also visited Seoul (South Korea) and attended a World Tall Buildings Conference there, he said. "The conference provided us a rare opportunity to interact with some leading world famous developers, designers, architects, planners and technocrats. We also get to know their views on the latest building technology trends in the world", he said. "On the sidelines of the world meet, we also had a chance to interact with the developers of the under-construction 200-storey "Burj Dubai" building — considered the tallest in the world," he added.

Originally Posted by Euromast

[Jai]

Secondly, here are some more project design updates from a presentation given by K.Srinivas, IAS., M.D., GUDC at Stanford University.

----==--==-----

SEZ breakdown:


Divided into...
Processing Areas (125 acre)
•International Financial Service Center (IFSC)
•International Techno Park
•STPI Units - Technology
•International Market Zone
•Exchanges, Service Units
•Inter. Education Zone

Non-Processing Areas (125 acre)
• Utilities
• Integrated Townships
• Entertainment zone
• Hotel/Convention Centre
• Shopping Malls
• Health Services
• Schooling

----==--==-----

A graphical breakdown of land use and built up area use in the project:



• Total road network to be strengthened in two phases:
• 2 new bridges and 1 river tunnel envisaged
• 7 grade separators planned

----==--==-----

And some transportation stuff...

1. The "living bridge" concept to maximize space use and minimize the negative impact of infrastructure on the city:





2. The extension of Ahmedabad's Bus Rapid Transit System (BRTS) into GIFT (37km):



3. The extension of Metro Rail System (MRTS) into GIFT:

• Additional link of 25 km between GIFT, Airport, Ahmedabad and Gandhinagar
• Transport Demand Generated by GIFT between Ahmedabad & Gandhinagar
• 2.5 lakhs trips per day one way by Year 2010
• 5 lakhs trips per day one way by Year 2017

----==--==-----

GIFT provides landscaped zones and hierarchy of green space:


City level
• Central green
• Peripheral greens/Buffer greens
• Public greens
• Greenways

Neighborhood Level
• Public greens


-Jai

[bhopalus]

NEW RENDERS OF THE DIAMOND TOWER







The website has also been updated like crazy with a new logo and banner and PRESENTATION and they have even appointed a BOARD and have for the first time put something under the CAREER section. Looks like they even have a CONTACT US section (it used to be some fake gift@gmail.com address or something, but now it has phone numbers and names).

[bhopalus]

Click HERE to see renderings of each and every building planned and a detailed plan for every square inch of the new city including transportation, utilities, bridges, roads, schools, hubs, malls, etc loaded with various pictures, diagrams, renders and maps

[mightygoose]

as much as the above poster has appalling forum ettiquette and manners his link is sound and not a virus as it may appear to be...

[xXFallenXx]

Originally Posted by mightygoose

as much as the above poster has appalling forum ettiquette and manners his link is sound and not a virus as it may appear to be...

Thanks, i didn't click it specifically because i thought it might be a virus.

[Tounsi]

Originally Posted by bhopalus

NEW RENDERS OF THE DIAMOND TOWER







The website has also been updated like crazy with a new logo and banner and PRESENTATION and they have even appointed a BOARD and have for the first time put something under the CAREER section. Looks like they even have a CONTACT US section (it used to be some fake gift@gmail.com address or something, but now it has phone numbers and names).

Some of the highrises are similar to the CCTV headquarter in Beijing and the new design of the Diamond Tower is outdated imo

i was very impressed by the first design this is a disapointment...