India’s first operational smart city and International Financial Services Centre, Gujarat International Finance Tec (GIFT) City, has allotted 10 lakh sq. ft build up area to Savvy Infrastructure Pvt Ltd for development of commercial, residential, and social buildings in GIFT SEZ area.   

The allotted area will be used by Savvy to develop five projects at the cost of Rs 700 crore, which will be in addition to Savvy’s existing office tower with a built up area of 5 lakh sq ft, GIFT city said in a statement.    

“Such a significant real estate allotment during the challenging times of COVID-19 will give boost to the real estate dynamics of this region. It is a testimony to GIFT City being an ideal investment destination in the post Covid-19 era.  

"In the light of the pandemic, the challenge for policymakers is how to evolve a mechanism for building cities of the future, and it is here that GIFT City is the ideal example which can be emulated. We are delighted to have Savvy committing such an important investment at this crucial juncture,” said Tapan Ray, MD and Group CEO, GIFT City.

“In the next decade, we foresee GIFT City as the ideal destination for the services sector industry and hence this place will witness exponential business growth in the coming years,” said Jaxay Shah, Group CMD, Savvy Infrastructure.