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Modi's'GIFT'canrivalMumbai
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Lastupdatedon:June28,200715:36IST

CallthisAhmedabad'sreplytoMumbaiorGujaratChiefMinisterNarendraModi'sreparteeto
hisMaharashtriancounterpartVilasraoDeshmukh'spromiseofaglobalfinancialhub.
Ahmedabad'sTagoreHall,popularlycalledTownHall,witnessedinaugurationofaplanto
developafinancialservicescityconsistingofaninternationalfinancialcitysegment,domestic
financecitysector,atechnologyparkandanintegratedtownshiponThursday.Theproject's
foundationstonewaslaidbyModiinGandhinagaronearlyThursdaymorningmarkedbya
bhoomipuja.
RightafterModilittheproject'sinaugurallamp,IL&FSsignedseveralmemorandawith
principleinvestorsintheprojectslikeKotakMahindra(committedtodevelop300acresof
land),ChestCore(todesign2millionsquarefootofspace),PunjLyod(settodesign1milion
squarefootofbuiltupspace),andFairwoodAssociates(todealwith1millionsquarefoot
area),tonameafew.
GIFTenjoyssignificantlocationaladvantagesinbeingsituatednearthecapitalcityof
Gandhinagarandinbeingonly12kmawayfromtheinternationalairportofAhmedabad.
Moreover,theflyingtimefromIndia'scommercialcapitalofMumbaitoAhmedabadisjustan
hour.
Inthisproject,worthRs3,000crores(Rs30billion),GujaratUrbanDevelopmentCompany
LimitedonbehalfofthegovernmentofGujaratispartneringwithInfrastructureLeasing&
FinancialServicesLimited.GUDCandIL&FSarepromotingtheprojectinpublicprivate
partnershipmodethroughthejointventurecompanyGujaratFinanceCityDevelopment
CompanyLimited.
Theproject,withabuiltupareaofupto25millionsquarefootwillconsistofoffices(totake
up60percentoftotalspace),residences(25percentofthetotalarea),commercialbuildings
(11percent)andservicessector(4percent).
Thecitypromisestobeequippedwithanefficienttransportationsystembesidespossessinga
fullyintegratedtechnologycentre.Asafinancialhub,thecitywilltargetinternationalfinancial
services,whichincludeoffshorebankingunits,internationalfinancialservicesfirmsandback
officeprocessingcentres.
Inthedomesticsegment,thecityplanstoworkintandemwithfinancialinstitutions,capital
andcommoditymarketplayers,investororganisationsandassociatesandregulatorybodies.
Thecity'stechnologyparkhopestoseeparticipationfromITes,BPOs,KPOsaswellas
educationalsupportserviceproviders.
"ThisfinancialhubwillmakeGujaratacombinationofNewYorkandCaliforniaandwillearn
foritselfthestatusof'ChicagoofGujarat'",saidModiwhiledeliveringhiskeynoteaddressat
theTagoreHall.
"ThisisaGIFTGujaratwantstosharewiththerestofIndia,"thechiefministersaid,adding,
"Thescheduledtimeofcompletionoftheproject'sfirstphase(2010)appropriatelycoincides
withtheGoldenJubileeyearofthestateofGujarat.OurstatewillshowtotherestofIndiaa
newwayoffinanceandliving."
EastChinaArchitecturalDevelopmentInstitute(Ecadi)willundertakedesigningand
developingGIFT.EcadiisfamousfordevelopingtheChinesecityofShanghai.

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