Gujarat govt likely to pump Rs 9700 crore for GIFT city

To speed up the development of the Chief Minister Narendra Modi’s one of the dream project of Gujarat International Finance Tec-City(GIFT) at Gandhinagar, the state Government has planned to pump around Rs.9723 crore for the development of the infrastructure and utilities.

Sources close to the development told that, “as per the latest DPR(detailed project report) to develop GIFT city as projected Government will require Rs.5120 crore for infrastructure and Rs.4603 crore for utlities. In total it will require 9723 crore for developing infrastructure and utilities. Government is exploring various ways to generate this huge fund. Government is planning to do it in Public Private Partnership(PPP) mode. Apart from above infrastructure and utilities development cost government will have to plan for land cost also. A separate set up is likely to be formed for this fund generation soon.”

“The State urban development department is preparing a special GDCR(General Development and Control Rules) for GIFT city. As for the first time he GIFT city will have 30 to 80 story buildings in Gujarat. At present our GDCR have provision of only 10 story building only and rules and regulation related to FSI and other parameters are also old. Considering the vertical tower of more than 10 stories there will be need of putting special safeguards like earthquake and cyclone resistant buildings, load bearing on land, water supply, drainage, road connectivity, parking etc., Special GDCR for GIFT city is in final stage and likely to be cleared shortly. First tower and office space is under construction at GIFT city site at present.” added the sources.