Bangalore, 17 October 2014

Bangalore-based real estate firm Brigade Group will invest Rs.500 crore in Gujarat international finance tec-city (GIFT), over the next few years, the developer said on Friday.

Around 1.1 million sq. ft of space has been allotted to Brigade Group to develop office, residential, shopping mall and hotel projects in the special economic zone (SEZ) and non-SEZ areas within GIFT.

Brigade Group has also expressed an interest in taking up an additional 1.7 million sq. ft, to be developed at an estimated investment of Rs.600 crore.

Ramakant Jha, managing director and group chief executive officer (CEO), Gift Co. Ltd, said, “The investment on such a large scale by a south India-based group is a testimony of the opportunities that this project offers. Real estate firms would benefit in terms of return on investment and growth that would make them part of development of country’s first IFSC (international financial services centre).”

“We are pleased to be co-developers in GIFT City which we consider as a real “Smart City” in the country. The development covering more than 800 acres is beautifully planned with world class infrastructure which we believe will set a benchmark in real estate development in the country,” said M.R. Jaishankar, chairman and managing director, Brigade Group, in a statement.