Mumbai

Mumbai-based Hiranandani Communities has announced to create a future-ready commercial complex, ‘Hiranandani Signature’ at Gujarat International Finance Tec-City (GIFT CITY), Gandhinagar, near Ahmedabad, Gujarat. Kotak Mahindra Bank Ltd., India’s fourth largest private sector bank, will be present at India’s first International Financial Services Centre (IFSC), GIFT City, which will be located in ‘Hiranandani Signature’.

An International Financial Services Centre (IFSC), although located within India, offers the facility of acting like a ‘foreign operations office’, which helps facilitate easy movement of capital. ‘Hiranandani Signature’ will provide global infrastructure in a well-planned commercial complex to meet requirements of Financial Institutions located there.

“GIFT CITY is India’s first IFSC, and ‘Hiranandani Signature’ has been conceived as a unique commercial real estate offering here.” said Niranjan Hiranandani, Managing Director, Hiranandani Communities. “Financial Institutions will find their presence here advantageous as it will help them service foreign currency needs of their corporate clients.” Hiranandani added.

“We are delighted to welcome Kotak Mahindra Bank to ‘Hiranandani Signature”, added Hiranandani, stating that it was joining an illustrious list of other financial institutions who have picked up space in the complex.

C. Jayaram, Joint Managing Director, Kotak Mahindra Bank said, “We’ve decided to take some space at the GIFT CITY. We believe that if you’re able to create an International Financial Centre in India, wherever it is, we’d like to have the option of participating in that”.

GIFT CITY is coming up as a Special Economic Zone (SEZ) largely devoted to finance and financial services. The first building is expected to be ready by June 2016. “Given India’s continued economic growth, the financial sector will grow increasingly larger, with a prospect of 10 – 11 million jobs by 2020,” said Niranjan Hiranandani.

The Vision of GIFT CITY is to create a world class financial city, and offer an unrivalled business environment to global and local financial services enterprises. It aims to create leading-edge infrastructure, services and platforms and offer Financial Services enterprises a significant competitive advantage to operate regionally and globally.

“Economic growth and emphasis on infrastructure development in Gujarat in general and Ahmedabad in particular have been encouraging. Employment generation and rising income levels have already been acting as a catalyst for the property market,” concluded Hiranandani.