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Leading real estate brand Sobha Ltd marked its foray into the Gujarat market, announcing on Monday an investment of over Rs 500 crore towards residential development in Gujarat International Finance Tec-City (GIFT City).
GIFT City is India’s first operational Smart City housing International Financial Services Centre (IFSC). With this, the real estate major will increase its residential footprint to 10 cities in India, Ravi Menon, Chairman, Sobha Ltd said.
Ahmedabad is the second largest cotton textile centre in India after Mumbai with equally strong pharma, petrochemical and automobile industries. Rapid infrastructure development over the years has augmented the IT and ITES sectors as well tremendously, making it an important investment destination, he said.
Affordable housing
With a total built up area of 1.3 million square feet, Sobha will develop close to 1000 housing units in the fully-integrated city built on the walk-to-work concept. This investment is in line with Sobha’s focus on developing affordable housing projects in major cities across the country, the company said.
Spread over 886 acres of land, GIFT City features include a district cooling system, underground utility tunnel, and automated vacuum waste collection, many of which are being introduced in India for the first time. The city is designed for walkability and includes commercial and residential complexes. GIFT City has so far received investment of over Rs 11,000 crore with allotment of nearly 16 million sq ft of built-up area (BUA). Presently, around 200 companies are operational at GIFT City, employing some 8,000 people.
Till date, Sobha has completed real estate projects and contractual projects covering about 88.93 million square feet of area. The company currently has ongoing real estate projects aggregating to 41.37 million square feet of developable area and 28.48 million square feet of saleable area, and contractual projects aggregating to 7.17 million square feet under various stages of construction.
Currently, the company has a real estate presence in Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Kozhikode,Cochin and Mysore, having footprint in 26 cities and 13 states across India.
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