GIFT City, a cutting-edge financial hub located between Ahmedabad and Gandhinagar in Gujarat, is calling for global bids to develop a 7.54 lakh square feet commercial tower. The Gujarat International Finance Tec-City Company Ltd (GIFTCL), which is responsible for GIFT City’s development, has opened up opportunities for both domestic and international companies, as well as consortiums and joint ventures, to be a part of this ambitious project.
As co-developers, the selected bidder will be tasked with the complete lifecycle of the project. This includes designing, financing, developing, constructing, operating, and maintaining the commercial tower. The land for the project will be leased for 99 years, with the lease deed executed only after the construction is completed within a five-year timeframe. To qualify, bidders must meet financial and technical criteria. Financially, the bidder should have an average annual turnover of at least Rs 322.49 crore in the last three consecutive financial years, and a minimum net worth of Rs 161.24 crore. Technically, bidders must have experience in completing projects of commercial, residential, institutional, or mixed-use buildings, with at least one project meeting the criteria of being 500,000 sq ft or larger in size and 40 meters in height over the last six years. They should also have completed a combined construction area of at least 3.77 million sq ft during this period.
GIFT City, India’s first operational International Financial Services Centre (IFSC), has fast become a global financial hub. It already houses over 500 entities, including banks, fintech companies, and even global tech giants like Google, Oracle, and IBM. The city’s rise as a fintech and financial services destination has been accelerated by the International Financial Services Centres Authority (IFSCA), which regulates all financial services in the city. The successful bidder for this commercial tower will be able to lease or sub-lease spaces to various entities engaged in banking, insurance, asset management, IT services, and more. A pre-bid meeting is scheduled for December 27, and the financial bid submission deadline is January 31. With the deadline for bids fast approaching, this is an exciting opportunity for companies looking to be part of India’s growing financial and technological landscape.
