Brigade Group to invest Rs. 500 cr in GIFT City as co-developer

NEW DELHI: Bangalore-based realty firm Brigade Group will invest Rs. 500 crore in Gujarat International Finance Tec-City (GIFT City), the country’s first globally- benchmarked international financial services centre over the next few years.

Allotment of 1.1 million Sq. ft. of built-up area (BUA) has been made to Brigade Group for development of commercial, residential, retail mall and hotel projects in SEZ and non-SEZ area in GIFT City. The Group has also submitted its interest for taking additional 1.7 million sq. ft. of BUA to be developed at an estimated investment of Rs. 600 crore.

Ramakant Jha, MD & Group CEO, GIFT Company Ltd, said the investment on such a large scale by South-India based group is a testimony of the opportunities that this project offers.

Speaking on the development, MR Jaishankar, CMD, Brigade Group, said, “We are pleased to be co-developers in GIFT City which we consider as a real Smart City in the country.”