Hiranandani to launch commercial tower at IFSC during Vibrant Gujarat Summit

Having commenced work on its first commercial tower in the International Financial Services Centre (IFSC) within the GIFT City in Gandhinagar, realty player Hiranandani Constructions Pvt Ltd is planning to launch the same in January 2017 during the Vibrant Gujarat Summit.

The group is developing a 400,000 sq ft 16 storied commercial building, in which 50,000 sq ft of space was booked by Kotak Mahindra Bank.

"All permission for the IFSC have been passed and it will see services like international insurance and reinsurance and stock broking, apart from international banking units being run. We have set the target of launching the commercial building 'Signature' within the IFSC during the Vibrant Gujarat Summit," said Niranjan Hiranandani, founder and managing director, Hiranandani Constructions.

The developer is investing around Rs 150 crore for the project.

The company has a land bank of 30 acres near Sanathal cross roads in Ahmedabad which it is looks to develop in near future. "After the launch of the tower in IFSC in GIFT City, we will study the market and decide on the kind of development that we would want to go with for the land bank in Ahmedabad," Hiranandani said.

Talking about the state of Gujarat, Hiranandani said that Gujarat will have to fill the gap in the service sector which has not developed as compared to other states. The group expects a 25 per cent growth this year in its real estate business.