To open sale of 2 mn sq ft space in a month

India's first multi-services special economic zone (SEZ), Gujarat International Financial Tec (GIFT) City to put on sale about 2 million square feet area of its total 62 million sq ft area to the developers.

Of the 2 million sq ft, 1.5 million to be sold to developers for commercial purpose, while the remaining 0.5 million to be used for residential purpose, senior officials from GIFT informed at a conference held to promote GIFT in Ahmedabad on Tuesday.

The phase-1 of the SEZ development consists of 30 million sq ft, of which 7.7 million sq ft is already under development by the co-promoter of GIFT, IL&FS at a cost of about Rs 3,000 crore. "The work of phase - 1 is likely to get over in next five years, with about 30 million sq ft of area being developed during this period, while the work of the second phase for developing remaining 30 million sq ft will also start simultaneously with an overlap of about a year's time," said Dipesh Shah, VP, corporate services & business development, GIFT .

State-promoted Gujarat Urban Development Company Ltd (GUDC) is a 50 per cent partner to the IL&FS Ltd for GIFT Company Limited. The SEZ, spread across 261 acres, will have 67 per cent area covered with commercial activities, while 22 per cent will be residential and 11 per cent will have social infrastructure including hotels, hospitals, schools and club houses.

"Four hospitals have been qualified for GIFT project including Sterling Hospitals, Apollo, Shalby and Fortis. After considering the project proposals, one of them will be finalised. Four school operators too have been identified, which includes Narsee Monjee group, Delhi Public School, Poddar International and Rajkot-based Kansagra Group," the official said.