Sobha Forays Into Gujarat Real Estate Market
SOBHA Limited, India's most trusted and admired real estate brand, marked its foray into Gujarat market. The company will make an investment of over INR 500 crore towards residential development in Gujarat International Finance Tee-City (GIFT City), India's 1 st Operational Smart City and International Financial Services Centre (IFSC). With this, SOBHA will increase its residential footprint to 10 cities in India.
Mr Ravi Menon, Chairman, SOBHA Limited said, "Ahmedabad is a prominent business centre of Gujarat. It 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. These, together, have given a fillip to commercial and residential real estate market in the city. To fulfil this increasing demand, the Government of Gujarat initiated the full-integrated city project of GIFT City between Ahmedabad and Gandhinagar, where SOBHA will contribute significantly in fulfilling the residential demand."
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.
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 an investment of over INR 11,000 crore with an allotment of ~16 Mn sq ft of the built-up area (BUA). Presently, ~200 companies are operational at GIFT City, employing around 8000 people.