Savvy Group Bags Bid for a Mega Commercial Project in GIFT City.
Mumbai: Ahmedabad-based reallestate developer Savvy Group has emerged as the highest bidder to develop the GIFT Special Bermo mic Zone’s (SET) largest commercial and recreational print including an innovation and star tups huh, spread over a total 28 million sq ft with a total investment of over 1000 crore
The company has pipped three other bidders to bag the propesed project that surpasses all existing developments within the GIFT City which previeasted the largest development covering a million sq ft.
This is the first project conceived by the GIFT City authority following the recent declaration by the Gujarat government to grant an exemp tion to GIFT City from a long standing liquor prohibition law dating back 63 years. This exemption aims to bolster the city’s ap peal to foreign corporations, encouraging increased investment in the region.
Savvy Group is planning to commence work on the project in the next few months after securing necessary approvals from GIFT City authority and expects to complete the entire project by mid-2028.
This project is poised to become a flagship property within GIFT City Designed to serve multinational corporates, fund management firms, GCCs, KPOS, IT & ITeS offices, upscale co-working spaces, and luxury residences in the vicinity complemented by a diplomat club, it promises to se amlessly blend commerce with leisure in line with the authority’s plan to boost GIFT City’s social infrastructure,” Jaxay Shah, CMD, Savvy Group, told ET.
As part of the bid proposal, the developer is expected to build a total 3,500 car parking slots, of which around 2,000 slots are required to be handed over to the GIFT City authority. The company is planning to finance the project with a combination of internal accruals and other funding arrangements, he said.
The development is set to accommodate over 20,000 employees in the dynamic commercial ecosystem that will have access to residential zone within 500 meters to ensure walk-to-work experience.
The government is working on plans to prop up social infrastructure in GIFT City to ensure a vi- brant work environment and at- tract younger talent.
