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Brigade Group to Raise INR 500 Crore in GIFT City Gujarat

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Brigade Group to Raise INR 500 Crore in GIFT City Gujarat

Brigade Group is the leading real estate developer from Bangalore and is about to invest around Rs. 500 Crores in International Finance Tec-City (GIFT City) in Gujarat. Over the next couple of years, it will develop the globally acclaimed IFSC (International Finance Services Centre) of the country as a co-developer.

Brigade Group has been allotted with around 1.1 million sq. ft. of built-up area (BUA) for developing residential, commercial, hotel projects, and retail mall in Special Economic Zone and some non-SEZs in GIFT City. They have also expressed their interest for getting extra 1.7m sq. ft. of built-up area to develop at their proposed investment of INR 600 Crores.

The developer covers around 800 acres of well-planned township with best-in-class infrastructure. According to the experts, it will definitely set a benchmark in real estate industry of the nation. According to Brigade Group CMD, M R Jaishankar, GIFT City delivers great platform to foreign companies to invest and build their grand presence in the present India’s position.

Investing on such a huge level by a Bangalore-based developer is said to be an indication of the opportunities offered by the project, according to Brigade Group MD & Group CEO, Ramakant Jha. He further stated that real estate developers will enjoy the benefits from ROI and growth with which they would play a huge role in the development of nation’s first IFSC Centre. In South India, the Brigade Group enjoys remarkable presence in cities such as Hyderabad, Bangalore, Chennai and Kochi.

Brigade Group has also signed an agreement with Infopark to develop star-rated world-class hotel which will provide cutting-edge recreational amenities for benefitting the executives and business travelers from abroad and India. This lease contract was inked between Brigade Group and Infopark to develop in its premises.

Infopark CEO, Mr. Hrishikesh Nair and Executive Director (Hospitality) Mr. Vineet Varma have initiated this lease agreement. Around 97 cents of land has been leased from Infopark by Brigade Group for 90 years with a published tender. In the Infopark premises, they will develop a best-in-class star-rated hotel and the IT companies will be benefitted from this project with the services to top executives and clients who visit their IT units from foreign countries.

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