Bengaluru-based Sobha Group has forayed into Gujarat with a Rs 500 crore plus investment where it will be developing 1,000 housing units at the Gujarat International Finance Tec-City (GIFT City), a company release said.
With a total built-up area of 1.3 million square feet, Sobha will develop close to 1,000 housing units in the fully-integrated city built on the walk-to-work concept. This investment is in line with the company’s focus on developing affordable housing projects in major cities across the country.
GIFT City is India’s first operational Smart City and International Financial Services Centre (IFSC). With this, Sobha will increase its residential footprint to 10 cities across the country.
“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,” said Ravi ...