Mumbai-based real estate developer, Sri Lotus Developers & Realty Limited, on January 7, announced that it has signed a joint development agreement with Bollywood actor Abhishek Bachchan to construct a luxury mixed-use development project in the GIFT City area in Gandhinagar, Gujarat.
According to the company, the project will have a built-up area of over one million sq ft, and will be undertaken through a subsidiary of the company, “Rise Root Projects Pvt. Ltd., which entered into a Development Agreement with Abhishek Bachchan having a profit-sharing arrangement.”
The company will develop an ultra-luxury, mixed-use development on the freehold land. This will be the company’s first project in Gujarat. Sri Lotus Developers did not disclose the investment amount for the upcoming project’s development.
The land was acquired by Abhishek Bachchan, son of Amitabh Bachchan, almost 15 years ago, sources said.
This asset-light approach is expected to enhance capital efficiency while allowing Lotus to scale its presence in a high-potential, emerging real estate market, the company stated.
The project is expected to be completed within a four-year period following its launch.
“We are pleased to announce our entry into the GIFT City Area, Gandhinagar, with our flagship ultra luxury mixed-use project. GIFT City is rapidly emerging as a premier global financial and business hub, supported by progressive policy initiatives, robust infrastructure development, and increasing interest from domestic and international investors. Our expansion into this market is driven by the objective of addressing the rising demand for premium and ultra-luxury residential and commercial spaces within the region,” said Anand K Pandit, chairman and managing director, Sri Lotus Developers and Realty Limited.
According to the company statement, the proposed development will comprise a mix of premium retail, Grade-A commercial office spaces and high-end residential units. The project is designed to address the growing demand from financial institutions, fintech firms and IT / ITeS companies and is expected to be completed over a period of four years following the project’s launch.
The company has completed four projects aggregating over 4.2 lakh sq ft of carpet area, with six ongoing and 12 upcoming developments covering around 27.6 lakh sq ft of carpet area and 20.5 lakh sq ft of saleable area.
What is GIFT City?
GIFT City, or Gujarat International Finance Tec-City, is a smart city and the first operational International Financial Services Centre (IFSC) in India. Designed to be a global financial and IT hub, it also houses GIFT Nifty and tracks the performance of the Nifty 50 index, but is traded on the NSE International Exchange (NSE IFSC) in GIFT City.
Located between Ahmedabad and Gandhinagar, GIFT City spans 880 acres along the banks of the Sabarmati River. It features a Special Economic Zone (SEZ) and a non-SEZ area, designed to host global finance, IT firms, and residential projects. Currently, about 30% of the city is operational, with another 30% earmarked for housing.
The IFSC in GIFT City facilitates financial transactions in foreign currencies (excluding the Indian Rupee) for both residents and non-residents within India’s regulatory framework.
Source: Hindustan Times
