Savvy Group emerges highest bidder to develop GIFT City’s largest commercial project
real estate developer Savvy Group has emerged as the highest bidder to develop the GIFT Special Economic Zone’s largest commercial and recreational project, including an innovation and startups hub, spread over a total 2.8 million sq ft with a total investment of over Rs 1,200 crore.
The company has pipped three other bidders to bag the proposed project that surpasses all existing developments within the GIFT City, which previously boasted 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 exemption to GIFT City from a long-standing liquor prohibition law dating back 63 years. This exemption aims to bolster the city's appeal 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 seamlessly 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
