GIFT City on Fast-Track Mode After Ahmedabad's 2030 CWG Win
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India's GIFT (Gujarat International Finance Tec) City is poised for rapid growth after Ahmedabad's successful bid to host the 2030 Commonwealth Games. This central business district in Gujarat's Gandhinagar district was conceived in 2007 as an international financial centre. After initial slow growth and setbacks, the government transformed GIFT into a fully state-owned company in 2011. A contiguous 3-sq-km plot was carved out, featuring wide roads, a riverfront edge, and advanced underground utility systems. The decisive shift came in 2020 with the creation of the International Financial Services Centre Authority (IFSCA), a unified regulator for offshore financial activity. Today, about 25 buildings are operational, hosting around 27,000 people daily. Another 37 towers are under construction, with over 7,000 homes being built to accommodate the growing population. Yogesh C Bhavsar, president of the National Real Estate Development Council (Gujarat), believes the upcoming global events, foreign university campuses, and organic urbanisation will accelerate GIFT City's expansion. The long-term goal is to accommodate a density of approximately 250,000 people per square kilometre, comparable to Navi Mumbai. GIFT is investing in public spaces to attract residents, including a 27-acre Central Park featuring sports facilities, plazas, and an amphitheatre. A dedicated food zone is also planned to draw workers and residents into shared spaces. Retail spaces are in high demand, with one or two new families moving in every day. However, residents face challenges due to limited social amenities, with few cafes and street life. Officials promise improved connectivity will transform GIFT into a bustling city over the next few years, with new metro stations, a direct road link to the airport, and a high-speed rail terminal. GIFT's unique below-ground infrastructure features an underground utility tunnel carrying essential services. The IFSC is also taking shape, hosting 35 global banks and a rapidly expanding fund ecosystem. Entities operating out of the IFSC have raised over $58 billion for India, with a tax architecture aligned with Singapore. The masterplan permits 62 million sq ft of built-up space, with nearly half the capacity already allotted for development.
