On January 7, Mumbai-based Sri Lotus Developers & Realty Limited announced a joint development agreement with Bollywood actor Abhishek Bachchan to build an ultra-luxury mixed-use project in GIFT City, located in Gandhinagar, Gujarat.

The project will have a built-up area of more than one million sq ft. A subsidiary, Rise Root Projects Pvt. Ltd., will undertake the project under a development agreement with Abhishek Bachchan that involves profit-sharing.

• The ultra-luxury mixed-use development project will be developed on the freehold land, which was acquired by Abhishek Bachchan around 15 years ago, as per the sources.
• The company has not disclosed the investment amount for this upcoming development.
• After its launch, the company is planning to complete the project within a four-year period, with the aim to meet the growing demand from fintech firms, financial institutions and IT / ITeS companies.
• This luxury development will have a mix of premium retail, high-end residential units and Grade-A commercial office spaces.
• Being the company's first project in Gujarat, Sri Lotus Developers aim to expand their footprint in an emerging and high-potential real estate market. The asset-light approach is designed to enhance how effectively capital is used.

Gujarat International Finance Tec-City, popularly known as GIFT City, is a smart city and India's first operational International Financial Services Centre (IFSC). The IFSC in GIFT City allows financial transactions in foreign currencies for residents or non-resident, as per India's regulatory guidelines. GIFT City serves as a global financial and IT hub, within it, the GIFT Nifty tracks the Nifty 50 index and is traded on the NSE International Exchange (NSE IFSC).

GIFT City, which is situated between Ahmedabad and Gandhinagar, is spread across 880 acres along the banks of the Sabarmati River. Structured to attract international financial services, IT firms and residential projects, GIFT City includes a Special Economic Zone (SEZ) and a non-SEZ area. Around 30% of the city is operational, whereas another 30% has been assigned for housing, as of now.

The chairman and managing director of Sri Lotus Developers and Realty Limited, Anand K Pandit, said that they aim to scale their presence into GIFT City because of the growing interest and demand for premium and ultra-luxury residential and commercial spaces within the region.

The city is quickly thriving to be a premier global financial and business hub, because of the strong infrastructure development and rising interest among domestic and international investors. With this joint development agreement, this ultra-luxury mixed-use development project is expected to boost capital efficiency.