After the announcement of the development of malls, theaters and other modern leisure places, Gujarat International Finance Tech City (GIFT City) is all set to make its way to create a social infrastructure project by adding a Ferris wheel that is bigger than the London Eye within 20.5 acres of the GIFT land. The development project of the Ferris wheel is named GIFT Eye and will be developed bordering the riverfront shore, covering a vast area of a minimum of 1.5 million square feet. According to the latest reports, the Airport Authority of India (AAI) issued a No Objection Certificate (NOC) favoring the upcoming project of GIFT Eye, which is estimated to have a height of 158 meters, i.e., 23 meters higher than the London Eye which stands at a height of 135 meters. The selected party for this project will be accountable for securing necessary regulatory endorsements, ensuring a smooth and successful implementation. Real estate developers in GIFT City are taking steps to enrich the city's ecosystem by introducing social infrastructure. This initiative aims to provide a higher quality of life for residents and attract top talent to the international financial tech hub. The Savvy Group, led by Jaxay Shah, Founder, Chairperson, and Managing Director, has invested significantly in commercial and residential properties in GIFT City and is thrilled about the prospect of this development, emphasizing the need for this development as a crucial missing piece in the puzzle of integrated city development and is expected to have a positive impact on the city's growth and prosperity. The GIFT City officials have developed a list of need-to-meet qualifications for the potential bidders, including consortiums and special-purpose vehicles, that are willing to participate in the bidding process for the social infrastructure project, which are:
The bidding firm must have a net worth of at least ₹10,000 crore or $1.2 billion as of the last financial year.
The bidding firm should have completed at least three real estate projects designed by reputable architects, with each project having a minimum built-up area of 1.5 million square feet, all within the past six years.
The bidding firm should have experience in developing at least one project on a minimum land area of 21 acres.
The bidding firm should have designed and completed at least one mall spread over 0.5 million square feet in the last six years.
GIFT Eye: More than Just a View
While the GIFT Eye promises breathtaking views, GIFT City is about more than just tourism and real estate development. It's a place where businesses thrive, where entrepreneurs find their footing, and where innovation flourishes. The project showcases GIFT City's commitment to continually raising the bar for progress and development in India. As GIFT City gears up for the grand unveiling of the GIFT Eye, it's worth noting that this dynamic city offers much more than just an iconic landmark. For those looking to invest in the burgeoning real estate market, GIFT City presents a unique opportunity. With state-of-the-art office spaces for sale and a thriving business ecosystem, it's no wonder that GIFT City is on the radar of many real estate investors. GIFT City's GIFT Eye is poised to become a global sensation, putting it on par with iconic landmarks like the London Eye. But beyond its tourist appeal, GIFT City offers a world of opportunities, from flourishing businesses to prime real estate options. For those looking to be a part of this extraordinary journey, GIFT City's real estate consultants, RES Management are your trusted partners in realizing your investment dreams. GIFT Eye is just the beginning of what promises to be a remarkable chapter in India's development story. Contact us today and be a part of the exceptional GIFT City ASAP!