Ahmedabad-based real-estate developer Shilp Group announced on Friday that it will open a 585-unit residential project in Gandhinagar’s GIFT City.
“We are planning a residential project in the non-processing portion of the SEZ (Special Economic Zone) area of GIFT City. The project will have a built-up-area of 5 lakh square feet. We will execute the project once we get the permission from RERA,” said Yash Brahmbhatt, founder and CEO of Shilp Group.
The project involves construction of 585 units. It will have three residential towers that will have 22 floors. The unit size of each apartment will range between 1,100-1,800 square feet and will be available in 1.5, 2 and 3 BHK formats. The developer is yet to decide on the pricing for these units.
“Earlier there was a restriction that people from outside cannot purchase a house in GIFT City. Only people working in GIFT City could buy houses. Now, this clause has been done away with for the first 5,000 residential units, enabling people to invest. This change in policy is important as earlier the developer had to wait for buyers and selling a housing unit would have taken a longer period of time,” Brahmbhatt added.
GIFT City had changed the rules and temporarily allowed anyone to buy a house on the campus, which is nearly empty. After visiting GIFT City a few weeks ago, Singapore High Commissioner Simon Wong remarked that the campus resembles a “ghost town” after working hours.