Gujarat International Finance Tec-City (GIFT City) is officially home to Pragya II - a state of the art international financial services centre - a joint venture project between ATS Group and Savvy Group.
As per the Times of India, Savvy Group Chairman and Managing Director Jaxay Shah said, "This will be the biggest commercial project of Gift SEZ with total construction of 28 lakh sq. feet. We will develop a truly international standard building which will ensure Gift City stands in line with any other developed financial service centers of the world. There will be office space development of around 15 lakh sq feet in the project. We are going to invest Rs. 1200 Cr for the project."
He added that the construction will start in six months and the project will be completed in 2028. "We will provide a workspace, retail, leisure and entertainment ecosystem. It will be equipped with state-of-the-art amenities that include creche, gym, amphi-theatre, wine and dine etc. We will provide integrated social infrastructure with well planned vibrant office space. The building will have an innovation and startup hub and it will have easy access to the residential zone of SEZ, providing a truly walk to work culture. There will be easy access to the Diplomat Club as well."
Potential Opportunity for Coworking Space Providers.
Pragya II, located in a Special Economic Zone (SEZ), is set to house several global and Indian businesses. To facilitate economic development, the government has incentivized eligible industries to start their operations under a co-working model.
These fiscal incentives are:
For the first two years, 50% of monthly rental support on a per seat basis with a limit of Rs. 10,000 (per seat)
For year three to year five, 25% of monthly rental support on a per seat basis with a limit of Rs. 5,000 (per seat)
In addition to Pragya II, GIFT City offers plenty of opportunities for potential business owners to set up offices within its premises. DevX Coworking Space is an ideal example of a flourishing business within the boundaries of the new city.
An emerging global financial and IT services hub, a first of its kind in India - GIFT City is designed to be at or above par with globally benchmarked business districts. It is supported by state-of-the-art infrastructure encompassing all basic urban infrastructure elements along with an excellent external connectivity.
Startups, SMEs, corporates and even freelancers have an off-beat solution to kickstart and/or revamp their business activities, pursue growth and most of all, inspire innovation within GIFT city.
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