Sobha Ltd to invest Rs. 500 crore in GIFT City for a residential project
Bengaluru based Sobha Limited announced an investment of over Rs. 500 crore towards residential development in Gujarat International Finance Tec-City (GIFT City), India’s 1st Operational Smart City and International Financial Services Centre (IFSC). With this, SOBHA will increase its residential footprint to 10 cities in India.
With a total built up area of 1.3 million square feet, Sobha Ltd will develop close to 1000 housing units in the fully-integrated city built on the walk-to-work concept. This investment is in line with SOBHA’s focus on developing affordable housing projects in major cities across the country.
Mr. J.C. Sharma, Vice Chairman and Managing Director, SOBHA Limited said, “With our investment in GIFT City, SOBHA aims to meet the increasing demand for affordable housing while contributing to Hon’ble Prime Minister’s vision of ‘Housing for All’. This also aligns with the vision of GIFT City of offering world-class services and infrastructure. We look forward to working on this project and associating with GIFT City to introduce first-of-its-kind housing project.”
Mr. Ajay Pandey, MD and Group CEO, GIFT City said, “GIFT City is experiencing unprecedented growth in the commercial developments and corporate participation. We are delighted to have SOBHA committing such a significant investment at GIFT to complement and participate in GIFT’s journey in becoming a global financial and services hub.”