Nila Spaces Wins Record Bid for Second project in Gift City 

Nila Spaces Ltd, an Ahmedabad-based developer, has marked a significant milestone at Gujarat International Finance Tec-City (GIFT) with a record bid of Rs 6,557 per square foot for development rights in the special  economic zone (SEZ). This makes it the most expensive parcel of land, in absolute terms, in Gujarat.

The tender, conducted on Friday, saw Nila Spaces Ltd emerge as the top bidder, out of 11 participating bidders, securing rights for the development of 5.22 lakh square feet on a 5,550 square meter plot. The company will invest Rs 342 crore in this ambitious project, aiming to construct a 100-meter tower designed with a focus on mental health and combatting corporate burnout.

Deep Vadodaria, Director of Nila Spaces Ltd, expressed enthusiasm about their upcoming project, stating, “We are embarking on the construction of a 100-meter tower with an investment of Rs 750 crore. Our vision is to create urban living spaces that address global needs, focusing on mental health and combating corporate burnout. This initiative marks a significant step towards shaping the future of urban living.”

GIFT City is a project of national importance and has become an integral part of the India’s growth story as the country marches towards realizing the dream of becoming a developed nation. Currently hosting over 600 entities spanning financial services, technology, banking, and insurance sectors, GIFT City is home to prominent institutions including the International Financial Services Centres Authority (IFSCA), Gift Nifty, India International Exchange (India INX), and India International Bullion Exchange (IIBX).

As of March 31, 2024, total banking assets at IFSC Banking Units (IBUs) totalled $60 billion, further solidifying GIFT City’s stature as a burgeoning hub for global financial activities.