AHMEDABAD, 04 MAY 2016: Mumbai-based Hiranandani Communities has announced that construction activity at its future-ready commercial complex, ‘Hiranandani Signature’ at Gujarat International Finance Tec-City(GIFT CITY), Gandhinagar, near Ahmedabad, Gujarat is ‘on track for timely possession’.
GIFT CITY is India’s first IFSC (International Financial Services Centre), and ‘Hiranandani Signature’ has been conceived as a unique commercial real estate offering within the same. “Financial Institutions will find it advantageous to have their presence within the IFSC, as it will help them service foreign currency needs of their corporate clients.” Said Niranjan Hiranandani, MD, Hiranandani Communities, adding that, “We are on track to hand over possession of the initial units as per schedule, by end-2016”.
“An IFSC, although located within India, offers the facility of acting like a ‘foreign operations office’, which helps facilitate easy movement of capital. In this globally challenging work environment, ‘Hiranandani Signature’ will provide infrastructure of global standards set within a well-planned commercial complex, which will meet requirements of Financial Institutions,” he added.
GIFT CITY is coming up as a Special Economic Zone (SEZ) largely devoted to finance and financial services. It has received a major boost with the Union finance minister, in his Budget Speech, announcing a slew of tax benefits for setting up the IFSC in India. “This is a welcome step, and should result in GIFT City moving into the fast lane, especially in terms of demand for work-spaces within the IFSC,” said Niranjan Hiranandani
The tax incentives proposed include lower minimum alternate tax (MAT) and waiver of dividend distribution tax (DDT), securities transaction tax (STT), exemption from commodities transaction tax (STT) to units establishing their units in the IFC. “These incentives have come at an opportune time, enquiries from tentative buyers of work spaces in ‘Hiranandani Signature’ have increased in recent weeks given the Budget Speech by Finance Minister Arun Jaitley,” added Niranjan Hiranandani.
The after-effect of the positives in the Budget have been enhanced enquiries, and Hiranandani Communities is in final stages of talks with leading financial institutions from India’s BFSI sector, to facilitate their picking up space in the future-ready commercial complex, ‘Hiranandani Signature’ – which enjoys the ‘first mover’ advantage at GIFT CITY. “Given India’s continued economic growth, the financial sector will grow increasingly larger, with a prospect of 10 – 11 million jobs by 2020,” said Niranjan Hiranandani.
The Vision of GIFT CITY is to create a world class financial city, and offer an unrivalled business environment to global and local financial services enterprises. It aims to create leading-edge infrastructure, services and platforms and offer Financial Services enterprises a significant competitive advantage to operate regionally and globally, he added.
“We have welcomed Kotak Mahindra Bank and other illustrious financial institutions, who have picked up space in ‘Hiranandani Signature’. I am glad to announce that this future-ready Commercial Complex is on track for timely possession in end-2016,” concluded Niranjan Hiranandani.
Niranjan Hiranandani is Founder & MD, Hiranandani Group, his recent initiative is Hiranandani Communities. He is the Founder and First President (West), National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.