IFSC at GIFT City will power Indian financial sector’s global growth: Niranjan Hiranandani

GANDHINAGAR/ MUMBAI 28 JUNE 2016: In an informal interaction with the Hon’ble Gujarat Chief Minister Anandiben Patel in Gandhinagar on 27 June 2016, Mr Niranjan Hiranandani, MD, Hiranandani Communities shared his views about the International Financial Services Centre (IFSC) which is coming up within the Gujarat International Finance Tec-City (GIFT City), Ahmedabad. The IFSC will drive global business growth for India’s Banking Financial Services and Insurance sector (BFSI), and create a hub which will power the global growth story for the Indian BFSI sector Mr Niranjan Hiranandani said during his interaction with the Hon’ble Gujarat Chief Minister.

Mr Niranjan Hiranandani spoke with the Hon’ble Gujarat Chief Minister about the Hiranandani project, ‘Signature’, which is all set to be the first commercial tower ready for fit-outs by the year-end, adding that they were planning to launch the same in January 2017 during the Vibrant Gujarat Summit.

Sharing information about the fast-pace of progress as regards construction at ‘Signature’, Mr Niranjan Hiranandani said the IFSC would provide Indian BFSI sector with an ideal platform to mark their presence in the global markets. He added that It has since widened its ambit to include Equity (Stock Exchanges) as also the IT sector. ‘Signature’, he informed the Hon’ble Gujarat Chief Minister, was a 400,000 sq ft, 16 storied commercial building, in which 50,000 sq ft of space has been booked by Kotak Mahindra Bank, as also by other leading organizations from the BFSI sector.

Following the positive note of the interaction with the Gujarat Chief Minister, Mr Niranjan Hiranandani said it was a positive situation as regards the IFSC in GIFT City. “All permission for the IFSC have been received. Apart from global banking and finance, it will also see services like international insurance, reinsurance and stock broking, apart from Information Technology (IT) and Information Technology enabled Services (ITeS). We have set the target of launching the commercial building ‘Signature’ within the IFSC during the Vibrant Gujarat Summit,” he said, adding that the company was investing around Rs 150 crore for the project.

Mr Niranjan Hiranandani added that the company had a land bank of 30 acres near Sanathal Cross Roads in Ahmedabad, which it is looks to develop in near future. “After the launch of the tower in the IFSC in GIFT City, we will study the market and decide on the kind of development that we would want to go with for the land bank in Ahmedabad,” Mr Niranjan Hiranandani said.

 He mentioned the job creation potential which the IFSC at GIFT City had. “When fully developed, GIFT City is expected to generate 5 lakh direct jobs and an equal numbers of indirect jobs. This underscores its importance: it is arguably, one of the very few projects in India with the potential to provide such large employment opportunities, which will positively impact demand for residential real estate in Ahmedabad. It will also create demand for commercial real estate to house ancillary industries which will grow as a result of activities that will be undertaken in GIFT City,” he said.

We have welcomed some of India’s biggest players from the BFSI segment to ‘Signature’, the remaining spaces are being picked up. GIFT City is a project which will create leading-edge infrastructure, services and platforms and offer Financial Services Enterprises a significant competitive advantage to operate regionally and globally – with the corresponding success story for Ahmedabad’s real estate as well,” Mr Niranjan Hiranandani concluded.

~ Niranjan Hiranandani is Founder & MD, Hiranandani Group. His recent initiative is Hiranandani Communities. He is the Founder and First President (Maharashtra), National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.

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