GIFT City project gets Centre’s nod
September 29, 2014
The Centre has given a formal approval to sponsor the ambitious Rs 78,000-crore Gujarat International Finance Tech-City (GIFT) project which is being developed as the country’s first smart city near Gandhinagar.
This approval will now make the GIFT project eligible for funding from central government and will also help in faster clearances, said a senior official associated with the project.
“Earlier, we didn’t have a forum. We used to face a lot of difficulties in getting the necessary funds and clearances from the Centre. But now the Centre has approved to sponsor the project. This means that the government will be considering GIFT as a smart city, and the project will qualify for funding under different government schemes,” said R K Jha, director of Gujarat International Finance Tec-City Company Ltd, which is a joint venture between state-run Gujarat Urban Development Company Ltd (GUDCL) and a private firm Infrastructure Leasing & Financial Services Ltd (IL&FS)
However, Jha did not disclose the quantum of funds that the company was eyeing from the Centre for the project which has already achieved financial closure of Rs 1,157 crore for the Phase-I on May 20, 2014. The total estimated cost of Phase-I of the project is Rs 1,818 crore.
“The Centre will also form a coordination committee which will be iron out the bottlenecks facing the project. This committee which will be formed in the next one month will possibly be headed by secretary of Union Ministry of Urban Development,” he told The Indian Express.
“This committee is expected to be on the lines of an existing empowered committee formed by the Gujarat government to sort out issues related to the project at the state-level,” Jha added.
The project is facing a number of bottlenecks including the framing of rules required for a International Financial Services Centre (IFSC). The project which was one of the pet projects of Prime Minister Narendra Modi was conceptualised as a cheaper but world-class alternative to similar financial service centres in Mumbai, London and Tokyo.
GIFT is also seeking height clearances of 300 meters to build taller structures within the . “Currently we are closer to the international airport and are being allowed to build structures with 30 floors (or 120 meters). We have been asking the Centre for a clearance of 300 meters,” Jha added.
Source:indianexpress
Gujarat’s GIFT City wins award for ‘Smart City of the Future’ from Cisco
September 23, 2014
Gujarat International Finance Tec-City (GIFT City), country’s first integrated smart city being developed as a Global Financial Hub, has won the Cisco Technology Award for building India’s first Smart City with best-in-class sustainability features and technologies
GIFT City is the recipient of “Smart City of the Future Award’, an accolade that recognizes stand-out organizational contributions in driving change through technology. The award was conferred to GIFT City’s MD & Group CEO Ramakant Jha at a glittering ceremony organized in Mumbai on July 30, 2014 in which Arundhati Bhattacharya, Chairman, State Bank of India was the Chief Guest. “We are pleased to receive this award from the company which has brought revolution in IoT. This award recognizes our efforts in achieving the vision of GIFT City laid down by Hon’ble Prime Minister of India i.e. “to tie up with technology, to create a hub complete with infrastructure, to meet the needs of modern India and to create a space in the global financial world”, said Ramakant Jha, MD & Group CEO, GIFT City.
Since the Internet revolution, technology has played decisive role in the financial services industry worldwide and changed global trade mechanism. GIFT City is being developed as an integrated smart city, which is helping India in creating technology based Global Hub for financial services by keeping in mind ‘Walk to Work’ concept and improving the lifestyle of those involved through technology. “With Narendra Modi, Prime Minister, India laying a great emphasis on setting up 100 smart cities in India, GIFT City can lead in realising this vision”, added Jha. Internet of Everything (IoE) is the next wave of internet revolution. The concept talks about integration of Information Technology with Process, Data & People; connecting them using various networking methods and creating value by turning information into actions that create new capabilities, easy to manage infrastructure, richer experiences and unprecedented economic opportunity for businesses, individuals, and countries.
Unique infrastructure facilities of entire GIFT City like District Cooling System (DCS), Automated Waste Management System (AWMS), Water Management System, Power Infrastructure, City’s safety, security and surveillance, and Traffic management are all managed and monitored through a single platform called “City Command and Control centre (C-4)”. Phase 1-A of City Command and Control Centre (C-4) has already been completed and implementation of next phase is in progress. There are two parts of GIFT City’s Command and Control Centre (C-4). The first part, platform, hosts all the Utilities and provides a complete view of the City Infrastructure. The second part is hosting CCTV Surveillance, Integration of Intelligent Building Management System (IBMS) of various buildings and tracking critical parameters like fire and safety, intelligent traffic management system and Public Addressing (PA) system for handling law and order in the City. By integrating various infrastructure and Utilities through optical fibre based IT network spread across the city and by building Intelligence in every Building and Utility, GIFT City is able to see the status of various services in a holistic manner and manage them on real time basis. GIFT City is India’s first Global Financial Hub creating operations for domestic and international businesses.
The international financial services will be carried out in a multi-service SEZ with International Financial Service Centre (IFSC) status that would cater to India’s large financial services potential by offering global firms, world-class infrastructure and facilities. It will attract the top talent in the country by providing the finest quality of life. It is estimated that GIFT would provide 5,00,000 direct and an equal number of indirect jobs which would require 62 million square feet of real estate office and residential space. With the completion of Phase – I infrastructure and the allotment of around 11 mn. sq. ft. of BUA for various commercial, residential and social facilities; GIFT City is rapidly emerging as a favored destination amongst Financial Services and IT/ITeS companies for setting up their operations and is setting an example for developing smart cities in India.
Source:Information week