Sobha to invest Rs 500 crore on housing project at GIFT City

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NEW DELHI: Sobha, housing project ,GIFT CiRealty firm Sobha Ltd said it has forayed into Gujarat property market and will invest Rs 500 crore to develop a housing project in Gujarat International Finance Tec-City (GIFT City).

The Bengaluru-based firm will develop nearly 1,000 apartments in this project.

“The company will make an investment of over INR 500 crore towards residential development in Gujarat International Finance Tec-City (GIFT City),” Sobha said in a statement.

Sobha Ltd Chairman Ravi Menon said Ahmedabad is a prominent business centre of Gujarat and the city is the second largest cotton textile centre in India after Mumbai with equally strong pharma, petrochemical and automobile industries.

J C Sharma, Vice Chairman and MD, Sobha, said, “With our investment in GIFT City, Sobha aims to meet the increasing demand for affordable housing while contributing to Prime Minister’s vision of Housing for All.”

Spread over 886 acres, GIFT City has so far received investment of over Rs 11,000 crore with allotment of about 16 million sq ft of built up area. Around 200 companies are operational at GIFT City, employing around 8,000 people.

Sobha has completed real estate and contractual projects covering about 88.93 million sq ft.

Its ongoing projects aggregate to 41.37 million sq ft of developable area and 28.48 million sq ft of saleable area, and ongoing contractual projects aggregate to 7.17 million sq ft under various stages of construction.

Source: Press Trust of India