Smart cities on the rise, Arun Dev Builders suggest making projects business-centric

"The importance of developing International Financial Services Centre to move towards ‘smarter cities’ can’t be denied," stated an Arun Dev Builders spokesperson on Saturday. "Gujarat International Finance Tec-City (GIFT) is a gift to the realty community since it has paved way to smarter cities. It’s the first International Financial Services Center", he said. Instead of designing GIFT as an infrastructural marvel, the developers decided to model it, keeping in mind the business-needs of the state. GIFT has developmental rights for more than 15 square feet of built-up area, out of which 2 square feet is fresh, under operation. Currently, 3 square feet of GIFT’s space is being developed. Other real estate companies like DLF and IFCI Infrastructures are in talks to develop such financial services centres on a large scale as well.

For those who don’t know what an International Financial Service Centre (IFSC) is, it is an institution that caters to the needs of customers outside the jurisdiction of the domestic economy. These centers deal with cross-border finance flows and financial products. Tokyo, London, New York, and Singapore are considered s international financial centres. Shanghai and Dubai are emerging as notable IFSCs.

The Gujarat International Finance Tec-City will soon pitch India in this list. Mumbai would have become an International financial Centre in 2007, but the 2008 global financial meltdown warned and slowed down the world from opening financial hubs rapidly. IFSCs can provide fund-raising services for individuals, the government, and the private sector. It will be beneficial to jump-start fresh infrastructural development projects. IFSCs can also help with global tax management and cross-border tax liability optimization along with risk management operations.

GIFT is situated between Ahmedabad and Gandhi Nagar. The complex boasts of a future in trading in stocks of Apple, JP Morgan, Google, Microsoft, Facebook, and many more international companies. There are more than 100 organizations running in the partly completed GIFT right now. For them, integration has been easy, since the administration is providing them ‘plug and play’ facilities. According to real estate experts from The Hindu, the first phase of GIFT’s infrastructure development has been completed. It includes a 3-km utility tunnel, 3 MLD water-treatment plant, 66 KVA dual supply power station and 45 kms of multi-lane roads.

This might seem like a plan made in hurry as the investment doesn’t match the profit generated. According to Arun Dev Builders, the blueprint made for global financial centres are infallible. Since these are outside the jurisdiction of the domestic economy, flow of capital will be more than anticipated. IFSCs need a developed infrastructure, strategic location, fine living standards, steady political scene, stable local economy, and a rational legal regulatory framework. Since India has all of these in the right dosage, it is an IFSC haven.

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