India is building a new city to give global investors the chance to participate.
The project called called Gujarat International Finance-Tec City, or GIFT City is located into a 886-acre parcel of land in Gujarat, Prime Minister Narendra Modi's home state. Actually is a small collection of buildings including three large office buildings to which workers are bussed from surrounding areas, a school and a data center. Ahmedabad airport is only a 25 minute drive. GIFT City has already attracted close to $2 billion in real estate investment and Indian authorities have the goal to make it, one day, „a place for people from across India like Hong Kong has acted for China in the last 30 or 40 years," as Bombay Stock Exchange CEO Ashishkumar Chauhan appreciates.
The GIFT project
Two stock exchanges were established in the city last year, The city will also have its own financial regulator to reduce bureaucracy. Trading started 15 months ago, the exchange hosted daily trading worth around $1 million. This week that number crossed $500 million for the first time. A four-tower World Trade Center complex is expected to be completed in the next two years. This city will be a business district but for the moment getting people to actually live there is the next step. Its first residences will be ready by May. The idea for GIFT was developed during the Vibrant Gujarat Global Investor Summit 2007 and is being planned by East China Architectural Design & Research Institute (ECADI), which is responsible for planning much of modern-day Shanghai.