Gujarat International Finance Tec-City (GIFT City), the country’s first operational smart and financial-services hub, has achieved a key milestone by allotting nearly half of its planned built-up area. Out of the targeted 62 million sq ft, about 29.45 million sq ft has already been allotted to various companies and institutions. This marks a significant leap in the project’s progress and signals strong interest from both Indian and global financial players. Designed to position India as a competitive alternative to global financial centres like Singapore, Dubai and Hong Kong, GIFT City is fast emerging as a preferred location for regulated, high-value financial operations.
The city is already home to 35 banks, including 18 international banks that operate under the International Financial Services Centre (IFSC) regulatory framework. Apart from banking, GIFT City has also become a major destination for aviation leasing and shipping asset leasing companies. These sectors have grown rapidly due to the favourable tax incentives, streamlined compliance structures and supportive policy framework provided within the zone. With fund management, insurance, fintech, offshore accounting and global capability centres growing inside the IFSC, GIFT City is steadily transforming into a comprehensive financial ecosystem.
This milestone is particularly important because it reflects rising trust in India’s ability to build a globally competitive financial hub. As more institutions establish their presence, the city is creating a solid base for global capital flows, cross-border financial transactions and corporate financial services. The rapid allotment of built-up space indicates that the remaining phases are likely to be filled faster than expected, supported by government reforms and investor confidence.
With half of the planned area already allotted, the next phase of expansion will likely focus on attracting more international banks, boosting fintech innovation, and establishing regional headquarters of global firms. The city is also expected to see rapid development of residential neighbourhoods, commercial complexes and urban infrastructure as more professionals relocate. Experts believe that, given the present momentum, GIFT City is on track to reach full allotment of its 62 million sq ft target in the coming years.
In summary, GIFT City’s achievement of crossing the 50 percent built-up area allotment is a strong indicator of India’s growing role in global finance. Its rising banking, leasing and fintech activity is not only strengthening the financial sector but also creating ripple effects across related industries, especially automobile financing, corporate vehicle leasing and asset management. For companies working in these domains, the expanding ecosystem at GIFT City presents a timely opportunity to engage with new clients, build partnerships and tap into a rapidly growing corporate market.