Ahmedabad: Gujarat International Finance Tec-City (GIFT) has set a new record for development rights prices. A residential project tender in GIFT City’s SEZ received a top bid of Rs 6,557 per square foot for 5.22 lakh square feet on a 5,550 square meter plot on Friday.

Ahmedabad-based Nila Spaces Ltd won the bid, agreeing to pay Rs 342 crore. The second-highest bid came from Shilp Group at Rs 6,402 per square foot. Out of 11 bidders, four quoted above Rs 6,000 per square foot.

Nila Spaces Ltd’s director, Deep Vadodaria, announced plans to build a 100-meter tall building with an investment of Rs 750 crore, focusing on urban living spaces designed to address mental health and corporate burnout.

Since the relaxation of the liquor policy in December, GIFT City has seen a sharp rise in development rights prices. In February, a residential project tender reached Rs 3,870 per square foot, and in March, a hotel-cum-commercial project went for Rs 4,355 per square foot. The base price for development rights in GIFT City is Rs 1,600 per square foot, with rights allotted through bidding.

The record bid of Rs 6,557 per square foot in June reflects growing developer confidence in GIFT City, driven by increased interest from the technology and financial sectors. GIFT City, India’s only International Financial Services Centre (IFSC), hosts over 600 entities in financial services, technology, banking, and insurance. Key institutions include the International Financial Services Centres Authority (IFSCA), Gift Nifty, India International Exchange (India INX), and India International Bullion Exchange (IIBX), with total banking assets at IFSC Banking Units (IBUs) reaching $60 billion as of March 31, 2024.