News: Gujarat government allows first 5,000 individuals to own house in GIFT City-10-03-2021
The relaxation would be limited to the first 5,000 residential units, or for units whose construction begins before March 31, 2023, whichever is earlier.
NEW DELHI: Gujarat government has issued a resolution allowing those not working within GIFT City to reside in the city. With this relaxation both ownership and occupancy conditions are no longer restrictive and open to all.
Until now, only those working in GIFT City could occupy residences there. Government has earlier relaxed the ownership condition by which any entity could develop and own residential property in GIFT City.
However, the relaxation would be limited to the first 5,000 residential units, or for units whose construction begins before March 31, 2023, whichever is earlier.
"This amendment will encourage more investments in the residential sector of the city and will help in leveraging the city’s top-of-the-line quality of life," said Tapan Ray, MD & Group CEO, GIFT City.
Of the proposed 62 million sq ft development in GIFT City, the residential area of 14 million sq ft is planned and will occupy 22 per cent of the total development.
Currently around 10,000 people are working in 225 units in GIFT City.
