By Dr Niranjan Hiranandani– CMD- Hiranandani Communities
The Union government finally grants nod to the second phase of Ahmedabad metro which shall connect up to Gandhinagar. This includes a 6km Long Branch line connecting GIFT city at Gandhinagar with the Ahmedabad metro phase II. This is welcome stepped lauded by all the stakeholders be it citizens or the industry players on extending the much-awaited direct and interrupted connectivity to the business hub at GIFT CITY.
GIFT City has the potential to create 500,000 direct and an equal number of indirect jobs which would require 62 million square feet of office and residential space. In line with similar leading Global Financial Centres, GIFT City has a target of 6 to 8 per cent share of the financial services potential in India, and we need to understand the importance of the Ahmedabad Metro second phase linkage through a branch line to GIFT City in this light.
The enhanced connectivity will create opportunities for human resources from both, Ahmedabad and Gandhinagar to have a seamless commute option for GIFT City, as also open up new avenues for the BFSI, IT, ITeS and similar sectors to set up units in GIFT City.
The Indian govt has endeavoured to develop world-class Finance Centre at GIFT IFSC in Gandhinagar. The recent measures announced like unified regulators and tax holiday is aimed to attract more business operations with ease of doing business benefit. These incentives shall enhance the competitiveness of GIFT IFSC and shall help to put it par excellence along with other leading global financial centres.
For India’s BFSI sector to compete in global markets, the IFSC at GIFT City is an ideal base to grow. With taxation and other benefits, the IFSC is expected to drive economic growth as also create jobs. The success story of Indian Business will be co-scripted by real estate projects that combine residential real estate and office spaces. One would add here, the need for high-speed connectivity to drive this growth – which is what the Ahmedabad Metro has the potential to do.
This phase will connect GIFT City, and this linkage will ensure that the IFSC in GIFT City delivers the advantage it promises to India’s BFSI sector by providing easy connectivity to human resources which will power these units.
The enhanced connectivity shall not only benefit the GIFT IFSC but also help to foster commercial real estate leasing and buying activities across the linked areas from Ahmedabad to Gandhinagar which have huge potential to grow. Economic growth will be driven by real estate in Ahmedabad – Gandhinagar, which will be constructed using global best practices. Workspaces will provide global features – which will make areas linked by the Ahmedabad Metro preferred locations for the future-ready Indian corporate entity looking to set up operations in Ahmedabad.
The future real estate success story in Ahmedabad will be about high-speed connectivity coupled with linkages to important locations like GIFT City. This will ensure global standards, along with that infrastructure which enhances lifestyles. The Ahmedabad – Gandhinagar conglomeration has been evolving as a Global Business Centre, and the Ahmedabad Metro will speed up the future growth prospects.