Pune-Based Developer Bags Rs 330 Crore Land Deal in GIFT City
A Pune-based real estate group has won a major land deal worth over Rs 330 crore in GIFT City, India’s first International Financial Services Centre (IFSC). The developer plans to construct a 12-lakh sq ft commercial tower in partnership with a local builder.
Gift CityLand DealReal EstatePuneAhmedabadReal Estate PuneMay 24, 2025
A Pune-based real estate group has bagged the rights to develop approximately 7.5 lakh sq ft of land in the Special Economic Zone (SEZ) of GIFT City at a striking bid of around Rs 4,500 per sq ft—well above the base auction price of Rs 2,200 per sq ft.
The winner of the auction, Suma Shilp Ltd., has announced plans to build a state-of-the-art commercial tower spanning 1.2 million sq ft (12 lakh sq ft). To execute the project, it has entered into a strategic partnership with Ahmedabad-based Shilp group, bringing in local expertise and knowledge of the GIFT City landscape. According to sources within GIFT City, the total saleable value of the project is expected to exceed Rs 1,000 crore, while the total development cost, including construction, is pegged at around Rs 600 crore.
Although the final design is yet to be frozen, company officials confirmed the scale and ambition of the upcoming building, reiterating their collaboration with a local partner. “We are delighted to play a role in GIFT City’s evolution,” said Pramod Naralkar, Founder and Managing Director of Suma Shilp Ltd. “Our focus on excellence, innovation, and crafting inspiring spaces will drive this project to establish new standards in urban development.”
To formalise the partnership, the two developers have created a special purpose vehicle (SPV) Suma Shilp Infraspaces Pvt Ltd, which will spearhead the development of Grade A+ office spaces combining high functionality with cutting-edge design.
This marks Suma Shilp’s first foray into both GIFT City and the state of Gujarat. Depending on the outcome of this project, the company may consider a broader expansion into Ahmedabad’s real estate market.
Currently, GIFT City is home to nearly 900 operational institutions, with over 1 crore sq ft (10 million sq ft) of ongoing construction activity. The announcement of this new venture is expected to contribute further to the city’s ambition of becoming a hub of iconic infrastructure, while attracting more corporates and institutions to set up base here.
Frequently Asked Questions
What is GIFT City?
Gujarat International Finance Tec-City (GIFT City) is India’s first International Financial Services Centre (IFSC) located in Gujarat. It is designed to be a hub for financial and technological services, attracting both national and international institutions.
Who won the land deal in GIFT City?
Suma Shilp Ltd., a Pune-based real estate group, won the land deal in GIFT City worth over Rs 330 crore.
What is the size of the land deal?
The land deal involves approximately 7.5 lakh sq ft of land in the Special Economic Zone (SEZ) of GIFT City.
What is the planned development on the land?
The developer plans to construct a state-of-the-art commercial tower spanning 1.2 million sq ft (12 lakh sq ft).
Who is Suma Shilp Ltd. partnering with for this project?
Suma Shilp Ltd. is partnering with Ahmedabad-based Shilp group to execute the project.
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