Sri Lotus Developers Collaborates with Abhishek Bachchan for Ultra-Luxury Mixed-Use Project in GIFT City
India’s maiden operational International Financial Services Centre (IFSC), Gujarat International Finance Tec-City (GIFT City), is drawing high-end property developments. Mumbai-based Sri Lotus Developers & Realty Limited has entered into a joint development partnership agreement with Bollywood star Abhishek Bachchan for a luxury mixed-use development project in Gandhinagar, Gujarat.
Announcement of the agreement marks the foray of Sri Lotus Developers into the Gujarat real estate industry. This suggests the increasing confidence of the developers in the long-term potential of GIFT City to emerge as an international finance and business destination. The proposed development will cover over one million square feet and will be developed on the freehold land through the company’s subsidiary entity, Rise Root Projects Pvt. Ltd.
Asset Light Development Model
According to the company's information, Rise Root Projects has signed a development partnership deal with Abhishek Bachchan on a profit-sharing basis. The land for the project was purchased by the actor about 15 years ago. Although the investment amount for the project has not been disclosed, it will operate on an asset-light development model, which will help Sri Lotus Developers expand its presence in the market.
This approach is expected to improve capital efficiency and enable scalable growth in the emerging and high-potential market of GIFT City, where the development of infrastructure and support from policy initiatives are rapidly advancing.
Project Configuration & Timeline
The new development will be an ultra-luxury mixed-use project, comprising ultra-premium retail, Grade-A commercial offices, and super-premium homes. Sri Lotus Developers stated that the project is designed to meet the growing demand from financial institutions, fintech companies, IT, and ITeS companies, as well as senior professionals seeking premium residential options near their workplaces.
The project is expected to be completed within four years from its commencement, in line with GIFT City's overall master plan for the phased development of commercial, residential, and social infrastructure.
During the announcement, the Chairman and Managing Director of Sri Lotus Developers & Realty Limited, Mr. Anand K Pandit, emphasized that their decision to enter the property market in GIFT City is driven by the rising demand for luxury properties in the area. He highlighted that GIFT City is rapidly becoming a global hub for finance and business, thanks to policy reforms, infrastructure upgrades, and increased investment interest from both domestic and foreign investors.
The identified residential and office spaces development proposal is intended to provide the high-end accommodation and commercial space currently lacking in the region.
GIFT City Overview
GIFT City is located between Ahmedabad and Gandhinagar, with the Sabarmati River on either side, and covers an area of about 880 acres. The initiative aims to build a smart city where commercial, residential, and social amenities are seamlessly integrated. The project will comprise both SEZ and non-SEZ areas, hosting companies from the global finance sector, tech companies, and their affiliated services.
Currently, around 30% of GIFT City is operational, with another 30% earmarked for housing development. The city is home to India’s first IFSC, which enables financial transactions in foreign currencies within India’s regulatory framework. Institutions operating from GIFT City include the NSE International Exchange, where the GIFT Nifty is traded.
Recent policy measures, including regulatory relaxations and operational incentives, have further enhanced the city’s appeal for multinational firms, financial service providers, and real estate developers.
Sri Lotus Developers has completed four projects with a combined carpet area of over 4.2 lakh square feet. The company currently has six projects under development and 12 upcoming projects, covering approximately 27.6 lakh square feet of carpet area and around 20.5 lakh square feet of saleable area.
With its entry into GIFT City, the developer joins a growing list of real estate players seeking to establish an early presence in one of India’s most ambitious urban and financial developments. As GIFT City continues to mature, mixed-use developments combining commercial, residential, and retail components are expected to play a key role.
