The much-hyped expansion plans of GIFT City have been put on hold. The Government of Gujarat has retracted and pulled back two notifications it issued last year.
Citing that the proposed expansion is not in the interest of rational development of the area, the urban development and urban housing department of the Gujarat government has revoked two notifications of Nov 2022 and Nov 2023.
Developed as SEZ, the dream project of PM Narendra Modi, the Gujarat International Finance Tec-City, popularly known as GIFT City, was set to expand from its existing 1,065 acres to approximately 3,365 acres.
The revocation is believed to have come in the wake of the pragmatic approach taken by the government, which found several hurdles on the way of expansion. Most of the land under the expansion plan was private land and the government was having difficulty acquiring it.
The government proposal was to develop the proposed extended limits through GIFT UDA. However, it has now decided that it will continue to be administered under the Gandhinagar Urban Development Authority (GUDA)
The U-turn by the government has come as a big jolt to the several investors who had rushed to purchase land in the proposed area, anticipating the rise in prices at a later stage.
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