An upcoming project in Gift City has received the fastest approval by the Gujarat Real Estate Regulatory Authority (Gujrera) after being cleared by the development authority. The project also has possibly the highest FSI in the state. A residential project being developed by Nila Space has been registered with RERA within 102 hours of approval by the Gift City Authority and within 12 hours of application to RERA.
Experts believe that RERA registration could happen faster than expected if the plans of developers are accurate.
Deep Vadodaria, Director, Neela Space Ltd. said, “We have received RERA approval within 102 hours as we submitted all necessary documents and got our project registered within 12 working hours”
He said ” We are building a 5,128 sq. metres built-up area on a plot having 52,206 sq metres land, which translates to FSI of more than 10.18, which is the highest so far.” The two tower residential project will be completed at an estimated cost of around Rs. 450 crore.
Gujrera Chairman Dr. Amarjit Singh credited the speed of registration to the amendments in RERA 2.0. Vatsal Patel, president of Gujarat Institute of Civil Engineers and Architects (GACEA), said that if documents like approved plan, title clearance certificate, environment NOC, bank account of RERA project are submitted in time, the process can get faster.
Offices of many international organizations and fintech companies are coming up in Gift City, a dream project of PM Modi since the time he was chief Minister of Gujarat.
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