Gujarat International Finance Tec-City is seeking to widen its occupier base beyond financial services by attracting global capability centres, data infrastructure and semiconductor-linked research operations, according to Group Managing Director and Chief Executive Sanjay Kaul.
In an interview published by Moneycontrol on 21 October, Kaul said commercial space at GIFT City was nearly fully occupied and that more than 1,500 entities were operating across the special economic zone and domestic tariff area. He said about 6 million sq ft of the city’s planned built-up area was operational, with another 3 million sq ft of commercial space expected to be completed by March.
The March completion figure is a management expectation, not evidence that the additional offices have already received completion certificates, become operational or secured tenants. The article did not specify whether “March” meant March 2027, although that is the next March after the interview; BrickBharat therefore does not assign a year to the target.
Existing office demand and reported rents
Kaul told Moneycontrol that occupier demand had remained firm despite high borrowing costs and volatility in global financial markets. The publication reported monthly office rents of ₹80–₹110 per sq ft in the IFSC SEZ and ₹50–₹80 per sq ft in non-SEZ areas. It described an estimated rental increase of around 10% during the preceding 18 months.
Those ranges are market-level indications rather than quotations for every building. Actual rent can vary with tower, floor, fit-out, lease term, incentives, maintenance charges and regulatory-zone eligibility. Near-full occupancy of currently operational stock also does not mean that the entire master-planned city is built or occupied.
GIFT City’s official website currently states that more than 29 million sq ft has been allotted, more than 1,000 entities are operational and over 20,000 jobs have been generated. The difference between the website’s broad “more than 1,000” count and Kaul’s newer “above 1,500” statement may reflect timing and coverage; it should not be presented as an independently audited increase without a dated official statistical release.
Semiconductor discussions are not confirmed projects
Kaul said discussions were under way with semiconductor companies, including Micron and others, about establishing research and development facilities. No signed lease, land allotment, investment amount, construction schedule or project approval was disclosed.
The correct interpretation is that GIFT City is pursuing these occupiers—not that Micron or another semiconductor company has committed to a GIFT City facility. The city’s official GCC positioning material identifies chip design, testing and innovation as opportunity areas, while the Gujarat GCC Policy 2025–30 aims to attract ₹10,000 crore of GCC investment and establish 250 centres across the state. These are policy targets, not completed investment.
GIFT City also has three data centres and another is planned, according to Kaul. The reported strategy is to combine its financial-services ecosystem with technology, research and data operations that may benefit from proximity to regulated financial institutions.
New hotels, retail and housing-support infrastructure
The city is also preparing land for non-office uses. Kaul said approximately six acres had been earmarked for retail development including a mall, 2.5 acres for a school, five acres for a hotel and about 6,000 sq metres for serviced apartments. The parcels are expected to be allocated during FY2026–27.
These are proposed allocations. The interview did not identify selected developers, committed investment, opening dates or final project designs. Until tender awards, agreements and approvals are disclosed, the developments should not be described as under construction.
Official GIFT City documents describe a master plan of up to 62 million sq ft across approximately 886 acres, comprising about 67% commercial, 22% residential and 11% social uses. Moneycontrol reported that land allocations covering 29 million sq ft had already been completed and that nearly 23 million sq ft could be added by 2030, with commercial space representing 63% of the additional planned area.
What this means for occupiers and property investors
For prospective office occupiers, the near-full utilisation of operational space may mean tighter choice until new buildings are delivered. Companies should compare lease economics across the IFSC SEZ and domestic zone because regulatory eligibility, tax treatment and permitted activities differ.
For investors and developers, the expansion points to a larger addressable market, but execution risks remain. Construction delays can increase interest costs, while future leasing depends on timely delivery, infrastructure and the conversion of discussions into signed occupier agreements.
For the surrounding Gandhinagar–Ahmedabad property market, additional employment and social infrastructure could support residential and service demand. However, the interview does not establish future home-price appreciation or rental returns. The most meaningful next evidence will be completed office supply, disclosed occupier leases and awarded land parcels—not master-plan capacity alone.
Sources and verification
- Moneycontrol — “GIFT City demand holds firm as hub explores semiconductor R&D, GCCs: MD Sanjay Kaul”, first published 21 October 2026 at 12:08 PM and updated at 1:41 PM IST.
- GIFT City official website, accessed 21 October 2026; source for the displayed allotted-area, operational-entity, employment and banking-asset indicators.
- GIFT City official GCC destination note, accessed 21 October 2026; source for the city’s stated GCC and semiconductor positioning.
- Gujarat Global Capability Centre Policy 2025–30, dated February 2025; official policy source for state-level targets.
- GIFT City October 2026 bid document, dated 4 October 2026; official source confirming the master plan’s 62-million-sq-ft potential and land-use proportions.
Verification limitation: Current occupancy, rent ranges, the 1,500-plus entity count, delivery forecast and company discussions are attributed to Kaul’s interview. BrickBharat did not independently inspect leases, completion certificates or negotiation documents.