NILA Spaces Limited to develop residential project at GIFT City, Gandhinagar

Nila Spaces Limited (NSL / the Company) is in receipt of an FSI allotment confirmation from Gujarat International Finance Tec-City Company Limited (GIFT) for Residential Real Estate development at GIFT City, Gandhinagar. The allotment envisages development, construction, and marketing of the residential real estate project, wherein the Company can develop about 5.40 lakh sq ft Built Up Area (BUA) on a land plot admeasuring 5128 sq mtrs.

Recognizing the potential of the State as a Centre for the Financial Services industry, the Government of Gujarat, under the visionary leadership of the then CM Shri Narendra Modi, formulated a mega project to develop a novel Central Business District (CBD) between Ahmedabad and Gandhinagar viz. the Gujarat International Finance Tec-City (GIFT). GIFT City is planned on 886 acres of land with 6.2 crore sq. ft. of BUA which includes Office spaces, Residential apartments, Schools, Hospitals, Hotels, Clubs, Retail and various Recreational facilities. GIFT City is an emerging global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally benchmarked CBDs. It is India's first operational Greenfield Smart City and supported by state-of-the-art infrastructure encompassing all basic urban infrastructure elements along with an excellent external connectivity. Additionally, GIFT City will have a metro station connecting it to the Ahmedabad metro network by March 2024. Companies from Financial Services, Technology and all other services sector have started occupying the city. GIFT City is changing the economic face of Gujarat and would keep India on the global map as Centre of excellence in the Financial & IT/ITeS Services domain.

On the momentous occasion that comes as a strategic elevation, Mr. Deep Vadodaria, Director passionately commented: "We are delighted to initiate our association with the esteemed and ambitious project of the Government of Gujarat. With this, we further our continual quest to be the first-mover in the uncharted territories and have joined the elite league of developers entrusted by GIFT to partake in the opportunity to develop the Financial and Technology Gateway of India. Considering to further the Company's ethos, we shall relentlessly endeavor to deliver the best in class and an iconic residential development. The Project shall provide an uninterrupted access to all the world class amenities/infrastructure of GIFT City e.g. aquatic, power, Solid Waste Management, energy efficient and sustainable District cooling air conditioning system, utility tunnel, Transit Oriented Development/Transport, etc. It promises world class infrastructure and highest quality-of-life standards and sustainability in the urban development context.

This positively reinforces the Company's Vision to contribute to the economic prosperity and sustainable growth through development of modern projects; and Mission to impeccably execute such projects that are beneficial to the society-at-large with an absolute value-for-money.

This is only a modest beginning, and economic outlook of such potential opportunities in short-to-long term appears absolutely promising. In line with the Company's Vision, we will keep on exploring various meaningful avenues to maximize the stakeholders' value."

Shares of Nila Spaces Ltd was last trading in BSE at Rs. 2.22 as compared to the previous close of Rs. 2.18. The total number of shares traded during the day was 265421 in over 244 trades.

The stock hit an intraday high of Rs. 2.28 and intraday low of 2.13. The net turnover during the day was Rs. 591906.

Source : Equity Bulls

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