Mumbai: Sri Lotus Developers has announced a new luxury project in GIFT City, Gujarat in partnership with Bollywood celebrity Abhishek Bachchan. This marks the real estate developers’ first foray beyond Mumbai, and it is banking on Abhishek’s star power to publicise the luxury development.
The company will be undertaken through a subsidiary Rise Root Projects Pvt. Ltd, with the company leveraging its core strengths in design, planning, development and execution while Mr Abhishek Bachchan has been onboarded with a profit-sharing arrangement through a development agreement.
Spread over a built-up area of over 1 million sq ft, the project will contain a mix of premium retail, Grade A commercial office spaces and high-end residential units. It is aimed at addressing the growing demand for commercial and residential spaces in India’s newest planned city, developed as an International Financial Services Center (IFSC) rivalling Dubai and Singapore.
The project aims to address the growing demand from financial institutions, IT/ITeS companies and other corporates for residential and commercial spaces. Lotus Developers aims to complete the project within 4 years.
“We are pleased to announce our entry into the GIFT City Area, Gandhinagar with our flagship ultra luxury mixed use project. GIFT City is rapidly emerging as a premier global financial and business hub, supported by progressive policy initiatives, robust infrastructure development, and increasing interest from domestic and international investors. Our expansion into this market is driven by the objective of addressing the rising demand for premium and ultra-luxury residential and commercial spaces within the region.” Mr. Anand K Pandit, Chairman & Managing Director, Sri Lotus Developers & Realty Limited, said in a press release to the BSE.
