New Delhi, Jan 6 (IANS): Savvy Infrastructure Pvt Ltd is set to invest Rs 700 crore more in GIFT City with the development of around five projects.

The Gujarat International Finance Tec (GIFT) City has allotted 10 lakh square feet built up area to Savvy Infrastructure for development of commercial, residential and social buildings in the GIFT SEZ area.

"Savvy will develop around five projects and invest about Rs 700 crore for this development. This will be in addition to the existing 23 storied commercial tower which consists of offices and Free Trade Warehousing Zone (FTWZ) operational in GIFT SEZ area," the company said in a statement.

So far the company has invested Rs 300 crore in the existing project at GIFT City.

Commenting on the development, Tapan Ray, MD and group CEO, GIFT City, said, "Such a significant real estate allotment during the challenging times of Covid-19 will give boost to the real estate dynamics of this region."

Jaxay Shah, group CMD, Savvy Infrastructure, said that the developer's maiden office tower project of 5 lakh square feet built up area in GIFT SEZ received encouraging response and is almost fully leased.

"Hence, we decided to double our expansion here and have decided to develop over 10 lakh square feet built up area, which is also receiving equally good response. In the next decade, we foresee GIFT City as the ideal destination for the services sector industry and hence this place will witness exponential business growth in the coming years," Shah said.

The statement said that as per the proposed allotment, Savvy will develop various sub-projects within the 10 lakh square feet built up area. These sub-projects will consist of office buildings, logistic space, business centre, residential complexes, university building and international club facility in the SEZ area.