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Business EconomyPosted at: Apr 17 2018 1:30PM


Sobha forays into Gujarat with Rs 500 cr investment

Mumbai, Apr 17 (UNI) Realty Major, SOBHA LTD has announced its foray into Gujarat market.
The company will make an investment of over Rs 500 crore towards residential development in Gujarat International Finance Tee-City (GIFT City), India's 1 st Operational Smart City and International
Financial Services Centre (IFSC).
With this, SOBHA will increase its residential footprint to 10 cities in India.
Ravi Menon, Chairman, SOBHA said, ''Ahmedabad is a prominent business centre of Gujarat. It
is the second largest cotton textile centre in India after Mumbai with equally strong pharma, petrochemical
and automobile industries. Rapid infrastructure development over the years has augmented the IT
and ITES sectors as well tremendously, making it an important investment destination.
These, together, have given a fillip to commercial and residential real estate market in the
city. To fulfil this increasing demand, the Government of Gujarat initiated the full-integrated
city project of GIFT City between Ahmedabad and Gandhinagar, where SOBHA will
contribute significantly in fulfilling the residential demand.''
With a total built up area of 1.3 million square feet, SOBHA will develop close to 1,000 housing
units in the fully-integrated city built on the walk-to-work concept. This investment is in line with
SOBHA's focus on developing affordable housing projects in major cities across the country.
J C Sharma, Vice Chairman and Managing Director, SOBHA said, ''SOBHA has set benchmarks in
the Indian real estate sector with its precision and international quality homes across segments. Our
unique model of backward integration makes us the only real estate player in India to have all the
competencies and resources in-house to deliver a project from conceptualisation to completion.
With our investment in GIFT City, SOBHA aims to meet the increasing demand for affordable housing
while contributing to Prime Minister's vision of 'Housing for All'. This also aligns with the vision of
GIFT City of offering world-class services and infrastructure. We look forward to working on this
project and associating with GIFT City to introduce first-of-its-kind housing project.''
UNI JS NP AE 1330
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Tags: #Sobha forays into Gujarat with Rs 500 cr investment
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