Nila Spaces Limited purchased an anticipated 5,550 SqM land parcel in Gujarat International Finance Tec-City (GIFT City) for an estimated INR 342 Crore. The developer emerged as the top bidder in the auction for the proposed land with a development potential of nearly 5.22 Lakh-SqFt.
The Ahmedabad-based Nila Spaces plans to develop a residential project over this land. The total investment for this project is estimated to be around INR 750 Crore. The scope of work will include a 100-meter-tall residential tower in Gandhi Nagar at GIFT City.
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Additionally, the revenue from this residential project is expected to exceed INR 1,000 Crore. The vision is to create urban living spaces that address global needs, focusing on mental health and combating corporate burnout, said Deep Vadodaria, Director of Nila Spaces Ltd.
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