GIFT City, which houses within its SEZ zone, the IFSC, is more than just Prime Minister Narendra Modi’s dream project. The IFSC will empower the Indian Banking and Financial Services and Insurance (BFSI) sector, enabling it to compete with global players – without the need to set up an office at global finance centres like Singapore, Dubai or London. Underlining this success story is ‘Hiranandani Signature’, the first commercial tower within the IFSC.
“GIFT CITY is India’s first planned smart city intended to lure foreign investors, and ‘Hiranandani Signature’ has been conceived as a unique commercial proposition here,” said Dr. Niranjan Hiranandani, CMD, Hiranandani Communities. “We have welcomed clients from the reinsurance sector, capital markets including BSE INX and equity share brokers as also the BFSI segment, including Kotak Mahindra Bank, IndusInd Bank, Yes Bank and Axis Bank, which are all operational from the IFSC. In 2018, we expect to see legal firms/ lawyers dealing in International arbitration also being operational from the IFSC, taking up space in ‘Hiranandani Signature’,” he added.
Two major stock exchanges of the nation BSE INX and NSE has moved into the IFSC due to the competitive tax regime which will draw corporates and investors. National players have also joined the global bandwagon to encash the first mover advantage at India’s first IFSC. Also, the setting up an individual financial regulator will erase out political discrepancies and streamline business expansion plans. Indian economy is booming with 7.2 percent growth rate in the last quarter of FY 2017-18 inspite of regulatory tsunami’s and disruptive tax overhaul.
The 16 storey tower encapsulates efforts, through 2,111 tons of steel, 8,000 tons of cement and 20636 Cubic Meters of concrete, which makes ‘Hiranandani Signature’ not just the first commercial tower to be built in GIFT City using Global Best Practices, but also an eco-friendly, ‘Green’ building. Leading names from India’s BFSI sector have either taken up space in ‘Hiranandani Signature’, or are in process of doing so. These will be joining an illustrious list of institutions from re-insurance and capital markets who have picked up space in the commercial tower.
GIFT City is positioned as India’s first operational ‘Smart City,’ and encompasses world-class infrastructure facilities, many of which have been introduced in India for the first time. The IFSC at GIFT City has been witnessing substantial growth in the banking, insurance and capital market space. ‘Hiranandani Signature’ offers the perfect launch pad to support the establishment of businesses in the IFSC and their growth. “The IFSC is a major step towards positioning India amongst the leading financial services centers in the world,” concluded Dr. Niranjan Hiranandani.