Nila Spaces' ₹342-Crore GIFT City Plot: 100-Metre Residential Tower Project

The land deal

Ahmedabad-based developer Nila Spaces Limited outbid 10 competitors to acquire a 5,550 square-metre land parcel in Gujarat International Finance Tec-City (GIFT City) for ₹342 crore, in a competitive auction. The tender, conducted on a Friday, saw Nila Spaces Ltd emerge as the top bidder out of 11 participants, securing rights for the development of 5.22 lakh square feet on the 5,550 square-metre plot.

The bid worked out to a record INR 6,557 per square foot for development rights in the SEZ, making it the most expensive parcel of land, in absolute terms, in Gujarat at the time. Multiple contemporaneous trade reports date the auction to around mid/late June 2024 (one aggregator tags the news 20-06-2024), so investors should treat any later coverage of the same deal as a repost of that original transaction rather than a new event.

What's planned on the site

The residential project planned by Nila Spaces Limited is expected to have a development potential of 5.22 lakh square feet, with the company intending to construct a 100-metre-tall residential tower in GIFT City, Gandhinagar. Director Deep Vadodaria described the plan: "We are embarking on the construction of a 100-metre tower with an investment of Rs 750 crore. Our vision is to create urban living spaces that address global needs, focusing on mental health and combating corporate burnout."

The company has prior GIFT City experience and a portfolio built around quality, sustainability and mental-health/wellness amenities, a positioning aimed at how finance-sector professionals now evaluate homes — not just square footage, but lifestyle infrastructure. No confirmed unit mix, tower name, or amenity list for this specific plot has been published by the developer as of the latest available reporting.

Investment and revenue projections

According to company executives, the total investment for the project will be around Rs 750 crore, with the topline projected to exceed Rs 1,000 crore. The per-square-foot land price is significantly above the broader Ahmedabad baseline of around ₹4,826 per sq. ft. citywide, underlining GIFT City's premium positioning. These are developer-stated estimates tied to the land acquisition announcement, not audited or independently verified figures, and should be read as planning-stage projections rather than confirmed pricing.

Status and timeline (as of latest available reporting)

The land purchase itself is complete and paid for. However, the residential tower itself is still in planning; RERA filing was expected within the following 6–12 months, followed by pre-launch marketing, with actual sales commencement estimated 18–24 months out from the acquisition. No RERA registration number for this specific tower project has been located in public records searched to date — any such number should be independently verified on the Gujarat RERA portal (gujrera.gujarat.gov.in) before treating it as confirmed.

This is distinct from Nila Spaces' existing, already-registered GIFT City project, VIDA, which carries RERA ID PR/GJ/GANDHINAGAR/GANDHINAGAR/GIFT Urban Development Authority/RN209AA10109/011022 and is a separate, earlier development by the same company — buyers should not confuse the two when checking documentation.

About the developer

Nila Spaces Limited is a real estate developer based in Ahmedabad that has been active in Gujarat International Finance Tec-City (GIFT City) real estate. Deep Vadodaria, CEO of Nila Spaces, is described in company-linked coverage as focused on sustainable real estate and carbon-neutral living, integrating renewable energy, energy-efficient design and green transportation into projects. This ₹342-crore acquisition follows the company's earlier GIFT City project, VIDA — a two-tower residential development with 1, 2 and 3 BHK units — meaning the new tower would be Nila Spaces' second residential venture inside the SEZ.

Why it matters for GIFT City's residential market

GIFT City's appeal extends beyond residential development: Bank of America has leased 400,000 square feet of office space for 15 years, and Google has taken an entire floor in the Fintech One commercial tower, reflecting the growing presence of large occupiers. The zone currently hosts over 600 entities across financial services, technology, banking and insurance, including the IFSCA, Gift Nifty, India INX and IIBX, with IFSC Banking Unit assets totalling USD 60 billion as of March 31, 2024. A record land price for a residential plot signals that developers expect continued in-migration of finance and tech employees who will need housing close to their workplace — but that thesis depends on sustained IFSC job growth continuing on schedule.