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Shilp Group, based in Ahmedabad, has announced the launch of a 585-unit residential project in Gandhinagar’s GIFT City. Yash Brahmbhatt, the company’s founder and CEO, stated that the company is developing a residential project in GIFT City’s non-processing SEZ area. With RERA approval, the project will have a built-up area of 5 lakh square feet. It will have three residential towers with a total of 22 floors, with unit sizes ranging from 1,100 to 1,800 square feet and 1.5, 2 and 3 BHK options available. Previously, there was a restriction prohibiting outsiders from purchasing a home in GIFT City; however, this restriction has been lifted for the first 5,000 residential units, allowing people to make significant investments. This policy change is significant because previously, developers had to wait longer for buyers to sell a housing unit, but the new rules are expected to result in increased business for builders and a faster property purchase process for home buyers.
