Gujarat International Finance Tec-City, also called GIFT City, is India's first International Financial Services Centre and a greenfield smart city on the banks of the Sabarmati River in Gujarat's Gandhinagar district. In 2020, GIFT IFSC ranked 10th in the Global Financial Centres Index. In 2025, it was ranked 40th in fintech and 46th overall in the Global Financial Centres Index, which included 119 financial centres.
GIFT City is around from Sardar Vallabhbhai Patel International Airport. It includes commercial, financial and residential complexes, and is designed to be a walkable city. It is connected through 4–6 lane state and national highways, and the GIFT City metro station links it to the Ahmedabad Metro network. The total development area is , of which the special economic zone (SEZ) constitutes . In July 2025, Sanjay Kaul was appointed managing director and Group CEO.
Several multinational banks, including JP Morgan, Standard Chartered, Deutsche Bank, Citibank, HSBC. Barclays Bank, Bank of America, DFCC Bank, and Qatar National Bank have set up offices at the IFSC. In addition, the city hosts 35 fintech entities, two international stock exchanges with average daily trading volumes of $30.6 billion, and India's first international bullion exchange with 75 jewellers. Two Australian universities have also established a presence in the city as of November 2023. The city's name signifies the government's intention to promote it as a global financial and business services hub.
The city has fallen short of its promises: against projected 10 lakh jobs, only about 9,000 by mid-2019, with just 3 out of the 62 million square feet built. The government blamed the financial crisis, the absence of regulators until 2014, and IL&FS's financial difficulties. Even by late 2023, the city remained sparse after business hours, prompting Singapore's High Commissioner to call it "quite a ghost town". The tax breaks and incentives given to businesses were compared with the government establishing a tax-haven; the government defended the framework as a well-regulated tax architecture.
History
On 15 December 2011, The Economic Times reported city officials in GIFT were inviting companies from Singapore that wished to expand but could not do so due to a lack of land in Singapore to open their businesses in GIFT. Investments from banks, private equity companies, insurance companies and asset management companies were considered.
On 26 December 2011, The Times of India reported China's technology giant Huawei was likely to provide technology to GIFT. According to Eric Yu, president, of enterprise business of Huawei India, this technology included networks, data centres and surveillance.
On 2 October 2014, NetIndian reported a new World Trade Centre would be set up in GIFT City as per an agreement between the World Trade Centre India Services Council (WTCS) and GIFT City Ltd. It would be completed within four years.
BSE Broker's Forum planned to invest to build a commercial tower to set up back-office operations. They were allocated to develop the commercial tower with the likelihood of setting up an exchange office.
According to The Times of India on 18 October 2014, the Bangalore-based Brigade Group would invest over the next few years to develop of built-up area with a future option of investing another to develop .
In November 2018, The Wire reported the Government of Gujarat State would buy out the 50% stake of beleaguered Infrastructure Leasing & Financial Services (IL&FS) in the GIFT City to minimize delays to the project. In June, 2020, IL&FS concluded sale of its stake in GIFT-City for equity value to the state government.
According to Business Standard, OPS Fund Services, a subsidiary of OPS Global, Singapore, received a license to open in the International Financial Service Centre at GIFT city.
On 5 December 2019, Business Standard reported that Bank of America opened a Global Business Services Center at GIFT.
On 6 January 2020, Accor opened the first international hotel in GIFT City.
On 20 January 2020, The Economic Times reported GIFT was ready to begin trading in rupee-dollar in the futures market.
In July 2022, JPMorgan Chase, Deutsche Bank and Mitsubishi UFJ Financial Group opened new offices at the International Financial Services Centre. Prime Minister Narendra Modi formally opened Singapore Exchange's futures trading operation "Nifty", and India's first international bullion exchange was opened.
In December 2025, Business Standard reported IDFC FIRST Bank opened a IFSC banking Unit in GIFT City
Implementation Construction timeline
Major construction events in GIFT City, Gujarat, India: Timeline2007: The Gujarat International Finance Tec-City (GIFT City) project is announced by the Government of Gujarat as an ambitious plan to develop a world-class financial and business district in Gujarat. Construction of GIFT City begins.
2008: Land acquisition for the GIFT City project begins. The government acquires about of land near Gandhinagar, the capital of Gujarat. The project receives approval from the Union cabinet, which marks the formal beginning of the project.
2009: GIFT SEZ area is notified.
2010: Construction begins on the first phase of the GIFT City project, which includes the development of basic infrastructure such as roads, water supply, drainage, and sewage systems. The first tower, called GIFT One, is inaugurated. The 29-storey building is built by the IL&FS (Infrastructure Leasing & Financial Services) group and serves as the headquarters for many financial companies.
2012: The first phase of the GIFT City project is completed, which includes the development of basic infrastructure and the construction of the GIFT One tower. GIFT City is formally inaugurated by then-Prime Minister of India, Dr. Manmohan Singh. GIFT City's first operational bank, Bank of Baroda, begins its operations.
2013: Construction begins on the second phase of the GIFT City project, which includes the development of more office buildings, residential apartments, and social infrastructure such as schools, hospitals, and retail spaces. The GIFT SEZ (Special economic zone) is notified by the government, which allows companies operating within the zone to enjoy tax and other benefits. GIFT City's first IFSC tower, GIFT One Tower A, is inaugurated.
2014: GIFT City is selected as a smart city under the Smart Cities Mission of the Government of India.
2015: The second phase of the GIFT City project is completed, which includes the development of more office buildings, residential apartments, and social infrastructure. The first IFSC (International Financial Services Centre) tower, called GIFT Two, is inaugurated. The 28-storey building is built by the IL&FS group and serves as the hub for international financial services companies. Construction of GIFT City's first data centre, owned by Netmagic, is completed.
2016: GIFT City's first international exchange, India International Exchange, starts operations.
2017: Construction begins on the third phase of the GIFT City project, which includes the development of more office buildings, residential apartments, and social infrastructure such as parks and open spaces. The GIFT SEZ is granted formal approval by the government, which enables companies operating within the zone to enjoy more benefits and incentives.
2019: The third phase of the GIFT City project is completed, which includes the development of more office buildings, residential apartments, and social infrastructure. The second IFSC tower, called GIFT Three, is inaugurated. The 30-storey building is built by the IL&FS group and serves as a hub for international financial services companies.
2021: Construction begins on the fourth and final phase of the GIFT City project, which includes the development of a retail and entertainment zone, a convention centre, and residential towers. The GIFT City project is awarded the "Smart City of the Year" award by the National Institute of Urban Affairs, which recognizes the city's innovative use of technology, sustainability, and urban planning.
2023: Google to open global fintech operation centre at GIFT City SGX Nifty was renamed as GIFT Nifty and started its trading operation from Gift City from the date 3 July 2023. It is a collaboration of Singapore Exchange and NSE India. 2024:
TBD
2025:
Coventry University has received in-principle approval to open a campus in GIFT City, expected to start academic sessions in 2026. Cognizant launched a 600-employee TechFin Centre in GIFT City, serving as a hub for BFSI sector technology solutions for global clients. S&P Global Ratings Singapore PTE becomes 1st foreign credit rating agency to set up base in GIFT City. Founder and CEO of TNBG Capital Advisors writes about how GIFT City is a gateway for global funds. Direct equity listing began in GIFT City with XED Executive Development Ltd filing the first DRHP with NSE-IX and India INX. Highlighting social life at GIFT City. Navratri celebrations that have been hosted by GIFT City for years and how it has been in spotlight for all artists and players alike Gujarat International Finance Tec-City (Gift City) is positioning itself as India's gateway to global finance, with the potential to unlock a USD 500 billion opportunity, senior regulators and bank executives said at the second Gift International Banking Forum (GIBF) 2025. XED, a global education technology (edtech) firm focused on executive programmes with leading universities, is preparing to raise $12 million through an initial public offering (IPO) at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City). Tata Asset Management opened its branch in International Financial Services Centre (IFSC) in September 2025 and said it is exploring opportunities to relocate $1.6 billion of its offshore funds from Mauritius and Luxembourg to GIFT City in Gujarat
Consultants Owner – The Amazing Design and Architecture – East China Architectural Design & Research Institute (ECADI) and Fairwood Consultants India Construction – IL&FS, AECOM India, L&T Infrastructure Engineering, CBRE India ICT Advisory Services – British Telecom Market Demand Assessment – McKinsey & Company Talent Demand Assessment – Hewitt Associates Environmental Assessment – IL&FS Ecosmart Ltd Process Management – IL&FS Infrastructure Development Corporation Ltd Power Management – ABB Group Ernst & Young – Advisory services to various aspects of GIFT City, such as legal and regulatory compliance, tax planning, and risk management. KPMG – provides a consulting services to GIFT City for financial services, real estate, and infrastructure, which can be beneficial for clients operating in GIFT City. Deloitte – provides a tax planning, regulatory compliance, and risk management services to GIFT City. Grant Thornton – They offer a range of services, including accounting, tax, and advisory services, which can be beneficial for client
Status As part of Phase-I development, around of built-up area has already been allotted from the available for commercial, residential and social use. On 11 September 2019, Tapan Ray, EX-managing director and Group CEO of GIFT City, said the city had attracted around of investment.
Divisions
Zones AreaSEZ – PASEZ – N PATOTAL (SEZ)DTAGRAND TOTAL The total area for the development of GIFT is out of which the SEZ (Special Economic Zone) constitutes . The project area under development can hence be classified under the SEZ area and the non-SEZ area (also known as the Domestic Tariff area or the DTA).
As of June 2025, GIFT City had 939 registered entities. The hub currently houses 47 insurance firms and 272 funds, with more than 100 foreign companies, half of which joined in the last year.