Infosys has leased over 1 lakh sq ft in Gujarat’s GIFT City to launch a TechFin hub serving global BFSI clients. The move highlights GIFT City’s emergence as a top-tier financial and tech destination, drawing investor interest and strengthening its commercial real estate market with rising demand and returns.
Tech giant Infosys Limited has leased 1.03 lakh sq ft of office space in Gujarat’s GIFT City, marking a significant step in the IT leader’s India expansion. The development centre, housed in the PRAGYA-2 building in Gandhinagar, will operate across four contiguous floors and accommodate up to 1,000 professionals. The long-term lease, signed for 10 years starting October 2024, signals growing corporate confidence in India’s only operational International Financial Services Centre (IFSC).
According to lease documents accessed by Propstack, Infosys is paying ₹57.26 lakh per month. The deal includes an annual 5% rent escalation and a ₹3.43 crore security deposit. The company also secured 71 dedicated parking spaces, with options to lease more. The centre was officially inaugurated on June 7 by Gujarat’s Chief Minister Bhupendrabhai Patel.
Driving Digital Innovation for Global BFSI Clients
Infosys stated that the new hub will be a “key TechFin centre” focused on delivering cutting-edge digital solutions for clients with global banking, financial services, and insurance (BFSI). The centre will handle operations in capital markets, trade finance, digital banking, and regulatory compliance.
“Setting up our Development Centre in GIFT City is a strategic step aligned with our vision of leading innovation in financial services from within India’s foremost international financial hub,” said Jayesh Sanghrajka, CFO of Infosys. He emphasised GIFT City’s enabling ecosystem for advanced tech deployment, including artificial intelligence, blockchain, and cloud computing.
GIFT City Emerges as a Magnet for Corporate Tenants
GIFT City, located between Ahmedabad and Gandhinagar, spans 880 acres and is divided into a Special Economic Zone (SEZ) and a domestic tariff area. With nearly 30% of its planned infrastructure developed, it has quickly become a hotspot for top-tier enterprises.
“The SEZ micro-market demonstrates minimal vacancy levels, recorded at 1.46%, and strong annual net absorption of 0.5 million sq ft in 2024,” noted Samantak Das, Executive Director at JLL India. He added that a new supply is expected by late 2025, as current rentals in Grade A commercial properties have crossed ₹70 per sq ft per month.
Investor Interest Grows Amid Robust Ecosystem
Experts say the city’s mix of high-demand commercial assets and well-planned residential zones has turned it into a lucrative investment opportunity. “Returns in the range of 7–8% are expected, which is strong given the current real estate market,” said Rumit Parikh of Knight Frank India.
With players like Bank of America, JP Morgan, Cognizant, and Accenture already present, GIFT City is drawing global attention. Unique tax benefits in the IFSC zone—such as exemptions from GST, STT, and stamp duty—further enhance its appeal.
Conclusion
Infosys’s move underscores GIFT City’s rising stature as a future-ready financial and technology hub. As the demand for prime office spaces surges and new developments take shape, GIFT City is poised to become a cornerstone of India’s digital and economic transformation.
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