IL&FS Transportation Networks will develop a multi-level car parking facility at Gandhinagar in Gujarat, India.
The concession agreement was signed on January 22, 2014 between Gujarat International Finance Tec-City Company and GIFT Parking Facilities, a wholly-owned subsidiary of the company, for development of a multi-level car parking at GIFT City.
The project involves the design, development, finance, construction, operation and maintenance of the project for a period of 30 years. The total project cost is estimated at Rs3,500 million (US$56 million) and it will be developed on a BOOT basis.
The multi level car parking, with a capacity of approx. 5400 car parking spaces, will comprise of 16 floors including retail space at the ground floor.
The concession allows the right to allocate 80% of total parking spaces to the lessee/developers of various buildings in the GIFT City for parking use at a mutually agreed price and the remaining 20% of parking spaces shall be made available as a paid parking facility to the visitors to the GIFT City. Revenue will also be generated from leasing of retail space.
Gujarat International Finance Tec-City or GIFT is an under-construction central business district in the Indian state of Gujarat. Its main purpose is to provide high quality physical infrastructure , so that finance and tech firms can relocate their operations there. It will have a special economic zone (SEZ), international education zone, integrated townships, hotels, a convention center, an international techno park, Software Technology Parks of India (STPI) units, stock exchanges and service units.