The Gujarat International Finance Tec-City Company (GIFTCL) has announced a bidding opportunity for the construction of the inaugural ultra-luxury hotel within the domestic tariff area of GIFT City. The hotel is expected to feature a minimum of 300 keys and entail development rights for a minimum of 500,000 sqft.

This initiative aligns with the recent decision by the Gujarat government to exempt GIFT City from a long-standing liquor prohibition law, a strategic move aimed at attracting foreign investments to the city.

While GIFT City currently boasts a five-star hotel and club, the proposed ultra-luxury development marks a significant expansion into a previously untapped market segment. Qualified bidders are not only required to meet technical and financial criteria but are also expected to form partnerships with globally recognised luxury hospitality brands such as Ritz Carlton, JW Marriott, St Regis, Grand Hyatt, and Kempinski.

Additionally, potential bidders must demonstrate a track record of successfully completing commercial, residential, institutional, or mixed-use projects. This includes at least one single project exceeding 200,000 sqft and multiple projects with a cumulative built-up area of 600,000 sqft, supported by relevant certificates.

The eligibility period for technical experience spans the six years preceding the bid due date. The base price for the allocation of development rights is set at Rs 1,600 per sqft for the specified 500,000 sqft. Bids are to be submitted online by February 20, with physical submissions due by February 21.

Furthermore, bidders must have prior experience in constructing a five-star or higher category hotel with a minimum of 250 rooms. An undertaking is also required, committing to the operation and management of the ultra-luxury hotel by the brands specified in the request for proposal.

Financially, bidders are expected to demonstrate average annual revenue of at least Rs 500 million from building construction and development over the three preceding financial years. Additionally, a net worth of at least Rs 250 million as of the end of FY23 is mandated.

In conjunction with this, GIFT City has invited bids for the development of social infrastructure, encompassing an entertainment, recreational, and retail zone spread across 20.5 acres. This includes the construction of a large ferris wheel, GIFT Eye, within an expansive area of at least 1.5 million sqft. The proposed ultra-luxury hotel will be integrated into this evolving social infrastructure.

Reports from ET indicate that the master plan for GIFT City's expansion to over 3,300 acres, including vibrant social infrastructure, is in its final stages of completion. This development plan is poised to position GIFT City as a global financial activity hub, contributing to the realisation of Prime Minister Narendra Modi's visionary project. The unveiling of the second phase development plan, with town planning schemes surrounding GIFT City, is anticipated following the state government's review and public feedback in adherence to statutory requirements.