Page 48 - Construction & Architecture Update JAN-FEB 2018

DEVELOPER Dr Niranjan Hiranandani, Hiranandani Communities

Signature, Gift City, Gandhinagar, Gujarat
Signature is a statuesque commercial tower and a unique real This fully complete and operationalized IFSC Tower would be
estate offering to Gift City, Gandhinagar, Gujarat. successfully showcased to the global financial fraternity present
Signature is a statuesque commercial tower and a unique real at Vibrant Gujarat 2017, scheduled from January 11, 2017.
estate offering to Gift City, Gandhinagar, Gujarat.
Developed by Hiranandani Communities, the state of the art Why IFSC Is Important for India?
commercial tower enjoys a pride of place as India’s first-ever As per analysts, Rs 1334 crore/per day or Rs 2 trillion per
IFSC-designated building in India’s first ever IFSC in Gift City, year worth of trade in rupee derivatives is being conducted out
Gandhinagar, Gujarat. of India in global business hubs such as Singapore and Dubai
Hiranandani Communities proudly share Hon’ble Prime which have provisioned IFSC concept. Now, around 50-80% of
Minister Narendra Modi’s vision of creating a future-ready, this trade can happen in India at GIFT city, thereby giving our
global financial destination in India, and believe that ‘Signature’ financial services sector a big push.
will provide befitting offices and infrastructure to the most Additionally, as there was no IFSC earlier, we lost approximate
powerful offices and companies in India - those companies that 50% of market share in the two most crucial financial products:
will drive India’s financial future. Rupee-dollar futures contracts traded on the Dubai Gold and
Gujarat International Finance Tec-City (GIFT) is one of the most Commodities Exchange (DGCX) and the Nifty futures contracts
ambitious projects ever undertaken in the Indian infrastructure traded at Singapore and other international markets.
space.Designed to be at par with globally benchmarked The trading of these India related products would now be
financial centres such as London, Paris, Tokyo and Shanghai; possible inside India, thereby providing us with a fresh infuse of
the project will have enhanced connectivity, infrastructure and foreign currency.
transportation Just for information, London had such an IFSC since last 300
years, and the East India Company was part of this institution.
A few highlights: IFSC of New York is also 150+ years old. Dubai and Singapore are
First Mover Advantage-: Deals worth $675 mn, mostly the other important IFSCs globally. Infact, Dubai ISFC contributes
external commercial borrowings, have been struck in the Gift 12% of the UAE’s GDP!
International Finance Centre (IFC) already
Infrastructure-: In complete compliance with norms of Multi Rules for Companies Inside IFSC
Services SEZ, 4,000-5,000 crore has already been spent to A detailed notification from the finance ministry will arrive
develop world class infrastructure (Utility Tunnel, District Cooling shortly regarding guidelines for all companies which wish to
Plant, Automated Waste Treatment Plant) operate inside IFSC. Some of the guidelines which were shared
Tax Benefits-: Tax Benefits announced during Union Budget, yesterday during the inauguration:
February 2016 are favouring the units and the operations n Those domestic and international banks which already
from IFSC. have a presence in India will be allowed to set up their offices
Alliances-: GIFT IFSC Signs Memorandum of Agreement with inside IFSC
Singapore International Arbitration Centre n Financial Institutions will need a minimum capital of $20
The other incentives and facilities offered to the units in SEZ’s million to enter IFSC
are as follows-: n International insurance and re-insurance firms should have a
n Duty free import/domestic procurement of goods for capital of Rs 10 crore to enter IFSC
development, operation and maintenance of SEZ units n NRIs who wish to invest more than $1 million would be
n 100% Income Tax Exemption on export income for SEZ Units eligible under The Foreign Exchange Management Act to
under Section 10 AA of the Income Tax Act for first 5 years, invest (FEMA)
50% for next 5 years thereafter and 50% of the ploughed back n No cash transactions would be allowed; and all trade has to
export profit for next 5 years happen in non-rupee denominations
n External Commercial Borrowings by SEZ units upto US $500 n No tax would be levied on transactions as part of
million in a year without any maturity restriction through SEZ initiatives.
recognized banking channels
n Exemption from Central Sales Tax 1) “With the kind of futuristic planning undertaken, GIFT City
n Exemption from Service Tax is a miracle. All other states should emulate the concept and
n Single window clearance for Central and State approvals create first trade global smart cities”.
n Exemption from State sales tax and other levies as extended 2) “I have no doubt in my mind that the GIFT City will be a
by the respective State Government tremendous success”.
The success story of International Financial Industry in India
will be written in the State of Gujarat and we are glad to inform Shri Arun Jaitley,
you that Hiranandani Communities is privileged to be a part of it. Hon’ble Finance Minister,
The building will be ready for occupation by December 2016. Govt. of India

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