New Delhi: Sri Lotus Developers & Realty Ltd has entered into a joint development agreement with actor Abhishek Bachchan to build a luxury mixed-use project at Gift City in Gujarat. Bachchan, son of Hindi
cinema icon Amitabh Bachchan, owns the land parcel at Gift City. The land parcel was acquired nearly 15 years ago.
In a regulatory filing on Wednesday, the Mumbai-based company said it has "expanded into the GIFT City Area, Gandhinagar, through a development agreement (DA) with Abhishek Bachchan". The project will have a built-up area of over 1 million (10 lakh) sq ft. The company will develop an ultra-luxury, mixed-use development on the freehold land. This will be the company's first project in Gujarat.
The project will be undertaken through a subsidiary of the company, Rise Root Projects Pvt Ltd, which entered into a DA with Abhishek Bachchan, having a profit-sharing arrangement. Sri Lotus Developers did not mention the amount of investment in the development of the upcoming project.
Anand K Pandit, Chairman & Managing Director, Sri Lotus Developers & Realty Ltd, said, "GIFT City is rapidly emerging as a premier global financial and business hub, supported by progressive policy initiatives, robust infrastructure development, and increasing interest from domestic and international investors."
He said the expansion into the Gujarat market is driven by the objective of addressing the rising demand for premium and ultra-luxury residential and commercial spaces within the region. The company has completed four projects aggregating over 4.2 lakh sq ft of carpet area, with six ongoing and 12 upcoming developments covering around 27.6 lakh sq ft of carpet area and 20.5 lakh sq ft of saleable area.
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