Mumbai-based real estate developer Sri Lotus Developers & Realty Limited has entered Gujarat’s real estate market with its first project in GIFT City, Gandhinagar, through a joint development agreement with Bollywood actor Abhishek Bachchan.

The ultra-luxury mixed-use project, spread across over one million sq ft of built-up area, will be developed on freehold land under a profit-sharing model and is expected to be completed within four years of launch. The development will include premium retail, Grade-A office spaces and high-end residences, targeting demand from financial institutions, fintech firms and IT/ITeS companies, according to a report by The Hindustan Times.

According to the company, the project will have a built-up area of over one million sq ft, and will be undertaken through a subsidiary of the company, “Rise Root Projects Pvt. Ltd., which entered into a Development Agreement with Abhishek Bachchan having a profit-sharing arrangement.”

The company will develop an ultra-luxury, mixed-use development on the freehold land. This will be the company’s first project in Gujarat. Sri Lotus Developers did not disclose the investment amount for the upcoming project’s development.

The land was acquired by Abhishek Bachchan, son of Amitabh Bachchan, almost 15 years ago, sources said.

This asset-light approach is expected to enhance capital efficiency while allowing Lotus to scale its presence in a high-potential, emerging real estate market, the company stated.

The project is expected to be completed within a four-year period following its launch.

“We are pleased to announce our entry into the GIFT City Area, Gandhinagar, with our flagship ultra luxury mixed-use project. 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. Our expansion into this market is driven by the objective of addressing the rising demand for premium and ultra-luxury residential and commercial spaces within the region,” said Anand K Pandit, chairman and managing director, Sri Lotus Developers and Realty Limited.

According to the company statement, the proposed development will comprise a mix of premium retail, Grade-A commercial office spaces and high-end residential units. The project is designed to address the growing demand from financial institutions, fintech firms and IT / ITeS companies and is expected to be completed over a period of four years following the project’s launch.

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.