Sanand for auto, EV and semiconductor packaging. GIFT City for financial services under an IFSC regulator. Dholera for greenfield mega-scale. Real estate for asset plays. Each node is a different statute, a different incentive stack and a different sequence. We hold the whole map.
GIDC · Sanand
Auto OEM, EV and semiconductor ATMP cluster on GIDC estates. Mega Project incentive design, ISM fiscal stack and JV architecture.
IFSCA · GIFT City
Unified IFSC regulator. IBU, Fund Management Entity (AIF), aircraft leasing, Family Investment Fund, fintech sandbox — with Section 80LA tax holiday.
SIR Act · Dholera
DMIC’s first node and home to Tata–PSMC fab (₹91,000 cr). DSIRDA permits, Town Planning Scheme, plug-and-play and ISM stack.
RERA · 63AA · GIDC
Title diligence, Section 63AA agricultural-to-industrial conversion, NA permission, RERA registration, stamp and registration architecture.
FDI · FEMA · PN3
Route diagnosis, sectoral caps, Press Note 3 vetting and FCGPR / FCTRS reporting for every foreign rupee landing in Gujarat.
GST · 80-IAC · SEZ
Mega Project capital subsidy, Section 80LA, ISM 50%, SGST reimbursement, electricity duty exemption — stacked, audited and defended.
Manufacturing → Sanand. Financial → GIFT City. Greenfield mega-scale → Dholera. Asset / real estate → Gujarat RE route. Output: a one-page route decision before the term sheet.
FDI route opinion (Automatic / Government), Press Note 3 vetting and sectoral cap mapping under the FEMA NDI Rules, 2019.
Indian Private Limited, IFSC entity, LLP or Branch. Tax residency, MAT/AMT exposure and Section 80LA / ISM eligibility designed in.
GIDC plot allotment (Sanand), IFSCA registration (GIFT), DSIRDA permission (Dholera) or freehold + Section 63AA conversion (Real Estate).
Mega Project / Capital Subsidy under Gujarat Industrial Policy 2020, Section 80LA, ISM 50%, SGST reimbursement, stamp duty reimbursement.
RERA / Factories Act / Labour / Environment / Town Planning / ongoing FCGPR·FCTRS·FLA — the Day-1 register lives from this step.
Gujarat is the only state in India that simultaneously houses (i) the country’s sole International Financial Services Centre at GIFT City under the IFSCA Act, 2019, (ii) India’s first commercial semiconductor assembly and testing facility (Micron Technology, USD 2.75 billion, sanctioned September 2023 at Sanand), (iii) the maiden node of the Delhi–Mumbai Industrial Corridor at Dholera, and (iv) one of the deepest industrial land banks in the country through GIDC. The combination of policy continuity (Gujarat Industrial Policy 2020, Semiconductor Policy 2022–27, IT/ITeS Policy 2022–27) and an activated land regime makes the investment runway visibly shorter than peer states.
Sanand operates under the Gujarat Industrial Development Corporation Act, 1962 (GIDC plot allotment) and the Gujarat Industrial Policy 2020 (Mega Project, capital subsidy, electricity duty exemption). GIFT City is governed by the IFSCA Act, 2019 (unified regulator) layered on the SEZ Act, 2005 (deemed foreign territory). Dholera is created by the Gujarat Special Investment Region Act, 2009 (DSIRDA authority, Town Planning Scheme). Gujarat real estate is governed by the Bombay Tenancy & Agricultural Lands Act, 1948 (Section 63AA conversion), the Gujarat Stamp Act, 1958 and the Real Estate (Regulation and Development) Act, 2016 read with Gujarat RERA Rules, 2017.
Under the Gujarat Industrial Policy 2020, a Mega Project (₹1,000 crore plus / 2,000 plus jobs) is eligible for a custom incentive package on capital subsidy, electricity duty, stamp duty reimbursement and SGST reimbursement. The India Semiconductor Mission (ISM) offers 50% fiscal support for fab/ATMP, against which Gujarat layers an additional 40% (so up to 90% on the eligible expenditure for the maiden cluster). GIFT City offers Section 80LA Income-tax (100% holiday for 10 consecutive years out of 15) and a service-tax / GST exemption for services to non-residents. Stacking is permitted but each scheme is independently audited.
A non-resident cannot, on its own account, hold agricultural land in Gujarat without specific State Government permission. The accepted route is to incorporate an Indian company, vest the land in that company, and either (i) obtain GIDC plot allotment (industrial estate), (ii) acquire freehold land and convert it for industrial use under Section 63AA of the Bombay Tenancy & Agricultural Lands Act, 1948, or (iii) obtain Town Planning Scheme allotment under the DSIR / Gujarat Town Planning & Urban Development Act, 1976. Each route has distinct stamp duty, RERA and FEMA reporting consequences which must be designed before the term sheet.
Sequence: (1) Route choice — Sanand for manufacturing, GIFT City for financial, Dholera for greenfield mega-scale, Real Estate for asset plays. (2) FDI/FEMA route opinion and Press Note 3 vetting before term sheet. (3) Entity setup in India with the right form (Private Limited, IFSC entity, LLP or Branch). (4) Land or licence — GIDC allotment, IFSCA registration, DSIRDA permission or Section 63AA conversion. (5) Incentive application — Mega Project, Section 80LA, ISM, Stamp Duty reimbursement. (6) Day-1 operating compliance — RERA, Factories Act, Labour, Environment, Town Planning and ongoing tax. Doing them out of order is the single largest cause of project delay.
The macro sequence: route, entity, capital, licence, tax and Day-1 compliance.
Route diagnosis, Press Note 3 vetting and the FCGPR / FCTRS reporting machinery.
RBI, SEBI, IRDAI, MeitY, CDSCO, BIS, IFSCA — licence architecture and sequencing.
Sanand, GIFT City, Dholera and the wider Gujarat real estate map — we hold the whole sequence from term sheet to Day-1.