Brigade's BIFC 2 Moves Into Construction Phase at GIFT City

Brigade Group's second commercial tower at GIFT City, Gandhinagar, has taken a concrete step forward. PSP Projects has been awarded a work order by Brigade (Gujarat) Projects Private Limited for civil structure and finishing work on the BIFC-2 Building, located at GIFT City in Gandhinagar, valued at ₹107.10 crore (excluding GST) and expected to be executed within 24 months. The order falls under the institutional category and covers the core civil and finishing scope for the new tower, an important milestone as Brigade scales up its footprint in Gujarat's financial hub.

As part of standard regulatory disclosure, the company also clarified that none of its promoters, promoter group, or group companies have any financial or business interest in the entity from which the work order has been received, confirming the deal is a straightforward commercial engagement and not a related-party transaction.

BIFC 2 is the second phase of the Brigade International Finance Centre (BIFC), Brigade's flagship commercial development inside GIFT City's SEZ zone. Brigade International Finance Centre is Brigade's inaugural project in Gujarat and outside South India, leveraging the advantages of Special Economic Zone benefits. The project comprises two towers: the operational Tower 1 and the upcoming BIFC 2, with the first phase offering approximately 3,15,000 sq. ft. of office space, while the upcoming BIFC 2 tower will be a taller structure with 3 basements, ground, and 24 floors, designed with future-ready infrastructure and sustainable building practices.

On scale and amenities, businesses can look forward to premium office spaces, advanced amenities, diverse food courts and parking facilities for 380+ cars, with BIFC 2 strengthening Brigade Group GIFT City's vision of creating a global financial hub in Gandhinagar. Together, the two towers are part of a larger allotment: the project spans 1.1 million sq. ft. of built-up area and has been designed to create a world-class business ecosystem.

The timeline for BIFC 2 has been consistently communicated as a December 2027 target. Building on the success of the first tower, Brigade International Finance Centre at GIFT City is set to launch its second tower, BIFC 2, by December 2027. With the civil and finishing contract now awarded and a 24-month execution window in place, the construction schedule aligns closely with that launch guidance.

Why does a contract award like this matter to homebuyers and investors tracking GIFT City? Construction contracts of this scale are a reliable early indicator of project momentum — they confirm that design approvals, SEZ compliances, and funding are in place well before a tower is ready for fit-outs or leasing. For a market like GIFT City, where banking assets within GIFT IFSC had crossed USD 106 billion by early 2026, representing more than seven-fold growth compared to 2020 levels, the timely execution of Grade-A office supply such as BIFC 2 is critical to keeping pace with tenant demand from banks, insurers, and fintech firms setting up in the IFSC.

Tower 1 of BIFC has already established a track record with occupiers. The first phase introduced a 14-storey office tower with 315,000 sq. ft. of premium office spaces, which has quickly become a hub for domestic and multinational banks, insurance companies and financial services firms. BIFC 2's larger floor plates and taller structure are expected to build on that demand, offering GIFT City's growing base of IFSC units a bigger, more modern alternative as the zone matures.

For prospective office buyers and corporate occupiers evaluating GIFT City, this contract award is a useful checkpoint: it confirms BIFC 2 has moved from planning into active construction, backed by an experienced institutional contractor, with a clear 2027 delivery horizon.