Gujarat’s own smart city, the Gujarat International Finance Tec-City (GIFT City), a project envisaged by chief minister Narendra Modi and billed as India’s first global financial hub, is far from completion but the pace of construction has picked up sharply in recent months. Ground zero, which comprises a special economic zone (SEZ) and a domestic finance centre, is swarming with workers moving at a furious pace to create utility facilities such as a cooling system, water treatment plant, sewage treatment plant and an information communication and technology unit (the first two towers were completed last year).A sudden spurt in activity usually means one thing in Gujarat — a high-profile event is approaching. But Modi’s showpiece investment meet, the Vibrant Gujarat Summit, is still a year away. A former senior government official, who until recently was associated with GIFT, spilled the beans. “They are getting ready because they expect Modi to form the government at the Centre,” he says, asking not to be named.The delays GIFT has faced, he said, are due to red tape and a technical glitch. He pointed to the fine print of SEZ Act 2005, Section 18 to be exact, which says the government of India will approve only one international finance centre in an SEZ and regulators such as the RBI, Sebi and Irda will issue operating guidelines, subject to government approval. But the Centre is yet to notify the guidelines that govern an international financial centre.That explains the delay the project has faced after it was conceptualized in 2007. Today, the cost outlay has shot up to Rs 78,000 crore. Of this, Rs 10,000 crore would be provided by authorities and the rest would come as private investments.The initial hype over GIFT soon fizzled out. Financial institutions turned fence-sitters due to lack of operating guidelines. “Unless operating guidelines are finalized by the Centre, it would be hard to attract FIs,” said the official.GIFT is back in the spotlight now. On December 31, 2013, several developers such as Ajmera Realty, Hiranandani, Arihant Developers and Lodha visited the site to explore opportunities to bid for space. Last week, IL&FS said it would develop a car parking facility and a consortium led by Tata Communications said it would establish India’s largest green data centre.Authorities also said 8.4 million sq ft of built-up area has been allotted to companies. Requests for proposal for developing commercial and residential buildings in both the SEZ and non-SEZ areas have also been floated.Ramakant Jha, group CEO at GIFT City, says the first phase of the project is almost complete. Under this phase, 13 million sq ft will be developed, of which 8.4 million sq ft has been allotted.Jha disagrees with accusation of delays. Work started only after June 2011 when the state government transferred 675 acres, he says. “Unless we have the land, how we can start the project? Land is a critical issue in India," he says. He could well have been talking about the problems Modi’s national plans will face.The Sabarmati Riverfront project is said to be closer to Modi’s heart. The river originates from the foothills of Aravalli ranges near Udaipur, Rajasthan, and flows downstream passing through Ahmedabad till Gulf of Cambay. The 109-km river runs across a stretch of about 11 km through Ahmedabad. It is this stretch that would be developed as an ambitious urban renewal project, significantly improving “the spatial structure and habitat conditions of the river and adjoining areas”.The project was conceived in 1997, but it gained momentum only after Modi became CM in 2001. Constant changes in the plan have escalated the project cost from Rs 361 crore in 1997 to an estimated Rs 1,200 crore today. That apart, a master plan is still missing.But Guruprasad Mohapatra, commissioner of Ahmedabad Municipal Corporation (AMC) and managing director of Sabarmati Riverfront Development Corp Ltd, says civil work at the project would wind up in 18 months. Critics like Gautam Thaker of People’s Union for Civil Liberties say the project is nothing but a real estate project. They also say it could run into environmental hurdles.Mohapatra dismisses such fears. “All due procedures have been taken care of,” he says.The project picked up pace in the past four years, according to Mohapatra. The main cause for delay was a court case filed by slum dwellers living on the banks of Sabarmati. “It was difficult to undertake construction across the bank until that issue was settled,” he says.In November 2011, the Gujarat High Court ordered that 11,000 affected families were to be rehabilitated by the municipal corporation. “We have settled many of them,” Mohapatra says, adding that nearly 10,000 houses had been provided within the city limits under Jawaharlal Nehru Urban Renewal Mission.Another round of court battles came from the 400-year-old Gujari Bazaar (Sunday Bazaar) and Dhobhi Ghat members. These cases were settled after authorities agreed to build a new market and Dhobhi Ghat. “Both are almost ready and next week we will unveil the market and the ghaat” says Mohapatra.The lower pedestrian promenade on each bank and public ghats have been nearly completed across the entire 11-km stretch. “The remaining work would be done soon,” says an official. Under the project, about 200 hectares have been reclaimed from river banks. About 14% of the total area would be given for commercial use while the rest would be an open space for public use.Mohapatra says Ahmedabad has 200 gardens with an estimated open public space of 200 hectares, adding that thanks to the Sabarmati River Front, the city’s open public spaces would be doubled. “The land sale would help raise funds and make the project self-reliant,” says Mohapatra, adding that soon land sale bidding process would start.To date, Rs 870 crore has been spent on the project, of which Rs 681 crore was raised from Housing and Urban Development Corporation Limited (Hudco). Authorities have repaid Rs 255 crore to Hudco.