Shah was speaking at the announcement of listed real estate developer Ganesh Housing’s plan to invest more than Rs 15,000 crore in an 18 million sq ft integrated IT special economic zone, Million Minds Tech City, spread across 65 acres in Ahmedabad.
“Gujarat has already established itself as one of India’s strongest industrial growth engines, and now the state is moving decisively towards becoming a global hub for technology, innovation and high-skilled services,” Shah said. “Projects like this will not only create world-class infrastructure and employment opportunities but will also position Ahmedabad alongside the country’s leading technology destinations.”
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The project will be developed in seven phases over the next five years. The first phase, spanning 1.3 million sq ft, has already seen nearly 800,000 sq ft leased, directly and through managed office providers, to a mix of global and domestic companies.
“This is essentially an economic growth and employment generation story for Gujarat,” said Shekhar Patel, MD & CEO at Ganesh Housing. “We are building an ecosystem that will directly and indirectly generate over 70,000 jobs, enable reverse migration of Gujarat’s talent pool and strengthen Ahmedabad’s position as a serious destination for global corporations and GCCs.”
The company has already invested Rs 1,100 crore in the first phase of the project.Tenants include IBM, Tata Consultancy Services, Singapore-based cloud consulting firm Searce, Germany’s Valtech, US-based accounting, tax and advisory firm Withum, KashivBioSciences and APSER Life Sciences.
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The integrated development will comprise nearly 10 million sq ft of Grade A commercial and technology office space, about 6 million sq ft of premium residential developments and nearly 2 million sq ft of retail, hospitality, social and lifestyle infrastructure.
The project is being developed by Ganesh Housing in collaboration with global real estate developer TishmanSpeyer, which is serving as project management partner.
While the first phase is expected to create 9,000 jobs, the entire project is estimated to generate more than 70,000 jobs.
The Ahmedabad-based developer has so far delivered more than 22 million sq ft across commercial projects, luxury housing, villas, industrial hubs and data centres.
The project reflects a broader shift in India’s commercial property market, where developers are increasingly building integrated technology districts rather than standalone office parks.
With multinational companies looking beyond traditional metro hubs, cities such as Ahmedabad are seeking to leverage lower operating costs, expanding infrastructure and local talent pools to attract long-term investments in technology and knowledge-led sectors.