SOBHA GIFT City: Three Projects in GIFT City, Home to India’s Only IFSC
SOBHA GIFT City is a three-project story. SOBHA Limited has launched three residential developments inside Gujarat International Finance Tec-City: SOBHA Dream Heights, SOBHA Avalon and SOBHA Elysia.
SOBHA’s own investor filing reports the complete inventory of its first two GIFT City projects, Dream Heights and Avalon, as sold. SOBHA Elysia, launched in 2024, is the current project.
This guide is written for Indian buyers, NRIs, OCIs and other eligible international investors who want verified facts before they enquire. It covers the developer, each project, how the three compare and what to check before paying a booking amount.
Prices and availability move. Treat the figures here as a starting point and confirm them before moving forward.
About SOBHA: The Developer Behind the Projects
SOBHA Limited was founded in August 1995 in Bangalore by PNC Menon. It is a listed company and describes itself as a backward integrated developer. That means it makes much of what it builds with, including interiors, glazing and metal work, and concrete products, instead of buying everything from outside contractors.
One naming point matters for buyers. The GIFT City projects belong to SOBHA Limited, the Indian company. SOBHA Realty is the group’s separate UAE business. If a broker mixes the two, ask which legal entity is on your booking form.
| Sobha at a Glance | Detail |
|---|---|
| Founded | August 1995, Bangalore |
| Founder | PNC Menon |
| Listed Entity | SOBHA Limited (BSE and NSE: SOBHA) |
| Footprint | 28 cities across 14 states, as stated by the company (June 2026) |
| Delivered | 154.23 million sq ft delivered, per company data (June 2026) |
| Positioning | Premium and luxury residential |
| GIFT City Projects | Dream Heights, Avalon, Elysia |
| Related Group Business | SOBHA Realty (UAE), a separate entity |
Why does this matter? A new buyer in GIFT City is paying years in advance for a home. Developer delivery history is the closest thing you have to evidence. SOBHA’s long record in Bangalore, Gurugram and Kerala is useful context. Its GIFT City record is the sharper test, and you can check it yourself on the RERA portal.
Company-wide figures come from SOBHA’s own disclosures. Verify them against the latest annual report before relying on them.
How SOBHA Entered GIFT City
SOBHA arrived in GIFT City with residential, not offices. When Dream Heights launched, GIFT City’s CEO said the project would help complete the ecosystem of an integrated smart city. At that point the district had commercial towers and few places to live.
The progression since then is easy to follow:
| Stage | Project | What It Represented |
|---|---|---|
| First | SOBHA Dream Heights | SOBHA’s first residential project in GIFT City; compact 2 BHK homes |
| Second | SOBHA Avalon | Launched October 2021; wider range from 1 BHK to 3 BHK |
| Current | SOBHA Elysia | Launched 2024; 3 BHK and 4 BHK residences at larger sizes |
Read together, the three projects move from compact homes toward larger family and executive residences. The demand behind that shift is visible in GIFT City itself. IFSCA data on the official portal shows 1,260 registrations/authorisations and total banking assets above USD 120 billion as of June 2026. More employers mean more people who want to live near work.
The district is also less empty than it was in 2021. The Ahmedabad Metro Violet Line now reaches GIFT City, two foreign universities (Deakin and Wollongong) are running classes, and Lilavati Hospital has begun outpatient services.
SOBHA Dream Heights, GIFT City
SOBHA Dream Heights was SOBHA’s first residential launch in GIFT City. It has 474 units across two towers, with a total super built-up area of about 524,000 sq ft.
At launch it was billed as the tallest residential building in Gujarat. Listings describe a 33-storey tower. Check the current claim before quoting it, because other towers have been announced since.
Configuration and Size
Dream Heights is a 2 BHK project. Listings show homes of roughly 1,090 to 1,136 sq ft, and SOBHA called them compact and efficiently designed. That format suited the early GIFT City buyer: a working professional or a small family that wanted walk-to-work living.
Status
Sold out. SOBHA’s April 2024 investor filing says the complete inventory across both of its GIFT City projects was sold that quarter. Some third-party portals show possession from around March 2024. Treat that date as indicative until you see the occupancy documents.
Why It Matters for Later SOBHA Projects
Dream Heights is the best available evidence of how SOBHA builds and hands over in GIFT City. If you are considering Elysia, look at Dream Heights as a working building. Ask the residents or the association about maintenance billing, lift and common-area performance, and snag resolution.
Resale or rental units occasionally appear in the secondary market. If you find one, the same checks apply: RERA, title, society dues and the actual carpet area. Dream Heights also gives you a rough reference for what a SOBHA-branded 2 BHK commands in GIFT City today.
SOBHA Avalon, GIFT City
SOBHA Avalon was announced on 12 October 2021 as SOBHA’s second GIFT City project. It has 268 units, starting from 735 sq ft, in 1 BHK, 2 BHK and 3 BHK formats. Eight units come with private terraces.
The site is on Block 46 in the GIFT City residential zone, near Shram Marg. Third-party listings show a project area of about 1.34 acres. Project literature highlights a clubhouse of about 7,070 sq ft and a focus on active living.
Price
Since the project is sold out, there is no current developer price list for new bookings. Searches for “SOBHA Avalon GIFT City price” will mostly return older launch-era figures or resale asking prices. Neither is a reliable benchmark. If a resale unit interests you, compare it with recent registered transactions in the same building.
Status
Sold out at the developer level, per SOBHA’s investor disclosure. Third-party portals list a possession date of March 2027. SOBHA has not published that date in the sources used here, so confirm it on the project’s RERA page before you rely on it.
Where It Sits in the Progression
Avalon widened SOBHA’s GIFT City offer. Dream Heights served a single configuration. Avalon added one-bedroom homes and larger three-bedroom options, which broadened the buyer pool to younger professionals and investors looking at rental demand.
For anyone researching SOBHA GIFT City, Avalon is the middle step. It shows how the developer priced and sold a mixed-configuration tower before moving to its larger, premium Elysia format.
SOBHA Elysia, GIFT City
SOBHA Elysia is the current SOBHA project in GIFT City and the one most buyers are asking about. It is a luxury residential project on 2.65 acres with two towers and 572 residences.
| Elysia Detail | Verified Information |
|---|---|
| Developer | SOBHA Limited |
| Location | Block 46 (H and I), near Shram Marg, GIFT City, Gandhinagar |
| Towers and Units | 2 towers, 572 residences |
| Configurations | 3 BHK and 4 BHK, with home-office options and a 4 BHK duplex |
| Size Range | About 1,817 to 3,460 sq ft, as listed |
| Building Height | Listed as 4B + G + 2P + 35 floors; confirm against approved plans |
| RERA | PR/GJ/GANDHINAGAR/GANDHINAGAR/GIFT Urban Development Authority/RAA13206/300324/311230 |
| RERA Completion Date | December 2030 |
| Price | Developer site shows “starting from INR 2.5 Cr*”. Final price varies by unit; price on request |
Facilities named by SOBHA include a sky garden on the 18th floor and a large indoor and outdoor amenity offer. The project also won a 2025 residential excellence award, according to SOBHA’s investor presentation.
Location and Connectivity
Elysia sits inside the GIFT City boundary, so it counts as a true SOBHA GIFT City project and not a nearby Gandhinagar address. That distinction matters. Some corridor projects use the GIFT City name without being inside the Special Investment Region.
The Violet Line metro now serves GIFT City, and Ahmedabad’s airport is roughly 30 minutes away. Lilavati Hospital, Jamnabai Narsee School and two university campuses are already in the district. A full grocery run or wider dining still often means a trip into Ahmedabad.
Status and Possession
The project is under construction with a RERA completion date of December 2030. Some unit types have already sold out, so availability depends on tower, floor and configuration. Request the current inventory sheet instead of relying on a portal listing.
A long timeline cuts both ways. You pay in stages and can plan your funding. You also carry the cost of waiting, which is more relevant to a buyer with a longer holding period.
Who May Consider It
- End Users: Families and senior professionals who want large, walk-to-work homes in the district.
- Indian Investors: Buyers who accept a long build period for premium inventory from a listed developer.
- NRIs: people planning an eventual return, or wanting an India base with international-style infrastructure.
- GIFT City Professionals: employees of IFSC firms whose housing allowance supports premium rent.
A premium 3 BHK or 4 BHK is not an entry-level purchase, and buyers should be clear on their financing before booking.
SOBHA GIFT City Projects Compared
| Feature | Dream Heights | Avalon | Elysia |
|---|---|---|---|
| Status | Sold out (developer filing) | Sold out (developer filing) | Current project; under construction |
| Location | Shram Marg area, GIFT City | Block 46, near Shram Marg | Block 46 (H and I), near Shram Marg |
| Property Type | Residential apartments | Residential apartments | Luxury residential apartments |
| Configuration | 2 BHK | 1, 2 and 3 BHK | 3 and 4 BHK, duplex option |
| Size | About 1,090 to 1,136 sq ft | From 735 sq ft | About 1,817 to 3,460 sq ft |
| Scale | 474 units, 2 towers | 268 units | 572 units, 2 towers |
| Key Features | 33-storey tower; compact layouts | 8 units with private terraces; clubhouse | Sky garden; home-office and duplex options |
| Positioning | Compact, efficient homes | Mixed range, active living | Large premium residences |
None of these is universally better. Dream Heights suits a buyer after a compact home, Avalon a wider range, and Elysia a larger, premium residence. They also sit at different stages of life: two are finished or nearly finished, one is still being built.
Why SOBHA GIFT City May Interest Buyers and Investors
GIFT City’s case rests on jobs. IFSC firms need staff, and staff need homes. The official master plan sets aside roughly 22% of planned built area for residential use, so quality housing near the IFSC core is limited by design.
Developer experience is the second factor. SOBHA is an established builder with a record of premium residential delivery. For SOBHA GIFT City buyers, that does not guarantee a result, but it narrows one kind of risk.
Then look at the numbers that decide your actual return:
- Entry Price: GIFT City residential pricing has changed materially over time. Check recent registered deals, not only asking prices.
- Construction Status: Elysia’s December 2030 completion means a long wait before rent or use.
- Rental Potential: premium units depend on a narrow tenant pool of IFSC professionals and employer-backed leases. Model vacancy.
- Resale: the secondary market is thinner than in Ahmedabad. Plan for a longer exit.
- Holding Period: a longer holding period may be more appropriate for a premium under-construction purchase.
Policy also matters. The IFSC tax deduction can now extend to 20 consecutive years out of 25 for eligible IFSC units, following Budget 2026-27. It applies to qualifying business income of eligible units, not to a homeowner’s personal property purchase. Rental income and capital gains on a personal property investment remain subject to the applicable Indian tax rules.
For wider context, see our GIFT City property investment guide and residential investment in GIFT City.
SOBHA GIFT City for NRIs and Global Investors
Indian resident buyers can follow the standard purchase route. Eligible NRIs and OCIs can also acquire residential property in GIFT City under the applicable FEMA/RBI framework, with consideration paid through permitted channels such as inward remittance or eligible non-resident accounts. Agricultural land and farmhouses stay off limits.
The international interest is real. Families in the UAE, the UK, the USA, Canada, Singapore and Australia are watching GIFT City because it mirrors the planned financial districts they know. Some see it as a base for an eventual return, and others as an India allocation that is easy to understand.
A remote purchase needs a tighter process than a local one. In practice, that means:
- Research the project online, then arrange a site visit or a trusted representative before booking.
- Confirm the project on Gujarat RERA and ask for the allotment documents.
- Map payment, repatriation and tax before you transfer funds. Repatriation rules depend on the funding account and the number of properties.
- If you cannot attend registration, a registered Power of Attorney drafted by a Gujarat lawyer is the usual route.
Remember that IFSC incentives do not extend to a personal home purchase. Rental income is taxed in India, and you may have tax obligations in your country of residence too. Our guides on office property in GIFT City for NRIs and how to invest in GIFT City property cover FEMA, repatriation and documentation in more detail.
What to Check Before Buying a SOBHA Property in GIFT City
Use this list before you pay any booking amount.
Developer
- Confirm the legal entity (SOBHA Limited) named on the agreement.
- Review its completed GIFT City projects and any RERA complaints.
Project
- Verify the RERA number on the Gujarat RERA portal and check the stated completion date.
- Check construction progress against the stage of payments you are asked to make.
- Ask for the approvals and the allotment documents.
Financial
- Get the price, GST, maintenance deposit, registration and stamp duty in writing.
- Check the payment schedule against construction milestones.
Property
- Compare carpet area with super built-up area. Prices are often quoted on the larger figure.
- Check the floor, orientation, view and parking allotment.
For NRIs
- Fix the payment route, FEMA position and repatriation plan with a CA.
- Decide whether you need a Power of Attorney and who will hold it.
GIFT2Invest is an information resource first. Use it to compare, read and shortlist, then verify everything against primary documents. Our mistakes to avoid when buying in GIFT City guide adds the common errors.
Wrapping Up
SOBHA GIFT City tells a clear story: a compact first project, a wider second project and a larger, premium third. The first two are sold out, and Elysia is the live option, with a December 2030 completion on the RERA record.
Whether it suits you depends on your holding period, funding and tolerance for a long build. Verify the details, read the documents before deciding.
SOBHA GIFT City FAQ
What SOBHA Projects Are in GIFT City?
SOBHA has three: Dream Heights, Avalon and Elysia. All are residential and developed by SOBHA Limited.
Is SOBHA Elysia Located in GIFT City?
Yes. It is on Block 46 in the GIFT City residential area, near Shram Marg, Gandhinagar. Confirm the exact location on the RERA record.
Is SOBHA Dream Heights Sold Out?
SOBHA’s April 2024 investor filing reports complete sale of inventory across Dream Heights and Avalon. Resale units may still appear on the market.
Is SOBHA Avalon Sold Out?
Yes at the developer level, per the same filing. Resale availability is separate.
What Is the Price of SOBHA Elysia in GIFT City?
The pricing starting from about INR 2.5 crore. Final cost depends on configuration, floor and charges, so request a current price.
Can NRIs Buy SOBHA Property in GIFT City?
Yes, eligible NRIs and OCIs can acquire residential property subject to the applicable FEMA/RBI rules, including payment-channel and repatriation requirements. Take advice from a CA before transferring funds.
Is SOBHA GIFT City Suitable for Investment?
It can suit long-horizon buyers who accept a December 2030 completion and thinner resale liquidity. It is a poor fit for short-term returns. This is information, not financial advice.
What Are the Current SOBHA Projects in GIFT City?
Elysia is the current project. Dream Heights and Avalon are sold out at the developer level.
How Can I Enquire About a SOBHA Property in GIFT City?
Use the enquiry options on GIFT2Invest for price, availability and project details, and then verify the answers against RERA documents.
Sources and References
Checked October 2026. Project details, prices and possession dates change; verify before moving forward.
GIFT City official portal
https://giftgujarat.in
IFSCA, GIFT IFSC key highlights (March 2026)
https://www.ifsca.gov.in
Gujarat RERA project verification
https://gujrera.gujarat.gov.in
SOBHA, SOBHA Elysia, GIFT City project page
https://www.sobha.com/gift-city-gujarat/sobha-elysia-apartments-raysan-gandhinagar
SOBHA, Buying a flat in GIFT City guide
https://www.sobha.com/blog/buying-flat-gift-city-gandhinagar-guide
SOBHA, Top residential projects in GIFT City
https://www.sobha.com/blog/top-luxury-residential-projects-gift-city
SOBHA press release, SOBHA Avalon (12 October 2021)
https://www.sobha.com/wp-content/uploads/2021/12/PRESS-RELEASE-SOBHA-expands-its-portfolio-in-Gujarat-1.docx
SOBHA Limited, BSE filing, Q4 FY24 results (April 2024)
https://www.bseindia.com
SOBHA Limited, BSE filing, Q1 FY26 investor presentation (25 July 2025)
https://www.bseindia.com
SOBHA, Our Legacy (company background)
https://sobharealty.com/legacy
Business Standard, SOBHA Q2 results (November 2024)
https://www.business-standard.com
NBM&CW, SOBHA launches Gujarat’s tallest residential building in GIFT City
https://www.nbmcw.com/news/sobha-launches-gujarat-s-tallest-residential-building-in-gift-city.html
JLL Homes, SOBHA Dream Heights listing
https://www.jllhomes.co.in/apartments-new/ahmedabad/sobha-dream-heights
Housiey, SOBHA Avalon and SOBHA Elysia listings (third-party; used for indicative data only)
https://www.housiey.com
GradRight, Foreign university campuses in India, 2026 guide
https://gradright.com/foreign-university-campuses-in-india-the-complete-2026-guide
GIFT City, Foreign universities at GIFT IFSC
https://giftgujarat.in/updates/foreign_universities_at_GIFT_city_a_new_era_of_global_education_in_india
Gujarat Metro Rail Corporation, Ahmedabad Metro Phase II
https://www.gujaratmetrorail.com/project-overview2
Reserve Bank of India, Master Circular on acquisition of immovable property by NRIs
https://www.rbi.org.in
Union Budget 2026-27, IFSC tax holiday extension (Business Standard, 1 February 2026)
https://www.business-standard.com
IFSCA, GIFT IFSC Key Highlights (June 2026)
https://www.ifsca.gov.in/home
SOBHA, current corporate/project profile (figures as of June 2026)
https://www.sobha.com
Income Tax Department / Union Budget 2026-27, extension of IFSC deduction period
https://www.indiabudget.gov.in/doc/memo.pdf
RBI, Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018
https://www.rbi.org.in/Scripts/BS_FemaNotifications.aspx?Id=11248
