NILA Spaces announced that it's wholly owned subsidiary Nila Urban Living has awarded the construction contract for its upcoming premium residential development at GIFT City to Riveria lnfrastructures.

The project is located on a prime plot for which the rights were secured last year through a record bid of Rs 6,557 per square foot for development rights in the Special Economic Zone (SEZ). This makes it the most expensive parcel of land, in absolute terms, in the state of Gujarat.

 The construction contract, valued at Rs 129.25 crore includes the core and shell construction of the residential towers. The project is scheduled to be completed over 27 months from the date of commencement.