Gandhinagar, Jan. 11 -- A major development project is set to come up in GIFT City in Gandhinagar, Gujarat, following a joint development agreement between Mumbai-based real estate firm Shree Lotus Developers and Bollywood actor Amitabh Bachchan.

The company made the mandatory announcement on January 7. The project will have a total built-up area of over 10 lakh square feet. The development will be carried out by the company's subsidiary, Rise Root Projects Private Limited, which has entered into a profit-sharing arrangement with Amitabh Bachchan.

The development project, a mixed-use project, will feature premium retail spaces, Grade-A commercial offices and high-end residential units. It will be developed on freehold land and will mark...