Chief Minister Bhupendra Patel on Wednesday officiated the listing of Gandhinagar Municipal Corporation&rsquo;s Rs 25 crore municipal bond on the National Stock Exchange (NSE) at GIFT City. The listing was marked by a ceremonial ringing of the bell, attended by Gandhinagar Mayor Mira Patel, local MLA Rita Patel, and senior officials from both the Municipal Corporation and NSE.
Gandhinagar has now joined Ahmedabad, Surat, Vadodara, and Rajkot as the fifth city in Gujarat to enter the municipal bond market. This marks a significant step for the city, which has become the first municipal body in the country to float such a bond within 15 years of its inception.
The push for municipal bonds across India began in 2016, when the Prime Minister urged urban local bodies to explore this form of market-based financing with the backing of SEBI. The aim was to foster sustainable urban growth through financial self-reliance.
Providing an overview of the national scenario, NSE&rsquo;s Chief Business Development Officer Ramakrishnan stated, &ldquo;A total of Rs 3,359 crore in municipal bonds have been issued by 17 civic bodies across India so far, and Gujarat alone accounts for Rs 925 crore of that, representing 27%.&rdquo;
Speaking on the occasion, Mayor Patel conveyed her belief that the funds secured through the bond will contribute to infrastructure enhancement in Gandhinagar. &ldquo;Public participation in funding through this bond will pave the way for accelerated development in the city,&rdquo; she said.
She also noted that Gandhinagar, being among the initial 20 municipalities nationwide to issue municipal bonds, will be eligible for a central government-provided interest subsidy of approximately Rs 3.25 crore as a reward for early adoption.
The event was also attended by Deputy Mayor Natwarji Thakor, Standing Committee Chairman Gaurang Vyas, City BJP President Ashishbhai Dave, Municipal Commissioner J N Vaghela, representatives from the NSE, and other Municipal Corporation members.
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CM Bhupendra Patel with Gandhinagar Municipal Corporation's officials

Gandhinagar among first 20 Indian cities to issue municipal bonds under SEBI’s framework.

Gandhinagar Lists Rs 25 Cr Bond on NSE at GIFT City

Gandhinagar among first 20 Indian cities to issue municipal bonds under SEBI’s framework.

June 25, 2025 | 23:20 IST