As filed with the Securities and Exchange
Commission on August 14, 2018








UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549






FORM 20-F/A

(Amendment
No. 1)



| | ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b)
OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ----------------------------------------------------------------------------------------------



OR



| | ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2017
| | - | -------------------------------------------------------------------------------------------------------------------------------



OR



| | ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ----------------------------------------------------------------------------------------



OR



| | ☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | -------------------------------------------------------------------------------------------








Commission file number: 001-33356



GAFISA S.A.

(Exact name of Registrant as specified in
its charter)



N/A
(Translation of Registrant’s name into English)



The Federative Republic of Brazil
(Jurisdiction of incorporation or organization)



Av. Nações Unidas No. 8,501,
19th Floor
05425-070 – São Paulo, SP – Brazil|
phone: + 55 (11) 3025-9000
fax: + 55 (11) 3025-9348
e mail: ri@gafisa.com
Attn: Carlos Eduardo Moraes Calheiros – Chief Financial Officer and Investor Relations Officer
(Name, Telephone, E-Mail and/or Facsimile number and Address of Company Contact Person)



Securities registered or to be registered pursuant to Section
12(b) of the Act:



|Title of each class               | Name of each exchange on which registered
|--------------------------------- | -----------------------------------------
|Common Shares, without par value* | New York Stock Exchange                  

* Traded only in the form of
American Depositary Shares (as evidenced by American Depositary Receipts),

each representing two common shares
which are registered under the Securities Act of 1933.



Securities registered or to be registered pursuant to Section
12(g) of the Act:



None



Securities for which there is a reporting obligation pursuant
to Section 15(d) of the Act:



None



Indicate the number of outstanding shares of each of the issuer’s
classes of capital or common stock as of the close of the period covered by the annual report.



The number of outstanding shares as of December 31,
2017 was:



|Title of Class | Number of Shares Outstanding
|-------------- | ----------------------------
|Common Stock   | 28,040,162*                 



*Includes 938,044 common shares that are
held in treasury.











Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act.



☐ Yes        ☒  No



If this report is an annual or transition report, indicate by
check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934.



Yes ☐     No
☒



Note – Checking the box above will not relieve any registrant
required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those
Sections.



Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.



Yes ☒    No
☐



Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).



Yes ☐No
☐



Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated
filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check
one):



Large Accelerated Filer
☐	    Accelerated Filer☒	    Non-accelerated
Filer ☐	    Emerging growth company ☐



If an emerging growth company that prepares its financial statements
in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.
☐



† The term “new or revised financial accounting
standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification
after April 5, 2012.



Indicate by check mark which basis of accounting the registrant
has used to prepare the financial statements included in this filing:



| | ☐ | U.S. GAAP
| | - | ---------



| | ☐ | International Financial Reporting Standards as issued
by the International Accounting Standards Board
| | - | -----------------------------------------------------------------------------------------------------



| | ☒ | Other
| | - | -----



If “Other” has been checked in response to the previous
question, indicate by check mark which financial statement item the registrant has elected to follow.



☐
Item 17     	☒ Item 18



If this is an annual report, indicate by check mark whether
the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).



Yes ☐     No
☒









EXPLANATORY NOTE



We are amending our Annual Report on Form 20-F for the fiscal
year ended December 31, 2017 (the “Annual Report” as originally filed with the U.S. Securities and Exchange Commission
(the “SEC”) on April 30, 2018) solely for the purpose of filing with the SEC the financial statements for the
fiscal years ended December 31, 2017, 2016 and 2015 of Alphaville Urbanismo S.A. as Exhibit 13.3.



Other than set forth above, this Form 20-F/A does not, and does
not purport to, amend, update or restate the information in any other item of the Annual Report as originally filed with the SEC.
As a result, this Form 20-F/A does not reflect any events that may have occurred after the Annual Report was filed on April 30,
2018.









PART III



Item 17. Financial Statements



We have responded to Item 18 in lieu of
responding to this Item.



Item 18. Financial Statements



See our audited consolidated financial
statements beginning on page F-1.



Item 19. Exhibits



We are filing the following documents as
part of this Amendment No. 1 to the annual report on Form 20-F:



1.1.       Bylaws of Gafisa S.A., as amended (English), which is incorporated by reference to Exhibit 1.1 to our annual report on Form 20-F for the year ended December 31, 2010, filed with the Securities and Exchange Commission on July 5, 2012.



2.1.       Deposit Agreement dated March 21, 2007, among Gafisa S.A., Citibank, N.A., as depositary, and the Holders and Beneficial Owners from time to time of American Depositary Shares issued thereunder, which is incorporated by reference to Exhibit 99(a) to our registration statement on Form F-6 filed with the Securities and Exchange Commission on February 22, 2007.



4.1.       Merger of shares agreement dated November 9, 2009 between Gafisa S.A. and Construtora Tenda S.A., which is incorporated by reference to Exhibit 2.1 to our registration statement on Form F-4 filed with the Securities and Exchange Commission on November 13, 2009.



8.1.       List of Subsidiaries.



11.1.     Code of Business Conduct and Ethics (English), which is incorporated by reference to Exhibit 11. 1 to our annual report on Form 20-F for the year ended December 31, 2007 filed with the Securities and Exchange Commission on June 18, 2008.



12.1.     Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Executive Officer*



12.2.     Certification pursuant to section 302 of the Sarbanes-Oxley Act of 2002 of the Chief Financial Officer*



13.1.     Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Executive Officer*



13.2.     Certification pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Financial Officer*



13.3.     Financial Statements as of and for the years ended December 31, 2017, 2016 and 2015 of Alphaville Urbanismo S.A.*






* Filed herewith.









SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Amendment No. 1 to the annual report on Form 20-F on its behalf.



| | GAFISA S.A. |                                  
| | ----------- | ---------------------------------
| |             |                                  
| | By:         | /s/ Sandro Rogério da Silva Gamba
| |             | Name:                            
| |             | Title:                           



| | By: | /s/ Carlos Eduardo Moraes Calheiros |                                
| | --- | ----------------------------------- | -------------------------------
| |     | Name:                               | Carlos Eduardo Moraes Calheiros
| |     | Title:                              | Chief Financial Officer        



Date: August 14, 2018