GFASY Gafisa SA (PK)

Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ______ No ___X___

Indicate by check mark whether by furnishing the information contained in this Form,
the Registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes ______ No ___X___

If “Yes” is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b): N/A

GAFISA S.A.

Corporate Taxpayer’s ID (CNPJ/MF) No. 01.545.826/0001-07

Corporate Registry (NIRE) 35.300.147.952

Publicly-Held Company

NOTICE TO SHAREHOLDERS

São Paulo, SP, Brazil, December 20, 2016 – GAFISA S.A. (BOVESPA: GFSA3) (“ Gafisa ” or “ Company ”) hereby informs its shareholders that, as resolved by the Board of Directors, the payment of the mandatory dividend declared at the Annual General Meeting dated April 25, 2016, for the fiscal year ended December 31, 2015, in the amount R$17,681,776.72, corresponding to R$0.048116112760 per share, excluding the treasury shares, will be paid on December 22, 2016 .

São Paulo, December 20, 2016.

GAFISA S.A.

André Bergstein

Investor Relations Officer