The Delhi Development Authority has embarked on an ambitious project to give the Capital its own financial district, on the lines of the famed Nariman Point in Mumbai.
The financial hub will come up on a 25 acre plot in west Delhi’s Dwarka sector 10 in the next few years. The land will be exclusively sold or leased out to banks, financial institutions and stock exchanges.
“We will provide all required facilities for this financial hub so that it compares to Mumbai or is even better,” DDA vice chairman Balvinder Kumar told HT, adding that DDA hopes to attract foreign financial institutions too.
“We plan to create the hub on the pattern of a Special Economic Zone (SEZ) with a financial bounded area. This will allow offshore financial institutions to come here,” added Kumar.
Kumar said the DDA has written to the commerce ministry and the department of financial services for permits to establish the hub.
“Delhi is known as the political power centre of India and Mumbai its financial capital. We are trying to create a financial hub in Delhi comparable to Mumbai, if not more important,” said a senior DDA official.
The hub is part of a larger plan under the Transit Oriented Development (TOD) along the Delhi Metro corridor, with an expected area of nearly 200 acres. A similar TOD corridor is coming up in east Delhi’s Karkardooma, which will boast a 120-storey commercial tower.