Global tenders floated for finance hub in Mumbai

  • Ketaki Ghoge, Hindustan Times, Mumbai
  • Updated: Feb 24, 2016 01:16 IST
The state government has planned to develop International Financial Services Centre (IFSC) spread across 50 acres at the Bandra-Kurla Complex (BKC). (File photo)

The plan to set up an international financial services centre at Bandra-Kurla Complex is on track.

The Mumbai Metropolitan Region Development Authority (MMRDA) has issued global tenders to appoint a master planner for the area.

The request for proposal document for preparation of the detailed layout master plan and urban design guidelines for the entire 50 acres notified as IFSC was issued on February 17.

The MMRDA is likely to hand over the contract to the successful bidder by April 1.

“We are looking for an overall plan for the entire area along with details such as specifications for buildings, design aspects, land use and so on,” said metropolitan commissioner MMRDA UPS Madan. HT had reported earlier that the state government has finalised its plan to set up an IFSC at BKC by sending a proposal to the Union commerce ministry to delineate the area as a finance special economic zone (SEZ) on the lines of Gujarat International Finance Tec-city – country’s first international finance centre — in Ahmedabad.

While Mumbai cannot fulfil the requisite condition of having 200 acres for the SEZ, the state government has sought to make up for the land crunch through vertical development. Once this notification comes in, Mumbai IFC can also enjoy the tax benefits given to GIFT.

While no call has been taken so far, sources said the state is likely to hike the FSI for the entire land parcel to 4. The final decision on this will be taken by the taskforce set up for the IFSC and headed by Union minister of finance Jayant Sinha.

Meanwhile, the state government is keen on having a plan ready that can capture the vision for the IFSC and build in a unique ecosystem of world-class infrastructure.

“We have given no specification. The deliverables are to show how an IFSC will look like and how it can be developed within our regulatory framework. This includes aspects of land use, of whether it can be developed in phases and what should be the ideal height of buildings,” said a bureaucrat, associated with the development.

The MMRDA is putting in place transport linkages to the IFSC with direct connectivity to the hub from the airport through elevated roads and metro corridors. Within the IFSC, planners are toying with ideas to make the entire area car-free and promoting trams and walkways.

also read

Pune biennale to be held from January 5 TO 29
Show comments