Yeida begins work on Fintech City DPR, ropes in consultant
Yeida has chosen Cushman & Wakefield to prepare a detailed project report for the Fintech City in Greater Noida, aiming to attract financial institutions and promote innovation.
GREATER NOIDA: The Yamuna Expressway industrial development authority (Yeida) has finalised the Cushman & Wakefield, a global real estate services firm, as a consultant to ready a detailed project report (DPR) of the Fintech City, to be built on 350 acres of land in Sector 9 near Noida International airport, the authority said on Monday.
This city will be home to financial services linked institutions.
Yeida, in November, 2023, had issued a tender to select a consultant and the last date to submit the bid was December 13, 2023.
A total of five companies including Cushman & Wakefield, Jones Lang LaSalle Property Consultants, CBRE South Asia, Voyants Solutions, Tractebel Engineering and Cushman & Wakefield India applied for it, said the authority’s officials.
“We have finalised Cushman & Wakefield as our consultant following the laid down procedures. Now the Cushman & Wakefield will be engaged in the work to carry out study and then ready the detailed project report of this project,” said Arun Vir Singh, chief executive officer (CEO), Yeida.
“The Cushman & Wakefield will submit the DPR in the next 45 days so that we can take the project to the next stage,” the CEO added.
Cushman & Wakefield was not available for comments despite repeated attempts by HT.
The Yeida wants to establish a FinTech Hub in a bid to lure investments in this region. It aims to develop the hub on the land in Sector 9, located along Yamuna Expressway. However, the Yeida will also acquire the land for this Sector 9 for developmental work.
A Fintech hub is primarily developed for the financial services which rely heavily on information technology and IT related units.
The key aspects, which may form a part of a Fintech hub, are Information Technology (IT), Information Technology enabled Services (ITeS), commercial offices, banking, stock exchanges, brokers, intermediaries, insurers, intermediaries, knowledge process outsourcing (KPO), business process outsourcing (BPO), trading, banks and hotels etc.
The Fintech hub is aimed at promoting innovations, new start-ups in digital banking, digital app-based lending, crowdfunding, electronic payment services and insurance technology among other areas.
“We want to lure international institutions like the International Monetary Fund, World Bank, Stock Exchange here. Apart from this, corporate offices of big banks would also be allocated space here,” said the Yeida CEO.
The Fintech Hub project will also get the benefits from Uttar Pradesh’s Foreign Direct Investment (FDI) policy, including land subsidies for companies with 100% FDI. Additionally, the companies will receive R&D funds for five years, support for skill development, and various other monetary incentives.
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