Mumbai IFSC snippets

If all goes according to plan, then the construction of the international financial services centre (IFSC) at Bandra-Kurla Complex will commence by December, revealed an official in the chief minister's office (CMO).
A task force led by Union minister of state for finance Jayant Sinha and MP Poonam Mahajan consulted banker Chanda Kochchar, actor Amitabh Bachchan, CM Devendra Fadnavis and consultant Magnus Bocker to chalk out the project's nitty gritty. “We can expect the construction to begin by the year end or beginning of the next year,“ said Mahajan, the task force's deputy chairman. According to officials in the CMO, `bhumipujan' for the finance hub is scheduled for November 1 at the hands of Prime Minister Narendra Modi.
During Thursday's meeting of the task force, Mahajan said the existing FSI of 4 would make over 150 lakh hectares space available for the centre.“However, tax concessions, finance special economic zone status and a nod from the Union civil aviation ministry for the IFSC tower will have to be sorted out,“ said an official.
The preparations for the master plan are likely to cost about Rs.5 crore. The MMRDA is giving land for the financial centre. A budget of Rs.250 crore will be needed for the construction of the facility and the Union and the state governments are likely to contribute.

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