The MMRDA board has formally approved 50.31 hectares of land at Bandra Kurla Complex, to set up the International Financial Services Centre. By next month, the planning agency will table a master plan for the entire 50 hectares to Union minister Jayant Sinha-led IFSC Taskforce for a go-ahead.
The master plan will include a layout, land reservations and land use and all urban design guidelines for the proposed financial hub. It is expected to be a car-free zone.
The 50 hectare land has been earmarked to meet the requirements of a finance Special Economic Zone within the parameters laid down by the Centre. Getting a finance SEZ tag is essential for BKC if it has to get the tax sops and other benefits offered to an IFSC. Currently, Gujarat International Finance Tech city is the only approved IFSC in the country.
The land approved for IFSC is an irregular U-shaped plot that includes the entire G Tech block of BKC of around 30 hectares and the entire recreation ground of around 20 hectares close to it, adjoining the Mithi river.
Last year, the Centre had sent back the state’s proposal to consider 20 hectares plot in BKC and the rest in built-up area to meet the requirement of 50 hectares given the land crunch in the city. Following the Centre’s refusal to consider Mumbai a special case, the state government had sent a proposal to earmark 50 hectares of land in BKC for the project.
The master plan will include a layout, land reservations and land use and all urban design guidelines for the proposed financial hub. It is expected to be a car-free zone.
The 50 hectare land has been earmarked to meet the requirements of a finance Special Economic Zone within the parameters laid down by the Centre. Getting a finance SEZ tag is essential for BKC if it has to get the tax sops and other benefits offered to an IFSC. Currently, Gujarat International Finance Tech city is the only approved IFSC in the country.
The land approved for IFSC is an irregular U-shaped plot that includes the entire G Tech block of BKC of around 30 hectares and the entire recreation ground of around 20 hectares close to it, adjoining the Mithi river.
Last year, the Centre had sent back the state’s proposal to consider 20 hectares plot in BKC and the rest in built-up area to meet the requirement of 50 hectares given the land crunch in the city. Following the Centre’s refusal to consider Mumbai a special case, the state government had sent a proposal to earmark 50 hectares of land in BKC for the project.
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