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Today: May 27, 2024

TN considers converting vacant plots into Fintech City’s Global Capability Centres.

1 min read

TLDR:

  • Tamil Nadu Industrial Development Corporation Limited (TIDCO) is planning to auction vacant plots in Fintech City for the development of Global Capability Centres (GCCs).
  • The 3-acre land parcels in Fintech City’s South Phase will be used for BFSI/Fintech related GCCs.
  • TIDCO has invited BFSI and Fintech companies, GCCs, and real estate developers to participate in the e-auction.
  • The plots on offer, S15 and S16, each 1.5 acres, are suitable for office, residential, and hospitality developments.
  • This move aims to tap into the growing trend of global companies setting up GCCs in Chennai and establish the city as a prime destination for banking, finance, and fintech companies.

The Tamil Nadu Industrial Development Corporation Limited (TIDCO) is considering the development of vacant plots in Fintech City as Global Capability Centres (GCCs) in order to attract high-end jobs and capitalize on the growth of GCCs. TIDCO is planning to auction two adjacent land parcels totaling 3 acres in Fintech City’s South Phase for the development of BFSI/Fintech related GCCs. The e-auction is open to BFSI and Fintech companies, GCCs, and real estate developers. The plots on offer, S15 and S16, are each 1.5 acres and are suitable for office, residential, and hospitality developments without the need for reclassification. The land is encumbrance-free with a 99-year lease period and all clearances will be processed through a single-window system. TIDCO aims to establish Chennai as a prime destination for global banking, finance, and fintech companies, capitalizing on the city’s growing importance as a hub for global business operations. Chennai has recently seen an influx of global companies setting up GCCs, indicating the city’s strategic position and ability to attract major international corporations. The Fintech City development covers 111.4 acres and is a strategic investment of Rs 12,000 crores, with the aim of creating 150,000 jobs upon full operation. The city offers a mix of residential, commercial, and hospitality developments, including a convention and hotel complex, and a central park.