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NBCC plans to create financial hub on Jaypee land in Noida
The Times of India  |  February 19, 2019

Dipak K Dash & Sidhartha New Delhi

State-owned NBCC is planning to use a part of the 3,500 acre surplus land with Jaypee Infratech to build a financial district on the lines of Mumbai’s Bandra Kurla Complex (BKC) and Gurgaon Cyber City with facilities for back offices and IT companies near the proposed Jewar airport.

 

NBCC, which made a presentation before the Jaypee committee of creditors, on Monday has identified four possible land parcels for developing a financial hub with two plots near the new airport, its CMD A K Mittal told TOI. The proposal is in addition to plans for the sports city to host events from National Games to Olympics along the Greater Noida-Agra stretch of the highway.

 

Mittal also said they have a plan to set up a skill development university with focus on the real estate sector and an entertainment hub, if they become successful bidder.

 

“There is a lot of land available and we are working out a plan for affordable housing too. The hubs that we are planning will not be beneficial just for Jaypee but also for several other developers who have projects along the Taj Expressway,” Mittal said.

 

There can be hotels, housing complexes and other facilities with good connectivity to the upcoming airport. However, he said implementing such a massive development plan would require eight to 10 years and had the potential to generate nearly Rs 40,000 crore revenue besides creating a large number of jobs.

 

Mittal said one of the land parcel that could be developed as financial hub was about 10 km from the upcoming Jewar airport, while another option was on a land parcel around 30 km from the proposed facility and closer to Delhi.

 

He said a major foreign automobile company has been looking for about 10 acre land, which they can develop as a campus. “Such demands can be met...Why can’t we have complexes like Gurgaon, BKC or Nariman Point in Mumbai and for that matter the IT hub in Bengaluru in this part of NCR when it will have air, high-speed road Metro Rail connectivity?” Mittal asked.

 

He added that before starting work on the financial hub, one would need to find how many anchor investors are interested and committed. “To my understanding, there will be no dearth of such committed investors. Currently, people are paying high rent in Delhi and are negotiating with traffic jam to reach airport,” he said.

 

This can also prove to be an opportunity for the government to implement its age-old plan of shifting corporate offices of PSUs out of Delhi to decongest the national capital.

 

Mittal said under the current land acquisition law it’s almost impossible to procure such huge parcel of land in the NCR, which is available with Jaypee Infratech. “If Jewar and IGI airports can be linked with a high speed Metro it will unleash huge business opportunity. We have bid with this vision,” he added.