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Social Development / R&R
International Financial Services Centre (IFSC)
- MMRDA is the Special Planning Authority for Bandra-Kurla Complex (BKC) Notified Area. The allotment of Authority owned lands in E and G block are carried out as per the provisions of MMRDA (Land Disposal) Regulations, 1977 and the sanctioned development plan of BKC. The lands are leased for 80 years as per the provisions of the said act.
- The development in E block of BKC is almost complete. MMRDA has prepared the concept plan and urban design guidelines for International Finance and Business Centre (IFBC) in G-Block, BKC with the design assistance of renowned Architect Mr. B.V.Doshi, Chief, Vastushilpa Foundation. MMRDA is now in the process of developing IFSC.
- In order to complement BKC's development as a Business Centre, the Authority further desires that there is a need to house the offices of international finance institutions in BKC and to develop it as an International Financial Services Centre (IFSC). Over and above the development of BKC, the commencement of international financial transactions in Mumbai shall also benefit the State at large.
- The land parcel at the North of 45 m road in BKC, namely the G-Text Block, is especially appropriate for the development of IFSC. G Text Block area is earmarked for Commercial Use. After deducting the previously allocated commercial land parcels, Recreational Gardens, Roads and Public Services, etc from this G-Text Block, about 30 Ha. of Commercial Land is available for development of IFSC along with another about 20 Ha of green area. The IFSC will thus spread over an area of about 50 Ha in BKC. The FSI for the area is 4 and the permissible height for the G-Text Block, as per the Civil Aviation Authority is ranging from 51.75 m to 61.45 m.
- The proposed IFSC location is accessible from 45 m and 30 m wide road in BKC and is also connected on the West by the Western Express Highway (WEH) and on the East by Santacruz-Chembur Link Road (SCLR). The area is proposed to be connected to the International Airport with an elevated 30 m wide road from the Mumbai University Land and shall be connected to the Eastern Express Highway (EEH) through SCLR. The area is also proposed to be connected by Metro Line 2 and 3.
- Bandra-Kurla Complex houses Schools, Hospitals and City Parks of International standards. BKC also has the provision of Star Hotels of International Standards and is established with various banks and financial institutions like ICICI Bank, State Bank of India, IDBI Bank, Kotak Mahindra Bank and number of financial and business houses and regulatory authorities like National Stock exchange, IL&FS. The area also has the provision of Multi-story Car parking. A fire Station inclusive of all facilities is also functional. Inorder to supply uninterrupted electricity to the area, a receiving station is also erected.
- MMRDA appointed CBRE as the Consultant to carry out assessment of Stake Holders, preparation of Regulatory Framework, carry out Demand Assessment, and to prepare a Feasibility Study Report for setting up of IFSC in BKC.
- Government of Maharashtra has constituted a Task force to guide the Implementation of the IFSC in BKC by MMRDA which is the coordinating and implementing agency.
- MMRDA has floated an RFP to appoint consultants to prepare Detailed Layout Master Plan and Urban Design Guidelines for the Proposed "International Financial Services Centre at Bandra-Kurla Complex", Mumbai.
- Following are the relevant documents helpful to the bidders to understand more about IFSC :
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