NOIDA: International consultancy firm Cushman and Wakefield, which will prepare the project report for the fintech hub — initially 100 acres of the total 350 acres earmarked for the project in Sector 13 near the Noida International Airport in Jewar will be developed — has proposed to allocate 50% of the land parcel to core financial services, financial business processing, training centres and a global centre for excellence.
The firm, which submitted a proposal to the Yamuna Authority recently, also proposed to allocate 10% of the land parcel for allied commercial services.
Yamuna Authority CEO Arun Vir Singh said five global real estate and infrastructure consultancies— Jones Lang LaSalle Property Consultants, CBRE South Asia, Voyants Solutions, Tractebel Engineering, and Cushman & Wakefield India — expressed interest in preparing the project report for the proposed Fintech City that envisages a world-class ecosystem to host core financial sector activities.
Of them, C&W was shortlisted for preparing the project report and table it in 45 days.
The firm will undertake site analysis, market study and demand assessment, masterplan design, cost estimates and financial analysis besides, providing support for the bid process management.
The company will also assist the Authority in selecting a model for setting up the fintech hub.
The Authority may either develop the hub and allot plots to the companies or select a concessionaire to develop the hub.
A public-private partnership or a hybrid model of developing the hub by forming a consortium or a special purpose vehicle (SPV) may be considered too.
Currently, ranked 14th in Asia, India’s fintech industry is projected to touch $150 billion by next year from its $50 billion market in 2021, the C&W report stated quoting data from Invest India, a national investment promotion and facilitation agency.
It also stated India is the third-largest fintech ecosystem globally, and accounted for 46% of all real-time transactions worldwide in 2022. The report stated IIT Kanpur and IIM Lucknow may be brought in as partners for talent development and research collaboration.
The consultant earlier studied similar projects globally and in the country. In India, the Gift City project is coming up in Gandhinagar on 868 acres as a destination for fintech companies.
It has been divided into zones – domestic tariff area on 625 acres for domestic companies and a special economic zone on 261 acres for international companies. It will promote exports and foreign investments.
Other hubs that were studied include Fintech City in Chennai and Hi-tech City in Hyderabad.
