HYDERABAD: In a bid to challenge the likes of Mumbai and Ahmedabad in the financial sector, the Telangana government is now planning to develop a new financial district spread over 50 acres in the next six to nine months.The existing 75-acre financial district is ‘completely saturated’, even as the demand from the Banking, Financial Services and Insurance (BFSI) sector continues to grow by leaps and bounds.
“Ahmedabad has created some fantastic infrastructure called Gujarat International Finance Tec-City (GIFT) but in terms of technology, Mumbai and Ahmedabad do not match up to Hyderabad. Today’s financial world is driven by technology and since Hyderabad has a proven record in technology promise, we want to become the new BFSI capital, challenging Mumbai and Ahmedabad,” said information technology secretary Jayesh Ranjan.
“The second financial district is part of this larger plan to re-position ourselves and offer facilities to the BFSI companies,” Ranjan told TOI on Tuesday .
The Telangana State Industrial Infrastructure Corporation Ltd (TSIIC) is looking at areas such as Puppalguda, Tellapur and Nagulappali for the proposed project, he said.
The second financial district is being planned as there is barely any space left in the existing Financial District, and the new one will allow the government to provide land for BFSI companies that are keen on either setting up new units or expanding their base in the city, he explained. “We are also working with industry veterans to guide the state in positioning itself as the new BSFI capital of the country.While the location is yet to be finalized, we have asked the TSIIC to assess three areas -Puppalguda, Tellapur and Nagulappali -and whichever has the best infrastructure will be selected,” Ranjan added.
As part of the plan to emerge as the new “financial capital”, the IT secretary said the state government will also be working in the areas of skill development. It is mulling introducing courses in BFSI through the Telangana Academy for Skill and Knowledge (TASK).
The move is also expected to boost the real estate sector in the city, said experts.
“In the past few years, areas such as Puppalguda and Tellapur have witnessed appreciation in land and property prices. However, compared to Madhapur, the prices would be cheaper by around 100-150%,” said MV Rajeshwar Rao, CEO, Confederation of Real Estate Developers’ Associations of India (CREDAI).
Satish Vagada, director (residential sales), JLL, Hyderabad, pointed out that these areas are expected to see a moderate price surge in the residential space as well.
Credits ET Realty