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International consultancy firm Cushman & Wakefield has been entrusted with the task of crafting a comprehensive project report for a cutting-edge fintech hub. Situated adjacent to the Noida International Airport in Jewar, the ambitious project will unfold across 350 acres of prime real estate in Sector 13.
Initially, the development will kick off on 100 acres of land, with a plan in place to allocate 50% of the area to essential services such as core financial activities, financial business processing, training centers, and a global center for excellence. This strategic move aims to cultivate an ecosystem conducive to fostering innovation and growth within the financial services sector.
Upon submitting a proposal to the Yamuna Authority, Cushman & Wakefield recommended setting aside 10% of the land for allied commercial services, further enriching the ecosystem envisioned for the fintech hub.
Yamuna Authority CEO Arun Vir Singh disclosed that the project has garnered significant interest from renowned global real estate and infrastructure consultancies, including Jones Lang LaSalle Property Consultants, CBRE South Asia, Voyants Solutions, Tractebel Engineering, and Cushman & Wakefield India. These firms are vying to contribute to the development of the proposed Fintech City, aimed at establishing a world-class environment for core financial sector activities.
Out of the contenders, Cushman & Wakefield emerged as the frontrunner, tasked with delivering the project report within a stringent timeline of 45 days. The firm's responsibilities span a wide spectrum, encompassing site analysis, market study, demand assessment, masterplan design, cost estimates, financial analysis, and support for bid process management. Additionally, they will collaborate with the Authority in selecting an optimal model for setting up the fintech hub.
The Authority faces a pivotal decision in choosing between two development approaches: either spearheading the hub's development and directly allocating plots to companies or opting for a concessionaire to oversee the project. Various models, including public-private partnerships and hybrid structures involving consortia or special purpose vehicles (SPVs), are under consideration to ensure the project's success and sustainability.
Data from the Cushman & Wakefield report underscore the immense potential of India's fintech landscape. With projections indicating a meteoric rise from $50 billion in 2021 to a staggering $150 billion by the following year, India stands to emerge as a formidable player in the global fintech arena. Notably, the country already accounts for 46% of all real-time transactions worldwide, cementing its status as the third-largest fintech ecosystem globally.
Furthermore, the report recommends leveraging the expertise of esteemed academic institutions such as IIT Kanpur and IIM Lucknow for talent development and research collaboration, enriching the hub's intellectual capital and innovation quotient.
Drawing insights from similar ventures worldwide, the consultant's analysis highlighted the success stories of comparable projects, notably the Gift City in Gandhinagar. Spanning 868 acres, the Gift City project has been strategically segmented into zones to cater to both domestic and international fintech players, with the overarching goal of propelling exports and attracting foreign investments. The project also draws inspiration from other hubs like Fintech City in Chennai and Hi-tech City in Hyderabad, underscoring the importance of knowledge sharing and collaborative learning in fostering innovation and growth.
With the wheels set in motion for the development of the fintech hub near Noida International Airport, stakeholders remain optimistic about the transformative potential of this visionary initiative, poised to catalyze India's fintech revolution and propel the nation to new heights of economic prosperity and technological advancement.
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