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» Mumbai IT parks open doors to banks, MFs

Date: Sep 3, 2008

Author: Economic Times

India’s hottest property market, Mumbai, could see some shakeup in the commercial realty space. In a significant development, the Mahrashtra government has decided to allow all upcoming IT parks and IT specific buildings in the city to utilise 80% of the total constructed area for financial services, besides IT and IT enabled services. At present only 30% of the total constructed area can be given to financial services.

In a notification issued last week, the state government said in order to develop Mumbai as an international financial hub and to generate additional employment, it has been decided that all such building which are eligible for additional FSI of 100%, can now utilise 80% of the total constructed area for financial services, apart from IT and ITES.

The government also considered the increasing demand of investors in the financial services sector before changing the IT-financial services ratio, the notification said.