Knowledge parks, software parks & SEZs are now passé, as the Greater Noida Industrial Development Authority (GNIDA) now plans to develop, what will probably be the country's first Financial Park. To be spread over an area of 100 acre, the park apart from housing companies from financial services sector (insurance, banking, brokerage, asset management, consulting) will also boast of a stock exchange at a later stage.

 "The initiative is part of developing Greater Noida as a future city. We have asked in-house consultants to prepare a project report. The report has already been documented and sent to the authority. It is expected to be formalized within a period of one month," GNIDA chairman Lalit Srivastava told ET.

The GNIDA intends to earmark over Rs 50 crore for land development purpose. "Currently, we are in the process of inviting all financial companies and regulators. The land will be allocated to the interested parties through a biding process," disclosed Mr Srivastava.

Further, a confessionals rate is expected to be offered by the GNIDA for development

 and creation of required facilities at the proposed site. "This is so because each financial firm will require a different set up specific to their needs," he explained.

Though the GNIDA hasn't finalised the location, Mr Srivastava said that it will be somewhere Saurabh Deb enroots the planned road that will connect sector-62 with Greater Noida. "We are constructing a 130 meter road which will connect it to the proposed site," he said. As far as the exchange is concerned, Mr Srivastava clarified that it could depend upon the regulator; however, a small & medium enterprise exchange cannot be ruled out. The initiative to develop a financial hub at Greater Noida is yet another attempt of GNIDA to be at par with the best cities in the world. The GNIDA already follows an Ecotech concept, as part of which only zero pollution industries are allowed to set up office in the city. Companies such as Honda Sale, LG, Pepsi, Denso India, Yamaha, Moser Baer and Videocon already have a presence in the city.

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                                                                                Courtesy Friday 7^th March E.T, 2008