CHENNAI: The Chennai Finance City project, which has remained elusive for the last 10 years, is likely to take shape with the Tamil Nadu Infrastructure Fund Management Corporation working out an action plan to develop commerce hubs alongside Anna Salai from beyond Guindy up to the business district of Parrys.
Sources told Express that the project, which was envisaged under the Vision 2023 of former Chief Minister J Jayalalithaa, will provide modern office space, connectivity and knowledge base to provide high-end support to corporate entities belonging to the finance sector under one roof and decongest residential areas.
It is learnt that Chennai has 400 financial industry businesses headquartered in the city of which 200 are located in the main residential clusters of Mylapore, RA Puram, Nungambakkam and T Nagar which are congested and have put pressure on civic authorities for additional infrastructure.
Sources indicated that the plan is to develop Chennai Finance City or Tamil Nadu Commerce Hub as an infrastructure project to accommodate public-private financial institutions, start-up parks and to develop the objective of Chennai Metro’s transit-oriented development (TOD). It is learnt that land parcels on Anna Salai are being identified for the project.
Sources said that eight acres of land belonging to the Tamil Nadu Housing Board and 1.4 acres belonging to the Slum Clearance Board in Nandanam could be taken up for possible development as anchor and satellite office.
Similarly, one location at Guindy near airport and other at Parrys need to be identified besides having nano office parks in Greater Chennai Corporation and Hindu Religious and Charitable Endowments land along Anna Salai.
Meanwhile, TNIFMC is conducting a market survey to ascertain the demand for office complexes, convention centres and other kinds of development. The reason to select Annna Salai stretch is that it has all major localities of the city feeding traffic into it. It is learnt that Chennai Metro rail’s land in Nandanam is also being considered for the Chennai Finance City.
The move for the Chennai Finance City comes after the state government toyed with the idea of having such a project on the outskirts of the city. At that time, the government was looking at Sriperumbudur or Oragadam for the proposed city, which is expected to create around 30,000 jobs.
Interestingly, it was in 2009 that the then Deputy Chief Minister and Dravida Munnetra Kazhagam leader MK Stalin mooted the idea of Financial City at Shollinganallur, in the IT Corridor of Chennai. Around 180 acres of land was identified, but the project did not take off.
Factfile
The financial city is proposed to decongest residential areas of Chennai city
Chennai has vibrant financial industry with 400 financial businesses headquartered in the city alone
200 of such business are located in the residential clusters of Mylapore, T Nagar, RA Puram and Nungambakkam.
The development of commerce hub along Anna Salai is proposed as the stretch has all major localities feeding traffic into it