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STATE IT PARKS OPEN DOORS TO BANKS & MFS

INDIA’S hottest property market, Mumbai, could see some shakeup in the commercial realty space. In a significant development, the Maharashtra 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. At present, only 30% of the total constructed area can be given to financial services. While the state government’s rationale behind the move is to develop Mumbai as an international financial centre and create new jobs, the decision is believed to have been driven by low property demand from the IT sector. The flexibility will now make it easier for builders to find tenants and buyers for their newly-developed commercial properties.

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