BKC plot for project is mired in dispute

Mumbai: A plot of land at Bandra Kurla Complex (BKC) has been mired in controversy as it has been claimed for building International Financial Service Centre (IFSC) and the bullet train terminal. The state had also offered land at Kurla for the bullet train to the Central government. But the BKC plot was finalised for both the projects, which became a bone of contention between the state and the Centre.

The state which is planning to start work of IFSC from December, has applied for Special Economic Zone. According to norms, an SEZ-notified zone should measure around 50 hectares at least. However, in the case of BKC, it is only 20 hectares in area. The state had urged the Centre to relax the norms, citing a land crunch, and the same would be compensated in terms of vertical development, that is, by giving additional Floor Space Index (FSI) for construction.

The officials said that a two-year period is sufficient to build the financial centre — which chief minister Devendra Fadnavis is pushing for. Also, the state will face competition from Gujarat’s GIFT city, which is the first financial service centre of the country.

The total land available at BKC is about 67 acres, and the bullet train project needs about 10 acres of land. Passenger area, platforms, escalators, lifts among others will be constructed underground at BKC.  

Estimated to cost is around Rs 97,636 crore and 81 per cent of the funding for the project will come by way of a loan from Japan. The project cost includes possible cost escalation, interest during construction and import duties. Maharashtra and Gujarat will also share 25 per cent cost. 

Land at hand

The total land available at BKC is about 67 acres and the bullet train needs about 10 acre land. The state government wants International Financial Service Centre at the same location with an underground parking. The IFSC is expected to get SEZ status necessary. However, it has 20 hectre of area instead of 50 required for SEZ tag.