E-auction announced for developed vacant plots in Chennai Fintech City

Tamil Nadu Industrial Development Corporation (TIDCO) has announced the e-auction of developed vacant plots in Fintech City in Nandambakkam, Chennai.

The auction, the date for which has not been announced, will be for two adjacent land parcels of three acres in the Fintech City's South Phase. The land is proposed to be used for the development of BFSI and fintech-related Global Capability Centres (GCCs). Fintech City, spanning 111.4 acres, represents a strategic investment of Rs 12,000 crore and aims to create 150,000 jobs upon full operation, said TIDCO.

Fintech City is a hub of modern infrastructure with a mix of residential, commercial, and hospitality developments, including a convention and hotel complex and a central park, it said.

TIDCO has invited BFSI and Fintech companies, GCCs, and real estate developers to participate in the e-auction The plots on offer are part of a multiple-use zone suitable for office, residential, and hospitality development, with no further reclassification required. The land is encumbrance-free, with a 99-year lease period, and all clearances will be processed through a single-window system.

“This presents a unique and unparalleled opportunity for BFSI and fintech companies to acquire and operate from prime real estate in Chennai. The chance to secure such premium locations for their offices is rare within the city. Fintech City is designed to offer exceptional connectivity, with proximity to both a metro station and the airport, complemented by a robust and well-planned social infrastructure,” stated Sandeep Nanduri, managing director of TIDCO.

Fintech City is strategically located and well-connected, being just a mile from Guindy and surrounded by commercial hubs, a convention centre, recreational zones, healthcare facilities, and transportation facilities. The Chennai Airport is a mere 20-minute drive, and the upcoming Phase II Metro station at the Chennai Trade Centre will enhance connectivity.