Reliance Realty Ltd, a wholly-owned subsidiary of cash-strapped Reliance Communications (RCom), has received Maharashtra government’s approval to develop its 132-acre Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai into a Smart Fintech Centre.

The prime real estate at DAKC will have a total saleable area of more than 30 million square feet.

The company, controlled by billionaire Anil Ambani, got final approvals from the Department of Information Technology, Government of Maharashtra, and the Maharashtra Industrial Development Corporation (MIDC).

The approvals were granted under the Maharashtra government’s new ‘Fintech Policy’, the company said in a statement.

Reliance Realty’s saleable area post-development will be double the size of the existing commercial area of Bandra-Kurla Complex, Mumbai.

The company looks to meet the growing demand for fintech, banking, financial services, insurance, Non Banking Financial Companies, IT & ITES and Knowledge sectors over a 20-year period. Reliance Realty has already started major infrastructure development initiative in this regard, the statement said.

Also read:RCom’s new call: To exit telecom, focus on real estate

At the group’s its 14th AGM in September 2018, RCom Chairman Anil Ambani told shareholders that the company will exit telecom business entirely and will make a push into realty sector with the development of DAKC, with a project value of over Rs 25,000 crore.

Terming the real estate assets as a “huge goldmine”, he said that RCom intends to build a high-tech smart city, a green city and a green knowledge park at DAKC.

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