CHENNAI: Eager to get its ambitious financial city project off the ground at the earliest, the Tamil Nadu government has identified three possible locations near Chennai. The project is to be implemented in phases, and the government is keen to expedite the first phase.

Sources in the state government told The Times of India that it would soon call for a detailed project report (DPR) to identify the requirements for the project. A consultant would be appointed to prepare the DPR. "We will now sit for brainstorming sessions soon, identify the necessities for the project and try to roll it out at the earliest," sources said. A committee, comprising industry representatives, including senior officials of various banks, financial institutions and leaders of industry, would be formed for the purpose.

"The idea is to get industry inputs for the financial city and incorporate their needs in the project. Only then can it be business-friendly. Besides, we will also look for strong anchor clients," sources added.

While three locations have already been identified, officials are tight-lipped about the possible locations, as they do not want this project to meet the same fate as the satellite city project, which had to be shelved following stiff political opposition.

"In the first phase we will need about 75 to 100 acres of land and about four to five million square feet of office space. Also on the cards are residential complexes and social infrastructure like schools and hospitals," officials said.

"We would like to use this to showcase the strength of the city as a financial hub and for that purpose, the first phase should also be big enough to attract the best of talent and institutions," sources said.

The state, which has its inherent strength in banking and financial services, is trying to project itself as a global hub or one stop shop for all financial transactions in the country. Towards achieving this, deputy chief minister MK Stalin has made a policy statement in the assembly to set up a full-fledged financial city, which will house banks, insurance companies, stock market intermediaries, mutual funds and other participants in the transactional phase.