News

Rajaa lays foundation for Cube, says CM likely to open Chennai Fintech Tower in January

CHENNAI: Industries Minister TRB Rajaa on Thursday said the Fintech Tower, part of the governments Fintech City project, is likely to be inaugurated by Chief Minister MK Stalin in January. Speaking at the groundbreaking ceremony for The Cube, a Rs 280-crore Grade-A office in the FinTech City at Nandambakkam, Rajaa said the 2.26-acre Fintech Tower being developed by TIDCO is nearing completion. Built at an estimated cost of Rs 240 crore, the 5.5-lakh-sqft complex is designed to house financial services and fintech firms looking to scale operations in the state. Rajaa used the occasion to pitch Chennais ascendance as a preferred base for Global Capability Centres (GCCs), arguing that Bengaluru is approaching saturation while TN offers cleaner air, better quality of life and untapped capacity. Even Bengaluru-based ANSR, a major GCC developer, is now expanding in TN, he said, adding that the next decade would be decisive for Chennai. TIDCO MD Sandeep Nanduri said significant infrastructure upgrades are being built into the FinTech City precinct. The Cube, a four lakh sq ft development jointly promoted by the Axis Commercial Real Estate Fund and global real estate major Tishman Speyer, is the second major project taking shape in the FinTech City. Axis AMC CEO B Gopkumar said the transparent auction and land-transfer process reflects confidence in Tamil Nadus strong fundamentals. Tishman Speyer, he noted, brings global experience, including its role as development manager for JP Morgan Chases new headquarters in New York.Tishman Speyer India head Parvesh Sharma said Chennai is emerging as one of the most dynamic markets, adding that The Cube aims to offer a sustainable, future-ready workspace tailored to BFSI tenants.