Real estate company M3M India Pvt Ltd has signed a Memorandum of Understanding (MoU) with Swedish firms Sweco AB, Urban Tech Sweden and Urban Systems urbs AB to collaborate and develop a smart city project in Gurugram, Haryana. According to the company this will be India’s first climate-neutral smart city, with an expected potential to attract foreign investment worth $2 billion. The agreement was signed during the India-Sweden Business Leaders Roundtable and in the presence of Carl XVI Gustaf, the King of Sweden.
The smart city project is expected to come up on 165-acre land that M3M India bought in 2014 from the Sahara group for Rs 1,211 crore. The company plans to invest around Rs 2,500 crore for the project and construct the first phase, spread across 25 acres, on its own. It will be a mixed-use development, with both residential and commercial development. The city will take 7-10 years to be completed and will scout for foreign investments for different services.
Pankaj Bansal, director, M3M said, “We are pleased to collaborate with the Swedish company for the development of a sustainable smart city project, which is near the Delhi Airport. The development will be in line with UN Sustainable Development Goals and Paris Agreement." "We will act as system integrators both in terms of finance and technology. We will bring in the best in class knowledge and best in class technology and the best practices globally to create an eco-governance structure to create India's first climate neutral city," said Will Sibia, chairman, Urban Systems urbs AB.