M3M Group, a real estate company located in the National Capital Region, signed a Memorandum of Understanding (MoU) with a Swedish corporation on December 3 to create India first climate-neutral smart city in Gurugram, Haryana, with the potential to attract $2 billion in foreign investment. M3M has partnered with Urban Systems urbs AB of Sweden to construct a smart city project in Gurugram. The agreement was signed in the presence of Carl XVI Gustaf, King of Sweden, at the India-Sweden Business Leaders Roundtable. The smart city project will be built on a 165-acre plot of land that M3M India purchased from the Sahara group in 2016 for Rs 1,211 crore. The city will be built in 7 to 10 years and will seek international investment for a variety of services.
Pankaj Bansal, the director of M3M Group, informed reporters that the company intends to invest roughly Rs 2,500 crore in the project. The cost of the 165-acre land block, which is now valued at Rs 2,000 crore, is included in this figure. The business intends to build the first phase, which will cover 25 acres, on its own. Bansal, who is also working on the Trump Tower project in Gurugram, claims that the smart city project has the potential to attract $2 billion in international investment. This will be a mixed-use complex with both residential and business components. In terms of money and technology, we will operate as system integrators.
"We will bring in the best in class knowledge, best in class technology, and best practises from around the world to create an eco-governance structure to create India first climate neutral city," said Will Sibia, chairman of Urban Systems urbs AB and Head of International Business & Strategy at Sweco AB.
Sweco AB is a European engineering consultancy firm that works in the fields of construction, architecture, and environmental engineering.