M3M India Pvt Ltd spoke on Tuesday that it will build a smart city on a vast land parcel in the National Capital Region (NCR) that it purchased from Sahara Group in 2014 for Rs 1211 crore. The township will be built on 165 acres of the 185 acres purchased from Sahara by M3M. It will be a mixed-use project featuring residential, commercial office, and retail components. M3M inked a deal on Tuesday with Sweden-based firms such as Sweco AB, Urban Tech Sweden, and Urban Systems urbs AB to work on the project, which will take around 10 years to complete. The memorandum of understanding (MoU) was signed in Delhi as part of the current India-Sweden Business Summit.
In a statement, Will Sibia, Sweco AB's Director of International Business & Strategy, said, "We will operate as system integrators in terms of finance and technology." We will use the top of the line knowledge, technology, and practises from around the world to develop an eco-governance framework to construct India's first climate neutral metropolis." "It's a fantastic initiative that has no negative effects on the climate or the environment." "In Sweden, we have altered our way of doing things," remarked Ibrahim Baylan, Sweden's Minister of Enterprise. M3M intends to obtain around $2 billion in funds to invest in the project. According to a representative, the company also intends to list the project on the Swedish capital market. Pankaj Bansal is the director.
"We are thrilled to partner with the Swedish firm on the development of a sustainable smart city project near the Delhi Airport," M3M stated. The growth will be in accordance with the Un Sustainable Development Goals and the Paris Accord." M3M is also creating a Trump Tower in Gurugram, with 275 premium homes, and has a joint venture with Tribeca Developers, The Trump Institution's official dealer in India.