Real estate firm M3M India Pvt Ltd said on Tuesday it will develop a smart city on a large land parcel in National Capital Region (NCR) it had bought from Sahara Group in 2014, for ₹1211 crore.
Of the 185 acres M3M had bought from Sahara, the township will come up on 165 acres. It will be a mixed-use development with both residential and commercial office and retail components.
On Tuesday, M3M signed an agreement with Sweden-based companies such as Sweco AB, Urban Tech Sweden and Urban Systems urbs AB to collaborate on the project, which will take around ten years to be fully developed. The memorandum of understanding (MoU) was signed during the ongoing India-Sweden Business Summit in Delhi.
Will Sibia, head, International Business & Strategy, Sweco AB said in a statement, "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."
“It is a wonderful project and it does not harm the climate or environment. We in Sweden have changed our way of doing things," said Ibrahim Baylan, Minister of Enterprise, Sweden.
M3M plans to raise around $2 billion of capital to be invested in the project. It also plans to list the project on the stock exchange in Sweden, a spokesperson said.
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."
M3M is also developing a Trump Tower, with 275 luxury residences, in Gurugram and has a joint venture with Tribeca Developers, the official representative of The Trump Organization in India.