Indian real estate company M3M has signed an agreement with a Swedish engineering consultancy company called Sweco AB to develop India’s first climate-neutral smart city in Gurugram, Haryana.
The agreement was signed during the India-Sweden Business Leaders Roundtable and in the presence of Carl XVI Gustaf, the King of Sweden.
The proposed city will take seven to ten years to be completed and will scout for foreign investments for different services. It will be located along the Dwarka Expressway and its focus will be on water conservation through reuse and recycling. The city will feature both residential and commercial establishments.
According to Pankaj Bansal, Director of M3M Group, the company plans to invest around Rs 2,500 crore for the project which includes the cost of a 165-acre piece of land, currently valued at Rs 2,000 crore. The company plans to construct the first phase on its own which is spread across 25 acres. Bansal added that the smart city project has the potential to attract a foreign investment of around USD 2 billion.
Based in Gurugram, M3M is also working on other high-profile projects in the city, such as the Trump Towers.
According to Will Sibia, Head of International Business & Strategy at Sweco AB, the company will act as system integrators both in terms of finance and technology. Sibia also expressed his resolve to bring in the best in class knowledge, technology and practices globally, creating an eco-governance structure to make India’s first climate-neutral city.
Sweco AB, originally called “Swedish Consultants,” is a Sweden-based engineering consultancy company, active in the fields of construction, architecture, and environmental engineering. Founded in 1997, the company has a presence in 12 northern European countries apart from United Kingdom and Turkey.