Realty firm M3M group on Tuesday signed an agreement with a Swedish company to develop a smart city project in Gurugram, Haryana, that has a potential to attract foreign investment of USD 2 billion.
The smart city project is being proposed on 165-acre land that M3M India bought in 2016 from Sahara group for Rs 1,211 crore.
M3M group, which is also developing Trump Tower project in Gurugram, proposes to invest around Rs 2,500 crore, which includes the land cost of entire 165 acre valued now at around Rs 2,000 crore and the construction cost of first phase of around 25 acre, its director Pankaj Bansal told reporters here.
M3M signed an agreement with Sweden-based Urban Systems urbs AB to develop smart city project in Gurugram.
The agreement signing took place during the India Sweden Business Leaders Roundtable and in the presence of King of Sweden, Carl XVI Gustaf.
Ibrahim Baylan, Minister of Enterprise, Sweden, Ann-SofiGaverstedt, Deputy Director Trade Promotion Policy and Sustainability, Teknikfretagen (The Association of Swedish Engineering Industries), Will Sibia, Chairman, Urban Systems urbs AB and Basant Bansal, chairman of M3M were also present.
Bansal said the smart city project has potential to attract a foreign investment of around USD 2 billion but did not provide further details. This will be a mixed use development with both residential and commercial development.
"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 Sibia who is also Head of International Business & Strategy, Sweco AB.
The M3M group owns over 2,000 acres of prime land located right in the heart of Gurgaon and Delhi NCR. It has completed and developing many real estate projects in the Delhi-NCR region.
Originally 'Swedish Consultants', Sweco AB is a European engineering consultancy company, active in the fields of construction, architecture, and environmental engineering.