UAE Real Estate Firm to Develop ‘Smart City’ Projects in India

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A real estate company (Tasweek Real Estate Development) based in Abu Dhabi involved into a strategic partnership with an Indian real estate firm (MAMS Holdings Group) to establish construction projects in India named as ‘Smart City’.

This project is an ambitious project of Indian Prime Minister Narendra Modi. ‘Smart City’ is aimed at redefining the urban landscape of India by making the cities livable and inclusive of all facilities. This would in turn, drive the economic growth.

Each city under the project scheme would get an assistance of INR 100 crore per year for consecutive five years.

Both the construction firms have joined hands with a view to mutually pursue investment prospects and business in India and the GCC. The member states in GCC are Bahrain, Qatar, Arabia, Kuwait, Oman, Saudi and the UAE.

The officials of both the firms recently met the Chief Minister of Uttar Pradesh, Mr. Akhilesh Yadav, in order to discuss the numerous investment opportunities related to urban development in the state and their project for ‘Smart City’.

After the discussion, the Chief Minister is keen to provide affordable housing solutions and will develop 200,000 low-cost homes in Uttar Pradesh in the upcoming years.

Under the terms of agreement, the partners will seek commercial, residential and various mixed-use projects aligned with ‘smart’ technologies in India.

According to Mr. Masood Al Awar, the Chief Executive Officer of TASWEEK Real Estate Development firm, their partnership will have access to the local market expertise and derive ways to support affordable yet ‘smart’ living in U.P. and other parts of India, including Jammu and Kashmir, Andhra Pradesh, Telegana and Kolkata.

India’s 2015 budget will certainly boost investments into tourism, innovation, infrastructure, renewable energy and livability in tandem with its focus on ddeveloping smart cities. Thus, all states will finally have at least one ‘Smart City’, under the government’s plan.

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