An Abu Dhabi-based real estate company has formed a strategic partnership with an Indian construction firm to establish ‘Smart City’ projects in India.
‘Smart City’ is Prime Minister Narendra Modi’s ambitious project aimed at recasting the urban landscape of the country by making cities more livable and inclusive, besides driving the economic growth.
Each selected city under the scheme would get central assistance of Rs 100 crore per year for five years.
Tasweek and MAMS Holdings Group officials recently met Uttar Pradesh Chief Minister Akhilesh Yadav to discuss various investment opportunities related to ‘Smart City’ and urban development in the state.
The Chief Minister said he is keen to provide affordable smart housing solutions and developing 200,000 low-cost homes in his state in the coming years.
Under the terms of their agreement, the partners will particularly seek residential, commercial and mixed-use projects enabled with ‘smart’ technologies in India.
They will also focus on investment opportunities in affordable housing.
“We will continue to jointly discuss opportunities with our partner in alignment with India’s long-term development agenda,” he said.
Under the government’s plan, all states will eventually have at least one ‘Smart City’.