M3M and Sweco AB, set to develop India’s first climate-neutral smart city in Gurugram

Indian real estate company M3M has signed an agreement with Sweco AB, a Swedish engineering consultancy company to develop India’s first climate-neutral smart city in Gurugram, Haryana. The agreement was signed and finalized in the presence of Carl XVI Gustaf, the King of Sweden during the India-Sweden Business Leaders Roundtable.

The proposed city is expected to be completed in a time period of seven to ten years and will scout for foreign investments for different services. Its location will be along the Dwarka Expressway and will feature both residential and commercial establishments.

According to Pankaj Bansal, Director of M3M Group, the company’s plans are to invest around ₹2,500 crores for the project. This includes the current cost of a 165-acre piece of land to be valued at ₹2,000 crores. The company plans to construct the first phase on its own which would be spread across 25 acres. He added that the smart city project has the potential to attract foreign investments of around USD 2 billion. 

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. He 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. To achieve the agenda of being a climate-neutral smart city, it’s focus would be on water conservation through reuse and recycling. 

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 the United Kingdom and Turkey. On the other hand, M3M based in Gurugram, is working on other high-profile projects in the city, such as the Trump Towers.

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