M3M Joins hands With Swedish Firm To Develop Smart City In Gurugram
New Delhi: Real estate player M3M Group will develop a smart city in Gurugram with the help of Swedish companies which will have potential to attract about USD 2 billion investment. The smart city will be set up in about 65 acres of land that M3M had purchased from Sahara Group in 2016 for Rs 1,211 crore.
M3M Group has bought 185 acres of land in 2016 and 165 acres out of that will be utilized for setting up this mixed use project that will have both commercial and residential development. The project is expected to be completed in 7-10 years, M3M Group said in a statement.
M3M signed a Memorandum of Understanding (MoU) with Swedish firm Urban Systems urbs AB for this project. M3M will construct the first phase, spread over 25 acres, on its own.
“We are pleased to collaborate with the Swedish Company for the development of a Sustainable Smart City Project,” Pankaj Bansal, Director, M3M Group.
The project will have features like water conservation, reusability and 100 percent waste recycling.