UAE-based Tasweek Real Estate Development and Marketing has announced that it is exploring the possibility of engaging in ‘smart city’ projects in India in collaboration with local partner Mams Holdings Group.

Tasweek’s move follows Indian Prime Minister Narendra Modi’s vision of developing 100 smart cities to modernize mid-sized cities and act as satellite towns of larger metropolitan areas.

Tasweek and Mams Holdings recently visited Akhilesh Yadav, Chief Minister of the Indian state of Uttar Pradesh, to discuss various investment opportunities related to ‘smart city’ and urban development in this regard.

The Chief Minister is keen on providing affordable smart housing solutions and developing 200,000 low-cost homes in his state in the coming years, a statement said.

Tasweek recently formed a strategic partnership with Mams Holdings Group to mutually pursue business and investment prospects in India, the UAE and the GCC. 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.

Masood Al Awar, CEO, Tasweek Real Estate Development and Marketing, said: “Several technology and advisory firms, urban planners and engineering firms have voiced their interest and full support for the Chief Minister’s initiative of ‘smart cities’ for India.”

“Our partnership with Mams Holdings is thus very timely and strategic as we will have access to local market expertise and know-how on how to support affordable yet ‘smart’ living in Uttar Pradesh and other parts of India such as Jammu and Kashmir, Telengana, Andhra Pradesh, and Calcutta.

“We will continue to jointly discuss opportunities with our partner in alignment with India’s long-term development agenda,” he added.

India’s 2015 federal budget will boost investments into infrastructure, tourism, renewable energy, innovation, and liveability in line with its sharper focus on smart cities. Under the government’s plan, all states will eventually have at least one ‘smart city.’

India’s 2015 federal budget includes provisions for ‘smart practices and smart living,’ with $1 billion allocated for the Urban Rejuvenation Mission and $84 million earmarked for the habitation and development of 100 smart cities. – TradeArabia News Service