Indian Smart City project is attracting many investment proposal from Dubai
Prime Minister Narendra Modi’s ambitious project Smart Cities is attracting many investment proposals from foreign countries. Government’s aim of developing 100 smart cities is shaping well, recently Dubai based real estate company has showed its interest in participating in development of Smart Cities in India. The company has formed a strategic partnership with an Indian construction firm. Tasweek Real Estate Development partnered with India's MAMS Holdings Group, an international development and construction firm, to mutually pursue business and investment prospects in India and the GCC. Tasweek and MAMS Hold- ings 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. India's 2015 federal budget includes provisions for 'smart practices and smart living', with USD 1 billion allocated for the Urban Rejuvenation Mission and USD 84 million earmarked for the habitation and development of 100 smart cities. 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. Recently, when Narendra Modi visited Korea, the Korean government expressed their intention to invest in India’s development comprising Economic Development Cooperation Fund (US $ 1 billion) and export credits (US $ 9 billion) for priority sectors, including smart cities. At a Smart city India 2015 expo in New Delhi, Poland expressed interest to partner with India’s smart cities and industrial corridors, exploring investments in power and mining sectors in many Indian states.