In­dian Smart City pro­ject is at­tract­ing many in­vest­ment pro­posal from Dubai

Accommodation Times - - Front Page -­com­mo­da­tion­

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.

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