Dubai: An Abu Dhabi-based real estate company has formed a strategic partnership with an Indian construction firm to establish 'Smart City' projects in India.
'Smart City' is Prime Minister Narendra Modi's ambitious project aimed at recasting the urban landscape of the country by making cities more livable and inclusive, besides driving the economic growth.
Each selected city under the scheme would get central assistance of Rs 100 crore per year for five years.
Tasweek Real Estate Development recently formed a Strategic Partnership with India's MAMS Holdings Group, an international development and construction firm, to mutually pursue business and investment prospects in India and the GCC.
The GCC member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
Tasweek and MAMS Holdings 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.
"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, Telegana, Andhra Pradesh, and Kolkata," said Masood Al Awar, CEO, TASWEEK Real Estate Development and Marketing.
"We will continue to jointly discuss opportunities with our partner in alignment with India's long-term development agenda," he said.
India's 2015 budget will boost investments into infrastructure, tourism, renewable energy, innovation, and livability in line with its sharper focus on smart cities.
Under the government's plan, all states will eventually have at least one 'Smart City'.