TASWEEK eyeing ‘smart city' projects in India

UAE, May 28, 2015 - TASWEEK Real Estate Development and Marketing, an advisor, consultant and solutions provider serving the property markets, has announced that it is exploring the possibility of engaging in ‘smart city’ projects in India in collaboration with local partner MAMS Holdings Group. This is in support of 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.

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. TASWEEK and joint venture partner MAMS Holdings Group have visited Akhilesh Yadav, Chief Minister 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.

TASWEEK 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, 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, Telegana, Andhra Pradesh, and Calcutta. We will continue to jointly discuss opportunities with our partner in alignment with India’s long-term development agenda.”

India’s 2015 federal 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.’ 

TASWEEK Real Estate Development and Marketing has over 20 years of outstanding innovation and leadership within the real estate sector. Its flexible investment structures enable investors to actively participate in its global portfolio of prime properties. The firm’s services include Purchase and Sale of Strategic Assets; Asset Management; Joint Ventures, Acquisitions, and Strategic Alliances; and Marketing Consultancy