Panchshil Realty, one of India’s most successful property developers, has announced that they have signed MOU for Smart City Pune project.
The MOU has been signed by Panchshil Realty, Smart City Korea, Carbon Asset Management and Posco E&C as the first selected project by Smart City India.
Smart City Pune in Kharadi development is budgeted at $1 billion. It will involve a 120-acre masterplan located in Kharadi – Pune, with a projected 10 million square feet.
The time frame of the entire project is less than 36 months after the commencement of construction.
Chairman of Panchshil Realty Atul Chordia said, “Panchshil Realty is committed to establishing sustainable smart cities, and the joint venture of Smart City India is the next generation of sustainability with the highest exposure to artificial intelligence.”
Morad Fouladi, Non-executive Chairman of Carbon Asset Management, said that “Our aim at Smart City India is to redefine the low risk and sustainable financial models for building Smart Cities for the future generations. In each smart city we structure the right balance between private equity investment and debt finance backed by Exim banks and syndicated commercial banks to maximize the competence of our investments.”
Smart City Korea’s chairperson, Erica Yoon, commented, “Smart City India is a joint venture between world-class partners to provide turnkey Smarty City solutions and Smart City Korea (in association with Smart City Dubai) dedicates its expertise and solutions to make Smart City India a pure success.”
Smart City India is a property development project with a joint venture between top property design, investment, and management companies in the world.