Malaysia to offer $30billion for Smart City project

Real Estate

Malaysia is the latest one to offer inputs in Smart Cities project. Construction Industry Development Board (CIDB), the top Government run private companies association has proposed to invest $30billion for redeveloping of New Delhi railway station and its neighbouring areas. The companies have planned to develop Garmukteshwar into the mini smart city. Garmukteshwar is fondly known as temple town in Uttar Pradesh.

CIDB has offered to develop New Delhi railway station and Garhmukteshwar, about 100 km far from the national capital, as two distinct theme-based cities. The proposal came as a result of meeting between the Malaysian works minister Haji Fadillah Bin Haji Yusof and Union urban development minister M Venkaiah Naidu recently. A group of 12 Malaysian companies have proposed an investment of $24billion to renovate the railway station and adjoining areas which covers1,000 hectares land with the Indian Railways, urban development ministry and the municipal corporation of Delhi (MCD). The CIDB has also proposed to redevelop Garhmukteshwar in Hapur district of Uttar Pradesh, as a green city including housing and cleaning of Ganga river with an investment of $4 billion.

CIDB includes the Malays¬ian Highways Authority, Pembina, Exim Bank and private companies like IJM Construction, UEM, Selia, Amona, Sunway Constructions, KLCC Projects, Scomi International and Veritas Architects as partners. The National Buildings Construction Corporation (NBCC) is likely to partner with the Malaysian consortium. M Venkaiah Naidu, the Urban Development Minister will brief UP Chief Minister Akhilesh Yadav and Delhi CM Arvind Kejriwal on the proposed project.
Development of New Delhi railway station and Garmukteshwar into a mini smart city and green city are part of the plan to carve out 100 such urban enclaves based on different themes. Apart from Malaysia, China’s Sany with a market capitalization of $21 billion, has committed to invest $ 3 billion in Indian urban smart cities projects with its own manufacturing facilities.

Malaysia is the latest one to join the developmental projects of smart cities. Japan is the first country to offer inputs and investments in Varanasi as a heritage city using its Kyoto experience. USTDA has concluded technical and financial deals to develop Allahabad, Ajmer and Vishakapatnam as smart cities earlier this year. Germany and India have set up a six-member committee to review the possibility of Berlin’s proposal of developing Smart Cities in India. The French president has also committed to investing 3 billion euros for developing three smart cities, including Pondicherry and Nagpur. China has locked the biggest deal of over $100 billion in Smart Cities project and high-speed trains in coming five years.