Real estate developer M3M has acquired 350-acre land in Panipat, Haryana for Rs 1500 crore in the biggest land deal of the country in recent times, it’s director Pankaj Bansal told ET.
The land originally belonged to the Ambience group, but Indiabulls Housing Finance, which had extended loans and had balance dues of over Rs 2,500 to the group, has been selling its properties to recover the money.
It has recently sold similar land parcel in Noida to county group for Rs 450 crore and is in talks to sell another ready to move office building in Delhi for around Rs 600 crore.
“We will invest another Rs 1200 crore in the project – Rs 500 crore as development cost and Rs 600-700 crore for permissions. We will develop plots and floors apart from common facilities,” said Bansal.
The company will launch the project in February 2023 and aims to complete it within 18 months.
“We expect Rs 5,000 crore revenue from the project. Tier 2 cities have emerged as the next big destinations and lack of organised development gives us the opportunity to grow,” Bansal said.
This is M3M’s second acquisition outside Gurgaon as it is looking to expand beyond NCR.
M3M recently purchased a 13-acre plot of land in Noida for Rs 827 crore in a government auction. It will be the company’s first project in Noida.
The company will develop around 3 million sq ft, of which 40% will be residential and 60% commercial. The commercial component will include retail and serviced apartments. The project will cost Rs 2,400 crore, including the cost of land and stamp duty.
“While we will continue to expand in Gurgaon, we see Noida as a big market for us. In addition with the current acquisition, we are in talks to close 2-3 acquisition next year. We have committed Rs 7500 crore in the Uttar Pradesh and the favourable policy by the government in Haryana and UP, makes it easy for us to expand,” Bansal said.
M3M has recently acquired a 1.3 acre land parcel for Rs 200 crore in Gurgaon’s sector-25 through e-bidding held by Haryana Shahari Vikas Pradhikaran.
Earlier, the developer had acquired two land parcels in Gurgaon’s Sector 57, where it aims to develop 800,000 sq ft of retail space with an investment of Rs 530 crore.
The 1.5-acre and 3.5-acre plots in Sector 57 are on the main road, and the company will develop high-streets as demand for open markets has increased after the Covid-19 pandemic.
M3M India has delivered 3.9 million sq ft of retail space till date at Golf Course Road (extension), making it the largest retail space developer in Gurgaon.
The company has delivered 41 projects in a decade.
M3M is also planning to launch another 2 million sq ft of retail-cum-office space soon in Gurgaon. The company has a land bank of 3,000 acres, of which 600 acres have been recently acquired.
Source : ET
