Real estate developer M3M has 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, said director Pankaj Bansal.
It is one of the costliest land acquisitions in terms of price per acre, with the cost of the land similar to that in Lutyens’ Delhi.
The company will develop about 300,000 square feet of retail and office space with an additional investment of Rs 250 crore, Bansal told ET.
“Seeing the uptick in the retail segment, we look forward to developing a comprehensive luxury-boutique retail strategy,” he said. “This grade A+ luxury retail development will house most premium global brands, which will add value to Millennium City. The project will be on a par with what we see in Lutyens’ Delhi. We have already received interest from prominent international brands.”
The project will be a mix of retail space, multiplexes, and offices, with a total expected revenue of Rs 1,000 crore, he said. It will have retail spaces, anchor stores, a hypermarket, food and drink places, a four-screen movie theatre, and offices with amenities and services.
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.
“More than 200 prominent brands have already been associated with M3M India,” said Bansal. “Timely delivery of our projects makes it easier for customers and investors to assess their investments and the escalations.”
The company has delivered 41 projects in a decade.
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.
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