Realty firm M3M India has bagged a 13-acre land parcel in Noida through e-auctions and plans to invest around Rs 2,400 crore to develop a mixed-use project, its director Pankaj Bansal said on Wednesday.
M3M India, which has a major presence in Gurugram, will be foraying into Noida property market through this project.
“We have secured a 52,000 square metre plot in Sector 94 through an e-auction conducted by the Noida Authority. We will be entering into the Noida market through this land acquisition,” Bansal told PTI.
The land has been bought at Rs 827.41 crore through auction, he said, adding that the total acquisition would reach Rs 1,200 crore including lease rent and registration charges.
“We are targeting to launch this mixed-use project, comprising of housing, retail and serviced apartments, in February-March next year,” Bansal said.
Asked about the funding of this project, he said the company is in talks with financial institutions to raise funds.
Bansal said the company plans to acquire more land parcels in the Noida-Greater Noida market from the authorities as well as private developers and landlords.
Last month, M3M India said that its sales bookings rose 34 per cent to Rs 3,583 crore during the April-September period of this fiscal as against Rs 2,668 crore in the year-ago period.
In October, M3M India said it would invest Rs 700 crore to develop a new retail property in Gurugram, Haryana. The company launched a retail project ‘M3M Capitalwalk‘ in sector 113, Gurugram. The project will have 1,047 units of different sizes, ranging from 100 to 3,000 square feet.
M3M India has a land bank of 3,000 acres, of which 600 acres have been recently acquired.
It had bought 185-acre land in Gurugram for Rs 1,211 crore from Sahara group in 2014 and the deal got completed in 2016.
M3M Group is also developing Trump Tower in Gurugram.
The promoters of the M3M Group had in 2021 also formed another real estate venture Smartworld Developers, which is investing around Rs 3,000 crore to develop the company’s first two residential projects in Gurugram.
Smartworld Developers Pvt Ltd has raised Rs 250 crore from Motilal Oswal to build existing housing projects and fund future growth plans.
Source : Business-Standard