Real estate firm will invest Rs 2,400 cr in mix-use project of housing, retail and service apartments.
Real estate firm M3M has acquired 13 acres in Noida for Rs 827 crore in an auction, expecting to earn around Rs 5,000 crore with a mixed-use project on the land.
“We are entering the Noida market with an investment of Rs 2,400 crore in the project. We are targeting to commence this mix-use project, consisting of housing, retail and service apartments in the first quarter of 2023. This will also generate 10,000 direct jobs for people,” said Pankaj Bansal, Director, M3M India.
The firm will develop around 3 million sq ft, of which 40 per cent of the built up will be for residential use and the remaining 60 per cent for commercial. The commercial component will include retail and serviced apartments.
The total acquisition cost is around Rs 1,200 crore and the company will invest Rs 2,400 crore in the project, including land cost and stamp duty.
In total, Noida authorities auctioned land worth Rs 1,296 crore. “This is one of the largest auctions by the (Noida) authority and we aim to develop it as a landmark project,” Bansal said.
The company plans to launch another 2 million square feet of retail-cum-office space soon in Gurugram.
The company has 41 projects that have about 6 million square feet of retail space and about 28 million square feet of overall space. It launched 26 projects before 2018 and 22 projects have already been delivered.
Source : business-standard