M3M India to Develop 8 Lakh Sq Ft of Retail Space in Gurgaon

M3M India to Develop 8 Lakh Sq Ft of Retail Space in Gurgaon

Realty developer M3M has acquired two land parcels in Gurgaon’s Sector 57, where it plans to develop 800,000 sq ft of retail space with an investment of Rs 530 crore, director Pankaj Bansal told ET.

The 1.5- and 3.5-acre plots are on the main road and the company will develop high-street as demand for open markets has increased after the Covid-19 pandemic.

“With this acquisition, we enter the heart of Gurgaon and are looking for more land parcels in the central location. Our focus is on developing high-end retail spaces,” Bansal said.

M3M India to date has delivered 3.9 million sq ft of retail space at Golf Course Road (extn.), making it the largest retail space developer in Gurgaon.

The company has plans to develop 200,000 sq ft of retail space on the 1.5-acre land with an investment of Rs 180 crore. On the other plot, it will develop 600,000 sq ft, spending Rs 350 crore.

The company plans to deliver the projects within two years of the launch.

“More than 200 prominent brands have already been associated with M3M India. Timely delivery of our projects makes it easier for customers and investors to assess their investments and the escalations,” Bansal said.

The real estate company has delivered 10 residential and commercial projects in the last six months. So far, it has delivered 39 projects in a decade’s time.

The company has recently delivered M3M 65thAvenue, M3M Corner Walk, and M3M Prive’.

M3M India is also aggressively working towards reducing its debt. It has repaid a loan of Rs 418 crore in the fourth quarter of fiscal 2020-21, exceeding its target of Rs 400 crore, and the management is confident of becoming debt-free by clearing the balance liabilities of nearly Rs 500 crore by March 2022.

Source: ET

Related Posts

There is a total of 71.6 acres of land under SCO in Gurugram, and the market is expanding in the...
The city is poised to see the expansion of its metro network after a long hiatus, likely from the first...

This website is in the process of being updated. by accessing this website, the viewer confirms that the information including brochures and marketing collaterals on this website are solely for informational purposes only and the viewer has not relied on this information for making any booking/purchase in any project of the company. Nothing on this website, constitutes advertising, marketing, booking, selling or an offer for sale, or invitation to purchase a unit in any project by the company. The company is not liable for any consequence of any action taken by the viewer relying on such material/ information on this website.

All trademarks, logos, and names are properties of their respective owners. All Rights Reserved.Ⓒ Copyright 2020-22  © Property in Gurugram  Blog

ENQUIRE NOW

NO BROKERAGE | BEST DEAL Guaranteed

ENQUIRE NOW