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.
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.
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.