The Gurugram-based real estate developer M3M India will be foraying into Noida property market with this mixed-use project.
Real estate developer M3M India has purchased a 13-acre land parcel in Noida. The outright purchase has been through e-auctions and the developer plans to invest around Rs 2,400 crore to develop a mixed-use project.
M3M India has a major presence in Gurugram and this is part of the company’s market expansion to Noida 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,” Pankaj Bansal, Director of M3M India told to the news agency PTI.
The land has been bought at Rs 827.41 crore and 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.
According to the M3M India they plan 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 had declared 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.
Earlier 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 claims to have 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 the developer of Trump Tower in Gurugram.
Ravi Sinha
ravisinha@track2media.com
#RaviTrack2Media
Track2Realty is an independent media group managed by a consortium of journalists. Starting as the first e-newspaper in the Indian real estate sector in 2011, the group has today evolved as a think-tank on the sector with specialized research reports and rating & ranking. We are editorially independent and free from commercial bias and/or influenced by investors or shareholders. Our editorial team has no clash of interest in practicing high quality journalism that is free, frank & fearless.
Subscribe our YouTube Channel @ https://bit.ly/2tDugGl
