M3M acquires 25-acre land in Gurgaon at Rs 250 crore

Realty developer M3M has acquired a 25-acre land parcel at Rs 250 crore in Golf Course Road Extension in Gurgaon to develop a low-rise housing society, three people aware of the development said.

The developer is executing about a dozen residential and commercial projects in the NCR, including the Trump Tower, and is now looking to acquire more land to cater to the growing demand for independent floors.

“The company has so far focused on luxury high rises and are now looking to diversify to independent floors also, which can be monetised quickly. They are in talks to acquire more land in the region where the existing owner is looking for an exit due to financial constraints because of Covid,” said a person aware of the matter.

The company also might take advantage of Haryana government’s Deen Dayal Jan Awas Yojna(DDAY).

The Haryana government had announced the DDAY scheme for small towns in 2016 and, last year, it extended the scheme to include Gurgaon. Under the DDAY scheme, the state plans to promote high-density plotted colonies across Haryana and has made it mandatory that all the projects be completed within a period of seven years from the date the licence is granted.

“Developers are either selling plots or constructing four-storey apartments and independently selling floors. M3M is looking at the same way of monetisation,” said one of the persons quoted above.

M3M declined to comment.

M3M has delivered eight real estate projects with a total 3 million sq ft area post lifting of lockdown. The group recorded sales worth Rs 1,150 croreduring the July-August 2020.