M3M India buys 1.3-acre land in Gurugram for Rs 200 crore

NEW DELHI: Realty firm M3M India has acquired 1.3-acre land parcels in Gurugram for about
Rs 200 crore to build a luxury commercial project, primarily retail space. The land, located
near IFFCO Chowk, has been acquired through an auction conducted by Haryana Shahari
Vikas Pradhikaran (HSVP).
“The development cost would be Rs 250 crores. The estimated top line for this project is Rs
1,000 crore,” the company said.
The project will be a mix of retail space, multiplex and offices.
The cost of the land is at par with the cost in Lutyens Delhi, the company said.
Pankaj Bansal, promoter of M3M India, said, “Seeing the uptick in the retail segment, we look
forward to develop a comprehensive luxury-boutique retail”.
This luxury retail project will house most premium global brands, he added.
Recently, M3M Group bought 13-acre land in Noida for Rs 827.41 crore at an auction. The total
cost of acquisition would reach Rs 1,200 crore, including rent and registration fees.
M3M India has a land bank of 3,000 acres. It has launched 41 projects so far, of which 28 have
been delivered.
With the revival in the housing demand post-COVID, real estate developers are aggressively
acquiring land outrightly. They are also entering into Joint Development Agreements (JDAs) with
landowners.
The Delhi-NCR market has witnessed many land deals this year as builders look to expand their
presence to encash demand.
In August, Max Ventures & Industries Ltd (MaxVIL), part of the Max Group, won a bid to acquire
about 4 acres of land in Noida for Rs 220 crore for the development of a commercial project.
MaxVIL had in September acquired Acreage Builders at an enterprise value of Rs 322.50 crore
as part of its strategy to expand its real estate business in Delhi-NCR.
Acreage Builders owns 7.15 acres of land on Golf Course Road in Gurugram.
Recently, County Group bought 28-acre land in Noida for around Rs 450 crore.
The land belonged to realty firm Ambience group.
Earlier this year, real estate firm Elan Group purchased 40 acres of land in Gurugram from
Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of residential and
commercial projects on the Dwarka highway.
Elan Group also acquired a 7.65-acre land in Gurugram from Ambience Group for around Rs
200 crore.