NEW DELHI, Mar 15: Realty firm M3M India has bought 3 acres of land in Noida for Rs 250 crore and will invest another Rs 350 crore to develop a project comprising retail space and studio apartments.
The total investment will be Rs 600 crore to develop this project located at Sector 72, Noida.
M3M, which is one of the major players in the Gurugram property market, had entered Noida in late 2022 and has plans to expand aggressively in Uttar Pradesh.
M3M India said it purchased this 3-acre land through e-auction from Noida Authorities.
The actual land cost is Rs 180 crore. The figure will reach Rs 250 crore including registration charges and lease fees.
M3M India will develop 9 lakh square feet of saleable area in this project, out of which 5.5 lakh square feet will be retail. Each studio apartment would be of 700-800 square feet.
The company will invest Rs 350 crore on construction.
“The overall investment, including the land cost and construction cost, would be Rs 600 crore in this project,” M3M India said.
The company is expecting a topline of about Rs 1,200 crore from this project, which would be completed within the next 24 months.
M3M India said there is a strong demand for studio apartments from professionals working in office campuses in this part of Noida.
Pankaj Bansal, director of M3M India, said, “We are very proud to be associated with the government of Uttar Pradesh for building state-of-the-art residential and commercial projects, with our investments beginning from Noida.”
The company has committed to invest Rs 7,500 crore in Uttar Pradesh.
M3M projects are expected to create employment opportunities for 13,000-14,000 job seekers in various categories.
In November last year, M3M India had acquired a 13-acre land parcel in Sector 94, Noida for Rs 1,200 crore.
Another Rs 1,500 crore will be required for construction, taking the total project cost to Rs 2,700 crore.
M3M India will develop a 4-million square feet mixed-use project in Noida, comprising housing, retail, office and serviced apartments.
Bansal had earlier said that the company plans to acquire more land parcels in the Noida-Greater Noida market from the authorities as well as private developers and landlords.
At present, M3M India has a land bank of 3,000 acres. It has launched 41 projects so far, of which 28 have been delivered.
Among other big land deals, M3M India in December 2022 bought a 350-acre land in Panipat, Haryana, for Rs 1,500 crore and will invest another Rs 1,200 crore to develop an integrated township.
In 2014, it had acquired a 185-acre land in Gurugram for Rs 1,211 crore from Sahara group. The deal got completed in 2016.
M3M Group is also developing Trump Tower in Gurugram.
The promoters of the M3M Group in 2021 also formed another real estate venture Smartworld Developers, which is investing around Rs 3,000 crore to develop the company’s first two residential projects in Gurugram. (PTI)
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