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New Delhi: Realty Firm M3M India I have got a parcel of 13 acres of land Noida through e-auction and plans to invest around Rs 2,400 crore to develop a mixed-use project, its director Pankaj Bansal said on Wednesday. M3M India, which has a sizeable presence in Gurugram, will foray into the Noida property market through this project.
“We have acquired a 52,000 square meter plot in Sector 94 through e-auction. Noida Authority, We will enter the Noida market through this land acquisition.
The land has been bought through auction for Rs 827.41 crore, he said, adding that the total acquisition including lease rent and registration fee would reach Rs 1,200 crore.
“We are targeting to launch this mixed-use project by February-March next year, which will include housing, retail and serviced apartments,” Bansal said.
When asked about the funding of this project, he said that the company is in talks with financial institutions to raise funds.
Bansal said the company plans to acquire more land parcels from the authorities as well as private developers and landlords in the Noida-Greater Noida market.
Last month, M3M India said its sales bookings grew 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.
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 various sizes, ranging from 100 to 3,000 sq ft.
M3M India has a land bank of 3,000 acres, of which 600 acres have been acquired recently.
It had bought 185 acres of land in Gurugram from Sahara Group in 2014 for Rs 1,211 crore and the deal was completed in 2016.
M3M Group is also developing Trump Tower in Gurugram.
The promoters of M3M Group had also formed another real estate venture Smartworld Developers in 2021, which is investing around Rs 3,000 crore to develop the company’s first two residential projects in Gurugram.
Smartworld Developers Pvt Ltd has raised Rs 250 crore from Motilal Oswal for construction of existing housing projects and future development plans.
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