[ad_1]
New Delhi: Realty Firm M3M India has acquired 1.3 acres of land in Gurugram About 200 crores to make luxury commercial project, mainly retail space. land, located near IFFCO Chowkhas been acquired through an auction conducted by Haryana Urban Development Authority (HSVP).
“The development cost will be Rs 250 crore. The estimated earnings for this project is Rs 1,000 crore,” the company said.
The project will be a mix of retail space, multiplex and offices.
The company said that the cost of the land is at par with the cost of Lutyens’ Delhi.
Pankaj Bansal, Promoter, M3M India said, “Looking at the growth in the retail segment, we look forward to develop a comprehensive luxury-boutique retail.”
Most of the premium global brands will be in this luxury retail project, he added.
recently, M3M Group Bought 13 acres of land in auction in Noida for Rs 827.41 crore. The total cost of acquisition will reach Rs 1,200 crore, which includes rent and registration charges.
M3M India has a land bank of 3,000 acres. It has so far undertaken 41 projects out of which 28 have been delivered.
With the revival in housing demand post COVID-19, real estate developers are aggressively acquiring land outright. They are also entering into Joint Development Agreements (JDA) with the landowners.
The Delhi-NCR market has witnessed several land deals this year as builders look to expand their presence to capitalize on the demand.
In August, Max Ventures and Industries Ltd (MaxVIL), part of the Max Group, had placed 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 for 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 acres of land in Noida for about Rs 450 crore.
The land belonged to the realty firm Ambience Group.
Earlier this year, real estate firm Elan Group bought 40 acres of land in Gurugram from Indiabulls Real Estate Limited (IBREL) for Rs 580 crore for developing residential and commercial projects on the Dwarka Highway.
Allen Group also acquired 7.65 acres of land in Gurugram from Ambience Group for about Rs 200 crore.
Last month, Godrej Properties won two plots of land totaling 12.4 acres in Noida for Rs 377 crore.
[ad_2]
Source link