M3M India, a Gurugram-based leading real estate player, has announced plans to
invest around Rs 2,400 crore to develop a mixed-use project in Noida.
The company has secured a 13-acre land parcel in Noida through an e-auction
conducted by Noida Development Authority, Pankaj Bansal, Director of M3M
India, said on Wednesday.
“We will be foraying into the Noida market through this land acquisition,” Bansal
added.
According to Bansal, the company plans to launch a mixed-use project, which
will boast housing, retail and serviced apartments, by March-2023. The company
is also in advanced talks with various financial institutions to raise funds for
developing the project.
“We have spent Rs 827.41 crore for buying the land parcel in Noida. The total
acquisition cost may amount to Rs 1,200 crore including lease rent and
registration charges,” he said.
Meanwhile, the company’s sales booking jumped 34 per cent to Rs,3583 crore
during April-September period of this fiscal against Rs 2,668 in the
corresponding period last year.
M3M India owns a land bank of 3,000 acres, of which 600 acres have been
recently acquired.
“We are looking to buy to more land parcels in the Noida-Greater Noida regions
from the Noida Development Authority, private developers and landlords,”
Bansal added.
The company is investing Rs 700 crore to develop a new a retail project named
‘M3M Capitalwalk’ in sector 113, Gurugram. Besides, it also is developing Trump
Tower in Gurugram.
In 2021, M3M Group’s promoters floated a new real estate entity named
Smartworld Developers Pvt Ltd, which raised Rs 250 crore from Motilal Oswal
to fund its expansion plans.
With an investment of Rs 3,000 crore, Smartworld Developers is building the
company’s first two residential projects in Gurugram.
