M3M Gurgaon, one of the renowned real estate developers, has acquired 73-acre land in the Noida sector – 128. M3M has paid 900 Crore in cash for this property, one of the biggest cash deals in recent times.
The 73-acre land, which is located in sector 128 Noida, belongs to Kadam Developers, a subsidiary of Shipra Group. The property was mortgaged with Indiabulls after the developer defaulted in making payments.
“Indiabulls had invited expression of interest and some of the leading developers had shown interest considering the location of land parcel. The deal got concluded last week with M3M buying 100 per cent shares of Kadam Developers, through its subsidiary Creative Soul Pvt. Ltd for an upfront cash payment of Rs 900 Crore to Indiabulls,” this has been said by one of the person quoted above.
With this acquisition, M3M India has entered the Noida real estate market. Noida has become one of the favourite destinations for the investors after the commencement of projects like airport and film city.
M3M India is also planning to acquire the land of the worried developers in Gurgaon and is in touch with them. Another person states that when the Shipra Group defaulted on its balance due, Indiabulls took over the mortgaged land.
Neither M3M India nor Indiabulls nor Shipra group answered the email query until press time.
Previously M3M had taken possession of 25-acre of land at Rs 250 Crore on Golf Course Road Extension, Gurgaon, for constructing a low-rise floor project.
M3M group has already repaid approximately Rs 1000 Crore in FY 20-21 and is planning to clear the further dues by the end of March 2022. The realty giant boasts over 2,200 acres of land in NCR region and is known to be developing 25million square feet of projects with expenditure of Rs 4,50 Crore. M3M India has already delivered 12 projects in the last eight months. That’s an incredible achievement. M3M is committed to deliver excellence every time. The M3M Group has committed SR of Rs 6,050 with inventory of Rs 6,250 crores that includes Rs 1, 300 crores of Trump tower project developed by it.