M3M India has acquired two land parcels worth Rs 530 Cr in sector 57 of Gurgaon where it plans to develop 8,00,000 sq.ft. of retail space. The plots worth 1.5 cr and 3 cr are located on the main road and the developer will develop high street seeing the rising demand for open market after the pandemic.
Mr. Pankaj Bansal says, “With this acquisition, we enter the heart of Gurgaon and are looking for more land parcels in the central location. Our focus in on developing high-end retail spaces,”. The developer has delivered 3.9 million sq.ft of retail space till date at Golf course Road (extn.), which makes it the largest real estate developer with maximum retail development in Gurgaon. M3M India is going to develop 200,000 sq.ft of retail space on land sprawled over 1.5 acres land with investment of Rs 180 crore. Whereas the other plot will develop 6,00,000 sq.ft after spending Rs 350 crore. These projects will be delivered within 2 yrs of their launch. Mr. Bansal says, “More than 200 prominent brands have already been associated with M3M India. Timely delivery of our projects makes it easier for customers and investors to access their investments and escalations,”.
M3M India has delivered 10 residential and commercial projects in past 6 months. The North India’s no.1 real estate developer has so far delivered 39 projects in last 10 years. The company has recently delivered projects including M3M 65th Avenue, M3M Corner Walk, and M3M Prive. The company has significantly reduced its debt by repaying a loan Rs 418 Crore in the fourth quarter of fiscal 2020-21, surpassing its target of Rs 400 crore, and the management is confident enough to clear its remaining liabilities of nearly Rs 500crore by March 2022.