Two land parcels worth Rs. 670 crores in the prime locations of Gurgaon have been acquired by one of the India’s largest developers, M3M India. An auction was held by Haryana Shahari Vikas Pradhikaran (HSVP), through which M3m acquired these parcels. These land parcels are on the location of Golf Course road and MG road.
Plot on the golf course road has land spread of 3 acres. This area is planned to be designed into a retail and office complex of 600,000 sqft area. On the other hand, the land on MG road measures 1.3 acre which is going to be developed into a high-street retail complex of around 180,000 sqft. The company is aiming to establish its dominance in the retail and commercial real estate sector in the centre of gurgaon region.
“Company is planning to start these projects very soon in this coming year and are looking forward for much more such government auctions to acquire some land parcels. The company aims to develop many retail destinations in the center of Gurgaon.”As mentioned by Mr. Pankaj Bansal, director of M3M
M3M has startedplanning the construction of these projects in the coming years and construction cost is estimated to be around Rs. 400 crore. The project at golf course road is estimated to cost around Rs. 2000 crore while the retail complex on MG road is estimated to cost around Rs. 650 crore. Last year, the company had acquired two land parcels in sector 57 of gurgaon to develop a retail space of area 800,000 sqft with an investment of Rs. 530 crore. The1.5- and 3.5-acre plots in Sector 57 are on the main road and the company will develop high-streets as demand for open markets has increased after the Covid-19 pandemic.
Total of 39 projects have been delivered by M3M India and 3.9 million sq. ft. of retail space making the company, largest retail space developer in Gurgaon. M3M has reported Rs. 6,100 crore of sales in FY22 and expects to reach Rs 10,000 crore this year.