Realty firm M3M India has acquired a 1.3-acre land parcel in Gurugram for about Rs. 200 crore to build a luxury commercial project, primarily retail space.
The land, located near IFFCO Chowk, has been acquired through an auction conducted by Haryana Shahari Vikas Pradhikaran (HSVP).
"The development cost would be Rs 250 crore. The estimated top line for this project is Rs 1,000 crore," the company said.
Real estate developer M3M India has acquired 1.3 acres of land parcel worth Rs 200 crore in Gurugram and would be launching a high-end commercial project, the company said on December 11.
The company has acquired the land in sector 25 of IFFCO Chowk/MG Road through e-bidding to launch a high-end commercial project. The company purchased the land parcel through an auction conducted by Haryana Shahari Vikas Pradhikaran (HSVP), it said.
M3M India will utilise this premium land parcel purchased with internal funds to construct a top-of-the-line boutique commercial project. The development cost would be Rs 250 crore. The estimated top line for this project is Rs 1000 crore, it said.
The project will be a mix of retail space, multiplex and offices with easy access to main roadways and upscale residential developments.
“We are happy to win this exclusive land parcel in the auction from HSVP. Seeing the uptick in the retail segment, we look forward to developing a comprehensive luxury-boutique retail. This Grade A+ Luxury retail development will house the most premium global brands which will add value to millennium city. The project will be at par with what we expect in Lutyens Delhi. We have already received interest from prominent international brands,” said Pankaj Bansal of M3M India.
Prominent luxury brands have already approached the company to have their flagship stores in the project.
The project includes retail units, anchor shops, hypermart, F&B outlets, a four-screen multiplex and offices with excellent amenities and services.
Sector 25, IFFCO Chowk/MG Road is a bustling commercial destination in Gurugram with outstanding connectivity.
In 2021, the company acquired two premium land parcels in sector 57 of Gurugram to develop an 800,000-square-foot, 530 crore rupees were invested in the retail space.
In November this year, M3M Group bought 13-acre land in Noida for Rs 827.41 crore at an auction.
M3M India has a land bank of 3,000 acres, of which 600 acres have been recently acquired.
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