M3M India purchases 1.3-acre land in Gurugram for Rs 200 crore

12 Dec 2022 , 11:23 AM

M3M India has purchased 1.3-acre land parcels in Gurugram for around Rs200 crore in order to construct a luxury commercial building, predominantly retail space.

The site was purchased at an auction held by Haryana Shahari Vikas Pradhikaran and is close to IFFCO Chowk (HSVP).

“The project will cost Rs250 crores.””This project’s top line is anticipated to be $1 billion,” the business stated.

The project will include office space, a multiplex, and retail space.

According to the firm, the price of the land is comparable to that of Lutyens’ Delhi.

“Seeing the upswing in the retail market, we look forward to developing a comprehensive luxury-boutique retail strategy,” M3M India promoter Pankaj Bansal said.

“Most premium international brands will be housed in this luxury retail project,” he continued.

M3M Group recently paid Rs827.41 crore at an auction for a 13-acre plot of property in Noida. Including rent and registration fees, the transaction will cost a total of Rs1,200 crore.