One of the plots estimated 3 acres of land along golf course road will be formed into a 600,000 sq ft retail and office complex, while the 1.3-section of land bundle on MG Road will be created as a retail complex spread over 180,000 sq. ft.
Realty engineer M3M has procured two land packages in prime areas of Gurgaon for Rs 670 crore in a sale held by Haryana Shahari Vikas Pradhikaran (HSVP), chief Pankaj Bansal told ET
One of the plots estimated 3 acres of land along golf course road will be formed into a 600,000 sq ft retail and office complex, while the 1.3-section of land bundle on MG Road will be created as a retail complex spread over 180,000 sq. ft.
“We will start the project this year and are looking for more attractive land parcels in government auctions. We plan to have a number of retail destinations in the centre of Gurgaon,” Pankaj Bansal told ET.
The organization will put nearly Rs 400 crore in the development of these projects.
“The top line of the Golf Course Road project is Rs 2,000 crore, while for MG Road it is Rs 650 crore. We are open to acquiring more prime land with a special focus on retail projects,” Bansal added.
Last year, the developer had procured two land packages in Gurgaon’s Sector 57, where it expects to create 800,000 sq ft of retail space with a speculation of Rs 530 crore.
The 1.5- 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.
“More than 200 prominent brands have already been associated with M3M India,” Bansal said. “Timely delivery of our projects makes it easier for customers and investors to assess their investments and the escalations.”
M3M has in last one decade has delivered 39 projects of repute.
The company reported Rs 6,100 crore in sales in FY22 and expects to reach Rs 10,000 crore this year.
“We have a mix of retail, residential and office space launching this year. The majority of them are in the centre of Gurgaon,” Bansal said. “In addition, we might acquire fresh land and launch the project within this financial year.”
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