Realty firm M3M India has bought 3 acres of land in Noida for Rs 250 crore and will invest another Rs 350 crore to develop a project comprising retail space and studio apartments, stated recent reports.
Overall, about Rs 600 crore will be invested to develop this project located at Sector 72, Noida. M3M, which is one of the major players in the Gurugram property market, had entered Noida in late 2022 and has plans to expand aggressively in Uttar Pradesh.
Under this project, M3M is expected to develop 9 lakh square feet of saleable area in this project, out of which 5.5 lakh square feet will be retail. Each studio apartment would be of 700-800 square feet.
The company will invest Rs 350 crore on construction.
“The overall investment, including the land cost and construction cost, would be Rs 600 crore in this project,” M3M India said, adding that it purchased this 3-acre land through e-auction from Noida Authorities.
The actual land cost is Rs 180 crore. The figure will reach Rs 250 crore including registration charges and lease fees.
The company is expecting a topline of about Rs 1,200 crore from this project, which would be completed within the next 24 months. There is a strong demand for studio apartments from professionals working in office campuses in this part of Noida, said M3M.
“We are very proud to be associated with the government of Uttar Pradesh for building state-of-the-art residential and commercial projects, with our investments beginning from Noida,” Financial Express quoted Pankaj Bansal, director of M3M India, as saying.
The company has committed to invest Rs 7,500 crore in Uttar Pradesh. In November last year, M3M India had acquired a 13-acre land parcel in Sector 94, Noida for Rs 1,200 crore. Another Rs 1,500 crore will be required for construction, taking the total project cost to Rs 2,700 crore.
M3M India is set to develop a 4-million square feet mixed-use project in Noida, comprising housing, retail, office and serviced apartments. At present, M3M India has a land bank of 3,000 acres. It has launched 41 projects so far, of which 28 have been delivered.
The news comes weeks after it was reported that M3M has secured a Rs 1,500-crore debt facility from alternative investment firm PAG Credit & Markets to fund its portfolio growth.