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

M3M India buys land near IFFCO Chowk through an auction conducted by HSVP (Haryana Shahari Vikas Pradhikaran).

New Delhi: Recently, real estate company M3M India buys 1.3-acre land parcels in Gurugram for approx. Rs 200 crore to develop a luxury commercial project, primarily retail space. The acquired land is located near IFFCO Chowk Gurgaon. M3M buys this land parcel through an auction conducted by HSVP (Haryana Shahari Vikas Pradhikaran).

 

The development cost would be Rs 250 crores. The maximum estimated for this commercial project is around Rs 1,000 crore,” M3M company said.

Promoter of M3M India, Pankaj Bansal, said

This commercial project will consist of offices, a multiplex, and retail space. According to the company, the price of the land is at par with the cost of Lutyens Delhi.  

The promoter of M3M India, Pankaj Bansal, said, “after the boost in the retail real estate sector, we are also looking forward to constructing an extensive luxury-boutique retail.

 

Pankaj Bansal said this luxury commercial project would house the most premium global brands.

M3M India bought a 13-acre land parcel in Noida 

Last Month, M3M India bought a 13-acre land parcel in Noida through an e-auction. The amount of this land was approx—rs 827.41 crore. But, the total cost of acquisition would reach Rs 1,200 crore, including registration fees and rent.

 

M3M has launched more than 30 projects, out of which 28 projects have been delivered. This company has a land bank of 3,000 acres.

 

After the Covid-19 pandemic, real estate groups aggressively acquired land and bought outrightly. Even the builders are entering into JDAs (Joint Development Agreements) with the land owners. 

Increasing demand for housing

Due to the increasing demand for housing, Delhi-NCR real estate market has witnessed numerous land deals this year. Also, the builders look to expand their presence to earn more benefits and cash. 

 

Even this year, part of the Max Group, Max Ventures & Industries Ltd (MaxVIL), won a bid to acquire about 4 acres of land in Noida to develop a commercial project. The cost of the land was approx—rs 220 crore. 

MaxVIL acquired Acreage Builders

Also, in September, MaxVIL acquired Acreage Builders at an enterprise value of Rs 322.50 crore. To stretch its real estate business across Delhi-NCR.

 

Even Acreage Builders owns 7.15 acres of land parcel on Golf Course Road in Gurgaon, Haryana. 

Recently, the County Group bought 28-acre land in Noida for around Rs 450 crore. The acquired land belonged to the real estate group, Ambience group.

 

Earlier this year, real estate company Elan Group bought 40 acres of land for Rs 580 crore in Gurugram. This land was acquired from IBREL (Indiabulls Real Estate Ltd) for the development of commercial projects and housing projects on the Dwarka expressway.

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Elan Group acquired a 7.65-acre land parcel in Gurgaon for around Rs 200 crore. This land was taken from Ambience Group.

In November, Godrej Properties acquired 12.4 acres of land in Noida. Also, the amount of the land was Rs 377 crore. 

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