ALSO READ3M India drops after dull Q2 financial performance 3M India gains after strong Q1 result 3M India standalone net profit rises 40.31% in the March 2016 quarter 3M India standalone net profit rises 60.15% in the June 2016 quarter 3M India standalone net profit rises 1.26% in the September 2016 quarter
Realty firm M3M India has awarded Rs 350 crore contracts to three construction firms, including Tata Projects, for development of five residential and commercial projects in Gurgaon.
The contracts are for construction of 2,194 units having 2.6 million sq feet of space in Gurgaon and the total value is about Rs 350 crore.
M3M India has given the construction contract of its two projects 'M3M Latitude' and 'M3M Urbana Business Park' to Tata Projects.
The contracts for projects 'M3M The Marina' and 'M3M Sierra 68' are given to AarCee Contracts and 'M3M TeePoint' to Wig Brothers. While M3M Urbana Business Park and M3M Tee Point are commercial projects, others are residential developments.
"With finest construction partners on-board, we have the capacity to deliver the best-in-class projects. Their expertise combined with our resources will ensure that our projects get rolled out timely with uncompromising quality," M3M India Director Pankaj Bansal said.
He said the company is focusing on delivery of five of its key projects in the next six months.
"We have recently delivered M3M Cosmopolitan - a high street retail hub on Golf Course Road Extension and we plan to deliver five other key projects in quick succession," Bansal said, adding that the awarding of these construction contracts would further accelerate the project delivery momentum.
M3M has a total of 18 projects at different stages of development; of these 11 are residential projects and 7 are commercial projects. The company owns a huge land bank in Gurgaon, which it plans to develop in a phased manner.
Tata Projects is an engineering, procurement and construction (EPC) services company of the Tata group.
The company has expertise in executing large and complex industrial infrastructure projects. It operates through four Strategic Business Units - Industrial Infrastructure, Urban Infrastructure, Quality Services and Utility Services.
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