M3M buys land in Noida for Rs 250 cr to develop commercial project

Real estate firm seeks top line of Rs 1,200 crore from project to be completed in 2 years

Real estate firm M3M has purchased a three-acre land for Rs 250 crore in Noida’s Sector 72 to develop a project comprising retail space and studio apartments at an additional investment of Rs 350 crore.

The Gurgaon-based company plans a top line of Rs 1,200 crore from the project expected to be completed within two years.

The company purchased the land in an e-auction from Noida authorities. The land is worth Rs 180 crore and after registration charges and lease fees, it would eventually cost around Rs 250 crore, said M3M in a statement.

The company will invest Rs 350 crore for constructing 9 lakh square feet of saleable area, which would include 5.5 lakh square feet in retail and 3.5 lakh square feet for studio apartments. Each studio apartment would be 700-800 square feet.

The firm expects to sell apartments to professionals working in multinational companies in Noida, citing the project’s to the Noida International Airport under construction in Jewar.

“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,” said Pankaj Bansal, a senior executive of M3M

The company last November acquired a 13-acre parcel in Sector 94, Noida, for Rs 1,200 crore and will invest another Rs 1,500 crore for work there.

M3M said it lined up Rs 3,300 crore out of Rs 7,500 crore for investment it has committed in Uttar Pradesh.