Pankaj Bansal, director of M3M India, said we had bought 13 acres of land in Noida for Rs 827.41 crores in an auction and added that the total purchase would be Rs 1,200 crore, including registration fees and lease rent.
New Delhi: On Wednesday, M3M real estate company buy 13 acres of land parcels in Noida for Rs. 827.41 crores during an auction. M3M group is also planning to invest Rs 2,400 crore to develop or construct a mixed-used project on this land parcel. Pankaj Bansal CEO of M3M said. M3M India is a well-known real estate company that dominates Gurugram real estate; after this purchase, M3M, which has a significant presence in Gurugram, will be alien into Noida property and real estate through this project.
Pankaj Bansal Said
Bansal told PTI we would enter into Noida real estate market through this land acquisition or auction. He also said, we have bought a 52,000 square meter land parcel in Sector 94, Noida, through an electronic auction supervised by the Noida Authority.
Pankaj Bansal said, we have bought the land parcel for Rs 827.41 crores in e-auction. He added that after registration fees and lease payment, the total cost of the plot would reach Rs 1,200 crores.
Bansal said We are planning to use this land for mixed-use that consists of retail housing or residential and serviced apartments in February or march next year.
After asking about the funding of this project, Bansal said that our company is talking with the financial group to increase the funds for the project.
M3M India Planning To Acquire More Land in Noida
M3M India director said we are planning to buy or acquire more land or plots in Noida and Greater Noida real estate market from the developers, private landlords, and authorities.
Last month, M3M India said in the statement during the April-September period, its booking and sales increased up to 34 percent to Rs 3,583 crore as compared to this revenue as against Rs 2668 crore one year ago.
M3M India launched New Commercial Project
Recently M3M India launched a new commercial project, “M3M Cpitalwalk,” in sector 113, Gurugram. This commercial project has a total of 1047 units with sizes ranging from 100 to 300 square feet of space. M3M group has a total of 3000 acres of land, out of which 600 acres have been acquired. In October, M3M group said it would invest Rs 700 crore in Gurugram, Haryana, to construct a new retail or commercial project.
In 2014, M3M India bought 185-acre of land from Sahara Group for Rs 1,211 crore in Gurugram, but the deal was finalized in 2016. M3M India is also evolving or developing Trump Tower in Gurugram, Haryana.
Smartworld Developers
In 2021, also the promoters of the M3M India had formed another real estate venture Smartworld Developers, and this venture invested approx. RS 3,000 crores in Gurugram to develop two residential projects.
Smartworld Developers group has hosted Rs 250 crore from Motilal Oswal for future growth and to develop an existing housing project.
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