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M3M India has purchased 1.3-acre land parcels in Gurugram for approximately Rs 200 crore in order to construct a luxury commercial project, primarily retail space. The land near IFFCO Chowk was acquired through an auction held by Haryana Shahari Vikas Pradhikaran (HSVP).
The entire project would cost Rs 250 crore. The estimated top line for this project is Rs 1,000 crore, according to the company. The development will include retail space, a multiplex, and office spaces.
According to the company, the cost of the land is comparable to that of Lutyens Delhi. “Seeing the uptick in the retail segment, we look forward to developing a comprehensive luxury-boutique retail strategy,” said Pankaj Bansal.
According to him, the majority of premium global brands will be housed in this luxury retail project. M3M Group recently purchased a 13-acre plot of land in Noida at auction for Rs 827.41 crore. The total acquisition cost, including rent and registration fees, would be Rs 1,200 crore.
M3M India owns 3,000 acres of land, on which they have launched 41 projects, 28 of which have been completed. With the post-COVID rebound in housing demand, real estate developers are aggressively acquiring land outright. They also sign Joint Development Agreements (JDAs) with landowners.
Max Ventures & Industries Limited. (MaxVIL), a subsidiary of the Max Group, won a bid in August to acquire approximately 4 acres of land in Noida for Rs 220 crore for the development of a commercial project.
MaxVIL acquired Acreage Builders in September for Rs 322.50 crore as part of its strategy to expand its real estate business in Delhi-NCR. Acreage Builders owns 7.15 acres of land on Gurugram’s Golf Course Road.