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M3M, a real estate developer, will invest Rs 1800 crores in the construction of several projects on the Dwarka Express, including luxury residential, retail, and SCOs, with a revenue potential of over Rs 6100 crores.
M3M India’s revenues increased 34% year on year to Rs 3583 crores in the first half of fiscal year 2022-23. The business has begun utilising vast land parcels on the Dwarka Expressway as part of Smart City Delhi Airport by building a variety of residential and commercial projects in Gurugram.
“The Dwarka Expressway projects would match Gurugram’s real estate demand.” “We are now investing more than Rs 1800 crores in multiple projects, comprising 3.5 million square feet of saleable luxury-residential projects and one million square feet of saleable state-of-the-art retail space,” said Pankaj Bansal, Director of M3M India.
M3M Capital, a residential project, and M3M Capital Walk, a retail complex, are both part of the Smart City Delhi Airport and are sprawled across 25 acres in Gurugram’s sector 113. The M3M Capital residential development includes thirteen golf-themed luxury towers with 1700 units ranging from 2.5 BHK to 4.5 BHK.
M3M is also aggressive in retail projects on Gurugram’s Golf Course Extension Road. The company has lately developed another high-end retail project, “M3M Route65,’ in sector 65, near to the Worldmark.
M3M expects a top line of Rs 1000 crores from this project, which is being built at a cost of Rs 170 crores and spread across 4 acres with a total saleable space of 4.87 lakh square feet.
In addition, the company plans to open another 2 million square feet of retail and office space in Gurugram soon.
M3M India has a land bank of 3,000 acres, 600 of which were recently bought. M3M India has completed over 40 projects, totalling around 6 million square feet of retail space and approximately 28 million square feet of overall space. Prior to 2018, the company launched 26 projects, 22 of which were completed.
Source-ET
