M3M India buys 1.3-acre land in Gurugram for Rs 200 cr commercial project
Realty firm M3M India has acquired 1.3-acre land parcels in Gurugram for about Rs 200 crore to build a luxury commercial project, primarily retail space.
The land, located near IFFCO Chowk, has been acquired through an auction conducted by Haryana Shahari Vikas Pradhikaran (HSVP).
"The development cost would be Rs 250 crores. The estimated top line for this project is Rs 1,000 crore," the company said.
The project will be a mix of retail space, multiplex and offices.
The cost of the land is at par with the cost in Lutyens Delhi, the company said.
Pankaj Bansal, promoter of M3M India, said, "Seeing the uptick in the retail segment, we look forward to develop a comprehensive luxury-boutique retail".
This luxury retail project will house most premium global brands, he added.
Recently, M3M Group bought 13-acre land in Noida for Rs 827.41 crore at an auction. The total cost of acquisition would reach Rs 1,200 crore, including rent and registration fees.
M3M India has a land bank of