This is the second acquisition for the company in Noida and comes days after it acquired a 13-acre land parcel in sector 94, Noida for Rs 1200 crore.
M3M will invest another Rs 1850 crore in developing both the projects, taking total investment in UP to Rs 3200 crore, out of Rs 7500 crore, it had committed for investment in Uttar Pradesh in the recently concluded UP Global Investors Summit, 2023.
“The company would be investing another Rs 350 crore towards constructing 900,000 square feet of saleable area, which would include 550,000 square feet in retail and 350,000 square feet for studio apartments. Each studio apartment would be of 700-800 square feet,” Pankaj Bansal of M3M India said.
Purchased through E-auction from Noida authorities, the actual cost of the land is Rs 180 crore and with necessary registration charges and lease fees, it would eventually cost M3M Rs 250 crore.
The company is expecting a topline of Rs 1200 crore and will complete the project within 24 months of the launch.
M3M projects are expected to create employment opportunities for 13,000 to 14,000 job seekers in various categories. M3M has delivered all its projects launched prior 2019, and construction is in full swing in the rest of the projects.
Recently, M3M has secured a Rs 1,500-crore (about $200 million) debt facility from alternative investment firm PAG Credit & Markets to fund its portfolio growth.
M3M recently closed another land transactions in Panipat and aims to build a portfolio of 10 million square feet in one year with a topline of $2 billion, or about Rs 16,000 crore.
M3M recently acquired a 350-acre land parcel in Panipat for Rs 1,500 crore. The company will invest about Rs 1,200 crore in the project—Rs 500 crore as development cost and Rs 600–700 crore for permissions—and develop plots and floors apart from common facilities.
The company is expected to close FY23 with sales of Rs 10,000 crore.
M3M has 42 projects in Gurgaon that have a total of about 6 million square feet of retail space and about 28 million square feet of overall space.
