17 , November , 2022
M3M India has bagged a 13-acre land parcel in Noida through e-auctions and plans to invest around Rs 2,400 crore to develop a mixed-use project. M3M India, which has a major presence in Gurugram, will be foraying into Noida property market through this project.
Speaking to PTI, Pankaj Bansal, Director, M3M, said, "We have secured a 52,000 square metre plot in Sector 94 through an e-auction conducted by the Noida Authority. We will be entering into the Noida market through this land acquisition”.
The land has been bought at Rs 827.41 crore through auction, he said, adding that the total acquisition would reach Rs 1,200 crore including lease rent and registration charges. "We are targeting to launch this mixed-use project, comprising of housing, retail and serviced apartments, in February-March next year," Bansal said. Asked about the funding of this project, he said the company is in talks with financial institutions to raise funds.
Bansal said the company plans to acquire more land parcels in the Noida-Greater Noida market from the authorities as well as private developers and landlords. Last month, M3M India said that its sales bookings rose 34 per cent to Rs 3,583 crore during the April-September period of this fiscal as against Rs 2,668 crore in the year-ago period.
(WITH INPUTS TAKEN FROM PTI)
