Realty firm M3M has acquired land parcels of Rs 200 crore on a measure of 1.3 acres near IFFCO Chowk to construct the luxury commercial project, primarily including retail space.The land has been acquired through an auction conducted by Haryana Shahari Vikas Pradhikaran (HSVP).
The company said, “The development cost would be Rs 250 crores. The estimated top line for this project is Rs 1,000 crore”.
The project will have mixed spaces such as multiplex, retail, and office spaces.
Also, the company said that the cost of the land is at par with the cost in Lutyens Delhi.
“Seeing a slight increase in the retail segment, we look forward to developing a comprehensive luxury-boutique retail, which will include most premium brands,” said Pankaj Bansal the promoter of M3M India.
Recently, M3M Group acquired 13-acre land for Rs 827.41 crore in Noida at an auction, including rent and registration fees the total cost of the acquisition would reach Rs 1,200 crore.
M3M India has a land bank of 3,000 acres. It has launched 41 projects to date, of which 28 have been delivered.
With rising demands for housing after the pandemic, developers are acquiring lands outrightly and also entering into joint Development Agreements (JDAs) with landowners.
Many land deals have been held in Delhi this year as builders are about to expand their presence to make advantage of increasing demands.
Max Ventures & Industries Ltd (MaxVIL), part of the Max Group, won a bid to acquire about 4 acres of land in Noida for Rs 220 crore in August for the development of a commercial project.
MaxVIL acquired Acreage Builders at an enterprise value of Rs 322.50 crore in September as part of its strategy to expand its real estate business in Delhi-NCR.
Acreage Builders owns 7.15 acres of land on Golf Course Road in Gurugram and County Group has bought 28-acre land in Noida for around Rs 450 crore in recently which belonged to realty firm Ambience Group.
Earlier this year, real estate firm Elan Group purchased 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of residential and commercial projects on the Dwarka highway.
Previously real estate firm Elan Group bought 40 acres of land in Gurugram this year, from Indiabulls Real Estate (IBREL) for Rs 580 crore for the development of commercial and residential projects on the Dwarka highway.
Also, Elan group acquired a 7.65-acre land in Gurugram from Ambience Group for around Rs 200 crore.
Previously Godrej Properties won two adjacent land parcels 12.4 acres for Rs 377 crore in Noida.