M3M India to invest Rs 1800 crore on Projects on Dwarka Expressway
Realty developer M3M will invest Rs 1800 crore on construction of various projects – including luxury-residential, retail and SCOs, on Dwarka express with a revenue potential of over Rs 6100 crore.
M3M India has recorded 34% YoY growth in sales, with Rs 3583 crore in the first half of FY-2022-23.
As part of Smart City Delhi Airport, the company has begun utilization of large land parcels on Dwarka Expressway by launching a number of residential and commercial projects in Gurugram.
“Dwarka Expressway will change the equations of realty demand in Gurugram. In the current phase, we are investing more than Rs 1800 crore in various projects, comprising 3.5 million square feet saleable luxury-residential project, and a million square feet saleable state-of-the-art a kilometre long frontage retail project,” said Pankaj Bansal, Director – M3M India.
M3M’s residential project ‘M3M Capital’ and retail project ‘M3M Capitalwalk’, both are a part of the Smart City Delhi Airport and spread across 25 acres and located in sector 113 in Gurugram. The M3M Capital residential project has thirteen golf-styled luxury towers, comprising 1700 units, ranging from 2.5 BHK to 4.5 BHK.
M3M is also aggressive on retail projects at Golf course Extension Road in Gurugram. The company has recently launched another high-end retail project – ‘M3M Route65’, next to the Worldmark in sector 65.
Spread across 4 acres, with total saleable space of 4.87 lakh square feet, M3M is expecting a topline of Rs 1000 crore from this project, being constructed at a cost of Rs 170 crore.
The company is also planning to launch another 2 million square feet of retail-cum-office space soon in Gurugram.
M3M India has land bank of 3,000 acres, of which 600 acres has been recently acquired. M3M India has over 40 projects to its credit with about 6 million square feet of retail space and about 28 million square feet of overall space. The Company launched 26 projects prior 2018 and 22 projects have already been delivered.