M3M to Invest Rs.130 Crores to Develop another Retail Space in Gurugram
M3M Realty will invest Rs. 130 crores in developing 4.87 lakh square feet of retail space in Gurugram. The project is expected to generate Rs. 1,000 in revenue for the company. The ‘M3M Route 65‘ project in Gurugram, next to the Worldmark in Sector 65 will be sprawled over 4 acres. M3M is considered to be quite aggressive in their retail portfolio and have delivered over 5 million square feet of retail space in Gurugram alone. ‘M3M Route65’ has 727 units spread across four floors, ranging in size from 170 to 4800 square feet, with ample parking space in the basement.
In addition to general retail, M3M has reserved over 1 lakh square feet of space on the third floor for food courts and an entertainment zone. This project is close to luxury residential complexes such as Golf Estate, Trump Towers, and M3M Merlin. M3M is also planning to open another 2 million square feet of retail/office space in Gurugram soon. The Indian retail industry is one of the most dynamic, accounting for approximately 10% of India’s GDP and 8% of employment. In terms of retail, India is the world’s fifth-largest global destination.
M3M India is one of India’s largest real estate developers, having completed over 40 projects that include luxury residential, retail, Shop cum offices, service apartments, and plotted developments. The company has approximately 28 million square feet of total space in its portfolio.