M3M India, one of the largest real estate developers in the country, has recently acquired 1.3 acres of land parcels worth Rs 200 crore in Sector 25 of IFFCO Chowk/MG Road through e-bidding to launch a high-end commercial project. The company purchased the land parcel through an auction conducted by Haryana Shahari Vikas Pradhikaran (HSVP).
M3M India will utilize this premium land parcel purchased with internal funds to construct a top-of-the-line boutique commercial project. The development cost would be around Rs 250 crore. The estimated top line for this project is Rs 1000 crore. The project will be a mix of retail space, multiplex and offices in a class of its own, with easy access to main roadways and upscale residential developments.
The cost of the land is at par with the cost in the Lutyens Delhi. M3M is all set to add another further in their existing portfolio by adding Luxury Boutique Retail Segment.
Speaking about winning the bid, Pankaj Bansal of M3M India said, “We are happy to win this exclusive land parcel in auction from HSVP. Seeing the uptick in the retail segment, we look forward to developing a comprehensive luxury-boutique retail. This Grade A+ Luxury retail development will house most premium global brands which will add value to the millennium city. The project will be at par with what we expect in Lutyens Delhi. We have already received interest from prominent international brands.”
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Prominent luxury brands have already approached the company to have their flagship stores in the project.
The project includes retail units, anchor shops, hypermart, F&B outlets, 4-Screen multiplex and offices with excellent amenities and services. This much-anticipated project will be a visual treat with its spectacular and futuristic architecture. Additionally, the project’s 85 m wide front allows for the planning of wide alleys to facilitate better shopping/sales experiences for customers and shop owners, leading into a grand courtyard that will serve as the project’s activity hub.
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Sector 25, IFFCO Chowk/MG Road is a bustling commercial destination in Gurugram with outstanding connectivity. A thriving entertainment and leisure hub, it offers excellent returns on investment, making it one of the most lucrative areas for investment. The commercial high-street is located right on the main MG Road and is easily accessible from Golf Course Road.
In 2021, the company acquired two premium land parcels in Sector 57 of Gurugram to develop an 800,000-square-foot retail space with an investment of Rs 530 crore.