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M3M acquires 3-acre land in Noida

Noida, March 15, 2023: M3M India, has purchased 3-acre land for Rs. 250 crore in Sector 72 in Noida, for a commercial project comprising studio apartments and retail.

Purchased through E-auction from Noida Authority, the actual cost of the land is Rs. 180 crore and with necessary registration charges and lease fees, it would eventually cost Rs. 250 crore, says a press release issued by the company. The company would be investing another Rs. 350 crore towards constructing 900,000 square feet of saleable area, which would include 550,000 square feet in retail and 350,000 square feet for studio apartments. Each studio apartment would be of 700-800 square feet.

The overall investment by M3M, including the land cost and construction cost, would be Rs. 600 crore in this project. The Company is looking forward to a topline of Rs. 1200 crore approximately. M3M expects the project to be completed within next 24 months.

Pankaj Bansal of M3M India said, “We are very proud to be associated with the Government of Uttar Pradesh for building state-of-the-art residential and commercial projects, with our investments beginning from Noida. M3M India operates on the principles of 3Ts – Trust, Transparency and Timely delivery, and from the very beginning, the strategy has been to build an integrated business model for the benefit of investors and customers, where the complete value chain is managed internally. This saves time as well as cost, and projects are better integrated in terms of facilities and monitoring.”