In a major real estate development agreement of the year, Piramal Enterprise Limited and Piramal Finance Limited have committed Rs 850 crore in a mixed-use project of M3M India Pvt Ltd., out of which Rs 300 crore has already been invested. This comes close on the heels of the Piramal Finance Limited making a foray into the Delhi-NCR market with the opening of three branches in Delhi, Gurugram, and Noida.
The project called M3M 65th Avenue is the first mix-use project that Piramal has invested in the Delhi-NCR region. Infact, this is the first mixed-use project of Gurugram. Residents will be able to enjoy the expedient convenience of being close to a world-class mix of retail, F&B, and entertainment while being privy to all the benefits and amenities of condominium living. This will be an elevated lifestyle in the most promising location of Gurugram. It is located in sector 65, on the 150 mtrs. Golf Course Extension Road. This is an address that is in the heart of the millennium city, reflecting class and eminence. The area is home to HNI catchment of more than 15,000 families besides being the hub and headquarters of major multinational companies.
The residential component of the project, M3M Heights, will offer its residents a large bouquet of poignant amenities like pool deck and infinity-edge swimming pool and sports & health amenities.
Commenting on the tie-up, Mr. Pankaj Bansal, Director, M3M called it as a pioneering development that has the potential to further consolidate the region’s real estate industry that is showing unmistakable signs of revival. “We are pleased to announce that Piramal has committed Rs 850 crore in our project M3M 65th Avenue, out of which Rs 300 crore has already been invested. The association with Piramal, with their expertise across real estate and infrastructure fund management, will further enable us to deliver an excellent value proposition for all our stakeholders. The city’s first mixed-use project will bring upfront a buzzing retail hub convoluted with serenely plush residential habitation. It’s a redefinition of future urbane living that will set an exalted perspective on a cultivated elevated life.”
To bring the highest level of professionalism, M3M has appointed Mace Group Ltd., commonly known as Mace, a global consultancy, and construction firm headquartered in London, United Kingdom, for construction management.
Close to one million sq. mtr. (10 million sq. ft.) of the area was developed by M3M during the last 12-18 months, making it one of the largest real estate conglomerates across the country. Approx. one million sq. mtr. (10 million sq. ft.) of the area will be developed by the Group in near future as well.