Real-estate firm M3M India has purchased three acres of land in Noida Sector 72 for Rs 250 crore to develop a commercial project, comprising studio apartments and retail shops.
The realty firm will invest another Rs 350 crore in the same area to develop 9 lakh sq ft of saleable area.
M3M has committed an investment of Rs 7,500 crore in Uttar Pradesh in the recently concluded UP Global Investors Summit, 2023.
According to M3M India, the land parcel was purchased through an e-auction from the Noida Authority. The actual cost of the land was Rs 180 crore and when registration charges and lease fees are added, it would eventually cost M3M Rs 250 crore.
“The company would be investing another Rs 350 crore for a 9 lakh sq ft saleable area, which would include 5.5 lakh sq ft for retail apartments and 3.5 lakh sq ft for studio apartments,” the company said.
“Each studio apartment would be 700-800 sq ft. The overall investment by M3M, including the land cost and construction cost, would be Rs 600 crore in this project,” M3M India said on March 15.
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The realty firm is looking forward to a top line of approximately Rs 1,200 crore and the project is expected to be completed within two years.
‘Proximity to IT firms might push up demand’
Pankaj Bansal, Director, M3M India, said: “We are very proud to be associated with the UP government for building state-of-the-art residential and commercial projects, with our investments, beginning from Noida.”
The realty firm believes the demand for studio apartments will be strong in this part of Noida as many IT companies are located here.
M3M India noted that the company had recently acquired a 13-acre land parcel in Noida Sector 94 for Rs 1,200 crore and would invest another Rs 1,500 crore, raising its investment to Rs 2,700 crore.
“By including the investment in the second land parcel purchase in Sector 72, M3M India has already lined up Rs 3,300 crore, out of Rs 7,500 crore, which is committed for investment in Uttar Pradesh,” the company noted.
It said that M3M projects are also expected to create employment opportunities for 13,000-14,000 people in various categories. In December last year, the company had purchased a 350-acre land in Panipat, Haryana, for Rs 1,500 crore to develop an integrated township there.
Also Read | Noida Authority e-auctions 6 commercial plots for around Rs 2,700 crore
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