M3M shells out Rs 440 cr for DLF land in Gurgaon
The land is located in sector 70A on Gurgaon Course (Extn)-Southern Peripheral Road (SPR), looking the Aravalis and connecting with the SPR to National Highway-8.
M3M plans to build a premium residential project on the land. The company has budgeted a total investment of Rs.1,100 crore for this project, inclusive of the deal value.
The company has already tied up with the banks, who are offering them loans at 12-12.5 per cent interest rate.
Speaking on the occasion, Pankaj Bansal, Director, M3M said, “One More Feather To our Crown and the clinching of this deal has shown our commitment towards aggressive expansion plans in the near future. The company has already launched projects worth US$ 2.5 Billion in one and a half years, one of the few companies to have launched more than 10 million sq.ft in such a short span. M3M with its present land bank of over 600 acres is now working towards quantum investments in the real estate sector.”
Bansal further added that M3M India Limited is a 100% debt free company, promising a luxurious lifestyle in the heart of Gurgaon.
The deal was hotly contested between some of India’s leading real estate companies. However, it was M3M that bagged the deal.
Dr. Kunal Banerji, President-Marketing, M3M Group, while making this deal public, said, “We are very proud to have finally concluded such a large deal with one of the leaders of real estate, DLF. As you know, we at M3M are on an expansion mode”.
The group with its consistent investments in superior technology and fine craftsmanship has been credited with bringing unique concepts to its consumers.