M3M India Invests Rs 1800 Crore on Dwarka Expressway Projects
M3M India registered sales of Rs. 3,583 crores in the first half of FY-2022-23 which is 34% higher than the sales recorded during the same period in FY - 2021-22, which was Rs 2,668 crore. As part of Smart City Delhi Airport, the company began the utilization of large land parcels on the Dwarka Expressway by launching a number of residential and commercial projects in Gurugram. The Company is investing Rs 1,800 crore on the construction of various projects - including luxury residential, retail, and SCOs, with a combined topline of over Rs 6,100 crore. This is the largest declared investment by any real-estate developer so far on Dwarka Expressway. M3M’s residential project ‘M3M Capital’ and retail project ‘M3M Capitalwalk’, both are a part of the Smart City Delhi Airport spread across 25 acres and located in sector 113 in Gurugram. The M3M Capital residential project has thirteen golf-styled luxury towers, comprising 1,700 units, ranging from 2.5 BHK to 4.5 BHK. ‘M3M Capitalwalk’, is a retail project that has a frontage of a kilometer. The ‘M3M Capitalwalk’ spread across five floors will have 1047 units of different sizes, ranging from 100 to 3,000 sq ft, and fourteen entry points for easy access. M3M Capitalwalk’ has a topline of Rs. 2000 crore and the construction cost is estimated to be around Rs. 300 crore. Since the overall project ratio of the above two projects is 80% residential and 20% retail, it gives the advantage to ‘M3M Capitalwalk’ towards massive footfalls. Not just on Dwarka Expressway, M3M is also aggressive on retail projects at Golfcourse Extension Road in Gurugram. The Company has recently launched another high-end retail project – ‘M3M Route65’, next to the Worldmark in sector 65. Spread across 4 acres, with a total saleable space of 4.87 lakh sq ft. The Company is expecting a topline of Rs. 1,000 crore from this project, being constructed at a cost of Rs. 170 crores. ‘M3M Route65’ is spread across three levels of retail plus a hyper store in the basement with 727 units, ranging from 170 to 4,800 sq ft in area, with ample parking space in the basement. Besides general retail, M3M has also kept more than one-lakh sq ft of space on the third floor for food courts and an entertainment zone. The company is also looking forward to launching another 2 mn sq ft of retail-cum-office space soon in Gurugram. M3M India has a land bank of 3,000 acres, of which 600 acres have been recently acquired.
Tags : M3M India sales Smart City Delhi Airport residential project M3M Capital M3M Capitalwalk