At Noida Sector 72, the real estate company intends to build a 9 lakh square foot commercial property. Since there are a number of IT firms in this area of Noida, the company anticipates a high demand for studio apartments.
M3M India has paid ₹ 250 crore for 3 acres of land in Noida Sector 72 to create a commercial complex including studio apartments and retail shops.
The real estate firm would invest an additional ₹ 350 crore in the same location to create 9 lakh square feet of saleable space.
M3M committed a ₹ 7,500 crore investment in Uttar Pradesh at the recently completed UP Global Investors Conference 2023.
According to M3M India, the land was obtained through an e-auction from Noida Authority. The land actually cost 180 crore rupees, but the total cost to M3M was 250 crore when registrations and lease fees were added.
The business announced that it will spend an additional ₹ 350 crore to build a 9 lakh square foot saleable area that would contain 3.5 lakh square feet of studio flats and 5.5 lakh square feet of retail apartments.
Each studio would be 700 to 800 square feet. M3M India announced on March 15 that the company will invest a total of ₹ 600 crores in the project, which would cover both the cost of the land and the construction.
The project is anticipated to be finished in two years, and the real estate group anticipates a top line of almost ₹ 1,200 crores.
‘Proximity to IT firms may increase demand.’
“We are very pleased to be paired with the UP government for constructing cutting-edge Residential projects and Commercial developments, with our investments beginning from Noida,” stated Mr. Pankaj Bansal, Director of M3M India.
Since there are numerous IT companies in this portion of Noida, the real estate developer anticipates a significant demand for studio flats.
According to M3M in Noida, the company recently paid ₹ 1,200 crore for a 13-acre land parcel in Sector 94 and would invest an additional ₹ 1,500 crore, bringing the total investment to ₹ 2,700 crore.
Out of the ₹7,500 promised for investment in Uttar Pradesh, M3M India has now lined up $3,300 crore by including the investment in the purchase of the second land parcel in Sector 72.
According to the statement, employment in a variety of fields is anticipated to be created for 13,000–14,000 individuals as a result of M3M projects. For ₹ 1,500 crores, the corporation paid for a 350-acre plot of land in Panipat, Haryana, with the intention of building an integrated township there in December of last year.