M3M to invest Rs 130 crore on construction of retail real estate project in Gurugram
Sep 19, 2022
M3M to invest Rs 130 crore on construction of retail real estate project in Gurugram Realty firm M3M India on Monday said it will develop a new luxury retail project in Gurugram at a construction cost of Rs 130 crore.The retail project 'M3M Route65', spread over 4 acres, will have 4.87 lakh square feet area, the company said in a statement.Gurugram-based M3M India will develop and sell 727 retail shops in this project. It will follow sale model and not lease. The company will help its customers in leasing of retail space to retailers.The selling price will range from Rs 15,000-35,000 per square feet.The construction of this project will start soon and is expected to complete within 36 months.M3M India said the construction cost of this project is Rs 130 crore.However, Pankaj Bansal, Director, M3M India, said: ''We are expecting a top-line of Rs 1,000 crore from this project.'' The company is looking to launch another 2 million square feet of retail-cum-office space soon in Gurugram.Real estate sector has bounced back strongly after the second wave of the COVID pandemic which hit us during April-June 2021. Sales of residential properties as well as leasing activities in office and retail segment have revived.M3M India is one of the leading real estate players in Delhi-NCR.