M3M To Invest Rs 1000 Crore In Gurgaon High-End Housing

09/04/2015 5:56 PM IST | Updated 15/07/2016 8:25 AM IST
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Private security guards stand Tuesday, Feb. 21, 2012 at the entrance of a luxury high-rise apartment complex where a Japanese executive of an Indian subsidiary of scandal-plaqued Olympus Corp. was found hanging Monday in the New Delhi suburb of Gurgaon. Police said Tsutomi Omori, managing director of Olympus Medical Systems India, has apparently committed suicide. So far there has been no indication that his death is linked to the scandal over the coverup of $1.5 billion of losses at the Japanese camera and medical equipment maker. (AP Photo/Mustafa Quraishi)

NEW DELHI — Realty firm M3M India today said it will invest about Rs 1,000 crore over the next four years to develop a high-end housing project in Gurgaon. The company plans to build about 900 apartments over 13 acres.

next three-and-a- half years to develop a new luxury housing project in Gurgaon. The company, which currently has 2,000 acres of land bank primarily in Gurgaon, would develop over 900 units in this 13-acre project.

"The company will spend close to Rs 1,000 crore to develop this project," M3M India Chief Marketing officer Kunal Banerji said, adding that investments would be funded through internal accruals and sales bookings. Banerji said the construction works would start shortly and the project 'M3M Marina' would be delivered in 42 months. The company has fixed the basic selling price (BSP) at Rs 7,500 per sq ft with a payment plan of 30:70.

It has so far invested over Rs 3,000 crore in different real estate projects. The company is currently developing 11 million sq ft of area under various projects.

In December last year, M3M India purchased 185 acres of land in Gurgaon from Sahara Group for Rs 1,211 crore. The entire amount was to be paid in instalments over a period of six months. In January this year, the company paid Rs 300 crore as instalment to Sahara group as part of the deal.

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