Realty firm M3M India has acquired 1.3-acre land parcels in Gurugram for about Rs. 200 crore to build a luxury commercial project, primarily retail space.
The land, located near IFFCO Chowk, has been acquired through an auction conducted by Haryana Shahari Vikas Pradhikaran (HSVP).
"The development cost would be Rs. 250 crores. The estimated top line for this project is Rs. 1,000 crore," the company said.
The project will be a mix of retail space, multiplex and offices.
The cost of the land is at par with the cost in Lutyens Delhi, the company said.
Pankaj Bansal, promoter of M3M India, said, "Seeing the uptick in the retail segment, we look forward to develop a comprehensive luxury-boutique retail".
This luxury retail project will house most premium global brands, he added.
Recently, M3M Group bought 13-acre land in Noida for Rs. 827.41 crore at an auction. The total cost of acquisition would reach Rs. 1,200 crore, including rent and registration fees.
M3M India has a land bank of 3,000 acres. It has launched 41 projects so far, of which 28 have been delivered.
With the revival in the housing demand post-COVID, real estate developers are aggressively acquiring land outrightly. They are also entering into Joint Development Agreements (JDAs) with landowners.
The Delhi-NCR market has witnessed many land deals this year as builders look to expand their presence to encash demand.
In August, Max Ventures & Industries Ltd. (MaxVIL), part of the Max Group, won a bid to acquire about 4 acres of land in Noida for Rs. 220 crore for the development of a commercial project.
MaxVIL had in September acquired Acreage Builders at an enterprise value of Rs. 322.50 crore as part of its strategy to expand its real estate business in Delhi-NCR.
Acreage Builders owns 7.15 acres of land on Golf Course Road in Gurugram.
Recently, County Group bought 28-acre land in Noida for around Rs. 450 crore.
The land belonged to realty firm Ambience group.
Earlier this year, real estate firm Elan Group purchased 40 acres of land in Gurugram from Indiabulls Real Estate Ltd. (IBREL) for Rs. 580 crore for the development of residential and commercial projects on the Dwarka highway.
Elan Group also acquired a 7.65-acre land in Gurugram from Ambience Group for around Rs. 200 crore.
Last month, Godrej Properties won two adjacent land parcels totalling 12.4 acres in Noida for Rs. 377 crore.
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