M3M India invests Rs 600 crore in Noida

17 Mar 2023 CW Team

M3M India has purchased three acres of land in Noida for Rs 250 crore and will invest another Rs 350 crore to develop a project that will include retail space and studio apartments.

The total investment for this project in Sector 72, Noida, will be Rs 600 crore.

The actual cost of the land is Rs 180 crore. Including registration and lease fees, the total will be Rs 250 crore. In this project, M3M India will develop 9 lakh square feet of saleable area, of which 5.5 lakh square feet will be retail. Each studio apartment is 700-800 square feet.

According to the company, construction will cost Rs 350 crore.

"The total investment in this project, including land and construction costs, would be Rs 600 crore," M3M India stated. The company anticipates a topline of approximately Rs 1,200 crore from this project, which is expected to be completed within the next 24 months.

According to M3M India, professionals working in office campuses in this part of Noida are in high demand for studio apartments. Pankaj Bansal, director of M3M India, stated, "We are very proud to be associated with the government of Uttar Pradesh for building state-of-the-art residential and commercial projects, with our investments beginning from Noida."

The firm has pledged to invest Rs 7,500 crore in Uttar Pradesh.

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