M3M India Invests in 25-Acre Land in Gurugram
Realty firm M3M India Ltd has acquired 25 acres of land in Gurugram, Haryana to develop a low-rise housing projects. The land is located on Golf Course Extension Road, Gurugram. The company has bought land from a builder in estimated deal size of Rs 250 crore.
Real estate developers generally form joint ventures with landowners for the development of housing and commercial projects. The outright land acquisition has become very rare, because of the huge capital requirements.
M3M India, which owns more than 2,000 acres of land parcel in Gurugram, is looking for land parcels in Delhi-NCR for future development. It had bought 185-acre land in Gurugram for Rs 1,211 crore from the Sahara group a few years ago. In July, M3M raised Rs 570 crore debt from Oaktree Capital Management to fund its ongoing projects.
The group’s current debt stands at around 1,800 crores. It has completed nearly 20 real estate projects in the Delhi-NCR market and around 15 projects are under development. The company is also developing the Trump Tower in Gurugram.