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M3M India records 34 percent YoY Growth in Sales, to invest Rs. 1800 crore on Dwarka Expressway Projects

Priya Singh | 2024-01-31

Gurugram (Haryana) [India], October 22 (ANI/NewsVoir): As part of Smart City Delhi Airport, the Company has begun utilization of large land parcels on Dwarka Expressway by launching a number of residential and commercial projects in Gurugram.
The Company is investing of Rs. 1800 crore on construction of various projects - including luxury-residential, retail and SCOs, with a combine topline of over Rs. 6100 crore. This is the largest declared investment by any real-estate developer so far on Dwarka Expressway.
M3M India says, "We have been quite aggressive in our approach and since last year we have launched many projects including M3M Soulitude, M3M Atium57, M3M Capital, M3M Capitalwalk and SCOs. I have always maintained that the Dwarka Expressway will change the equations of realty demand in Gurugram. In the current phase, we are investing more than Rs. 1800 crore in various projects, comprising 3.5 million square feet saleable luxury-residential project, and a million square feet saleable state-of-the-art a kilometre long frontage retail project. M3M is looking for a topline of Rs. 6100 crore from our residential, retail and SCOs project."
Since a 22 km six-lane Sohna Highway in Gurugram has also become operational, which includes a 7 km elevated section, Gurugram is emerging a much preferred destination for not just direct investors & buyers but also institutional investors. The Haryana Government has also initiated a number of projects, including the Global City Project, that would further strengthen the positioning of Gurugram as the most sought after destination for international investors also.
M3M's residential project 'M3M Capital' and retail project 'M3M Capitalwalk', both are a part of the Smart City Delhi Airport and spread across 25 acres and located in sector 113 in Gurugram. The M3M Capital residential project has thirteen golf-styled luxury towers, comprising 1700 units, ranging from 2.5 BHK to 4.5 BHK.
The project also has private foyer, green landscape, separate yoga & meditation area, and a 60,000 square feet clubhouse. 'M3M Capital' has a topline of Rs. 3500 crore with the construction cost of Rs. 1500 crore. 'M3M Capital' has already received enormous response and recorded sales of Rs. 1200 crore during Navratri.
'M3M Capitalwalk', is a unique and one of its kind retail project that has a frontage of a kilometre. The 'M3M Capitalwalk' spread across five-floors will have 1047 units of different sizes, ranging from 100 to 3000 square feet, and fourteen entry points for easy access. Besides adequate space for the food-court on the top-floor, the heights of the shops' have been kept from 4.75 to 6.75 meters to facilitate multi-utility. 'M3M Capitalwalk' has a topline of Rs. 2000 crore and the construction cost is estimated to be around Rs. 300 crore.
Since, the overall project's ratio of the above two projects is 80 per cent residential and 20 per cent retail, it gives a unique advantage to 'M3M Capitalwalk' towards massive footfalls.
The Company is also offering to sell 73 Shop-cum-offices (SCOs) plots in the sector-114 in Gurugram. Varying in the size from 75 to 115 square yards, these plots are suitable for SCOs and the inventory is already in great demand due to its proximity from Delhi. M3M SCOs plotted development project is first such project from Delhi, with 100 per cent land ownership and area efficiency. All these plots are at prime location and carry high return value with prospective residential catchment of over 1.25 lakhs.
About 50 per cent of the inventory has already been sold out and the Company is looking forward to a top-line of about Rs. 150 crore. M3M India had earlier launched SCOs in sector 113 as well which have already been completely sold-out with a topline of over Rs. 430 crore.
Not just on Dwarka Expressway, M3M is also aggressive on retail projects at Golfcourse Extension Road in Gurugram. The Company has recently launched another high-end retail project - 'M3M Route65', next to the Worldmark in sector 65. Spread across 4 acres, with total saleable space of 4.87 lakh square feet.
The Company is expecting a topline of Rs. 1000 crore from this project, being constructed at a cost of Rs. 170 crore. 'M3M Route65' is spread across three level of retail plus a hyper store in the basement with 727 units, ranging from 170 to 4800 square feet in area, with ample parking space in the basement. Besides general retail, M3M has also kept more than one-lakh square feet space on the third floor for food-courts and entertainment zone. This project has close proximity to premium residential complexes like M3M Golfestate, Trump Towers, M3M Merlin and Emaar Hills.
The Company is also looking forward to launching another 2 million square feet of retail-cum-office space soon in Gurugram.
M3M India has an impressive land bank of 3,000 acres, of which 600 acres has been recently acquired. M3M India operates on the principles of 3Ts - Trust, Transparency and Timely delivery, and from the very beginning the strategy has been to build an integrated business-model, where from owning land to monetizing, licensing, launching, marketing, delivery and after-sales; the complete value chain is managed internally. Managing these critical factors directly also saves time, costs, and projects are better integrated in terms of facilities and monitoring.
As on date, M3M India has over 40 projects to its credit with about 6 million square feet of retail space and about 28 million square feet of overall space. The Company launched 26 projects prior 2018 and 22 projects have already been delivered. The construction is in full swing in rest of the 4 projects - Trump Towers, M3M Heights, M3M Skycity and M3M Skylofts. Post 2018, the Company has to its credit 15 projects. Out of 15 projects, 6 projects have already been delivered and 6 projects are under-construction - M3M Capital, M3M Capitalwalk, M3M Soulitude, M3M Atrium, M3M Flora, and M3M Route65.
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