M3M to Start First Housing Project on Sahara Land
M3M Group will launch its first residential project in Gurugram’s Sector 113 within a month, and proposes to build 1,100 premium apartments on the 185 acres it bought from Sahara Group for ?1,211 crore about six years ago, said Pankaj Bansal, Director, M3M. Two-bedroom units (600) will be priced at ?1.5 crore and three-bedrooms (500 units) will be available for ?2 crore. The construction cost is about ?600 crore and the units will be delivered in 2023. Out of the 185-acre mixed-use development and 12 million sq. ft of built-up area, about 165 acres will be developed as a township. “The property market has picked up since the second wave of the pandemic. There is great demand for luxury projects. Investors are also coming back only with credible projects and developers. The markets have consolidated. In Gurugram, in particular, not many developers are left and many premium projects are not being developed," Bansal added. M3M had earlier developed an office-cum-retail project on the land. In December 2014, Sahara Group signed a pact to sell the land to M3M, primarily to raise money for its promoter Subrata Roy’s release from jail. The final instalment of over ?700 crore was paid by M3M in mid-2016.
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