M3M eyes Rs 12K-cr revenue from project on Sahara land
5 Dec 2014 12:31 AM GMT
Gurgaon-based company is also exploring the possibility of roping in international developers, financial institutions and private equity firms to develop this ambitious project, which could entail an investment of over Rs 4,000 crore.
M3M India Pvt Ltd, which currently has 2,000 acres of land in an around Gurgaon, is developing 14 projects, including its flagship 75-acre project 'M3M Golf Estate', covering about 11 million sq ft of built up area. Announcing the big-ticket land deal, M3M India Director Pankaj Bansal said: "We have acquired 185 acres of land in Delhi-NCR from Sahara group for Rs 1,211 crore... This is one of the biggest land deals in recent history in Delhi-NCR."
This is the company's second major land deal. In 2012, M3M had bought 28 acre of prime land in Gurgaon from DLF for Rs 440 crore. "We will come up with a high-end mixed-use development project on this land comprising branded homes, service apartments, offices, retail, hotels and entertainment centres.
Sahara Housingfina Corp shares up 8.7%
Shares of Sahara Housingfina Corporation surged nearly 9 per cent on Thursday after the Sahara group sold a big land parcel in Gurgaon for Rs 1,211 crore to realty firm M3M India Ltd. Sahara Housingfina’s stock soared 8.69 per cent to settle at Rs 50.05 on the BSE. During the day, it jumped 10.2 per cent to Rs 50.75.
M3M India Pvt Ltd, which currently has 2,000 acres of land in an around Gurgaon, is developing 14 projects, including its flagship 75-acre project 'M3M Golf Estate', covering about 11 million sq ft of built up area. Announcing the big-ticket land deal, M3M India Director Pankaj Bansal said: "We have acquired 185 acres of land in Delhi-NCR from Sahara group for Rs 1,211 crore... This is one of the biggest land deals in recent history in Delhi-NCR."
This is the company's second major land deal. In 2012, M3M had bought 28 acre of prime land in Gurgaon from DLF for Rs 440 crore. "We will come up with a high-end mixed-use development project on this land comprising branded homes, service apartments, offices, retail, hotels and entertainment centres.
Sahara Housingfina Corp shares up 8.7%
Shares of Sahara Housingfina Corporation surged nearly 9 per cent on Thursday after the Sahara group sold a big land parcel in Gurgaon for Rs 1,211 crore to realty firm M3M India Ltd. Sahara Housingfina’s stock soared 8.69 per cent to settle at Rs 50.05 on the BSE. During the day, it jumped 10.2 per cent to Rs 50.75.
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