M3M India accelerates land acquisition from Sahara Group with an advance fund of Rs 300 crore
Author(s): City Air NewsNew Delhi, January 13, 2015: M3M India, a leading ultra-luxury real estate developer has made the unprecedented move of paying a whopping Rs 300 crore in advance to Sahara Group in order to close the deal of Rs...
cityairnews
Jan 13, 2015 12:30
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New Delhi, January 13, 2015: M3M India, a leading ultra-luxury real estate developer has made the unprecedented move of paying a whopping Rs 300 crore in advance to Sahara Group in order to close the deal of Rs 1221 crore on a premium land parcel in Gurgaon. The move shows the real estate giant’s earnest desire to develop the land into a Smart City within a short span of time. This demonstrates M3M’s confidence and desire to obtain and go-ahead with the development.
M3M India, one of India’s reputed real estate developers has made this investment following the land transaction worth Rs.1221 crore that it had sealed with Sahara Group for 185 acres of land in Delhi NCR region. This land is to be utilized for the development of branded residencies, branded service apartments, multiplexes, hotels, offices, entertainment centers and other smart city features.
Pankaj Bansal, Director-M3M India said, “Every deal we enter into is a matter of great importance for us. We are eager to close the deal with Sahara Group so that we can kick start the developmental work of the Gurgaon land; hence we opted to make the advance payment. This is a testament to the fact that we are constantly endeavoring to make remarkable contributions to the real-estate industry and construct uber-smart cities for our patrons.”
Going by the deal, M3M India was supposed to pay only Rs 150 crore but ended up paying another tranche of Rs 300 crore to shorten the time to conclude the deal. Contrary to the lukewarm position of most real estate players in the market today, M3M India is launching into new deals and leaving no stone unturned to transform the fate of the property landscape of the country.
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