Having bought 185 acres of land in Gurgaon from Sahara Group, realty firm M3M India on Thursday said it will develop a world-class mixed-use project, comprising housing, commercial and hotels, with an expected sales revenue of Rs 12,000 crore over the next 6-8 years.
The Gurgaon-based real estate developer 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, 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 realty company's second major land deal. In 2012, M3M had bought 28 acres of prime land in Gurgaon from DLF, the country's largest property developer, 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.
We are expecting sales revenue of Rs 12,000 crore from this project," Bansal said.
M3M India would also have medical, educational and sports facilities in the project.
The realty company would be shortly applying for approvals to develop this project, which is expected to be launched in the last quarter of 2015 and get completed in the next 6-8 years.
When asked about total investment on project, Bansal said, "It is too premature to estimate but it will be about one-third of the estimated sales revenue."
On funding of this project, the director said M3M would fund the project cost largely from internal accruals.
Bansal also said that the company is looking at partnering with international developers, financial institutions and private equity firms.