M3M India has sold housing units worth Rs 1,200 crore in its Gurgaon-based luxury housing project, M3M Capital, during the recently concluded Navratri festival.
Located along the Dwarka Expressway, the project lies close to the IGI Airport. Spread across 15 acre of land, the project has 13 towers, offering 1,700 units in 2.5 BHK to 4.5 BHK configurations. Among the amenities in the project include a private foyer, green landscape, separate yoga & meditation area, and a 60,000 square feet clubhouse
Being developed with a construction cost of Rs 1,500 crore and an overall 3 million square feet of space, the project is expected to generate revenue of up to Rs 3,500 crore for the company.
“The Navratri festival has been extremely good for real estate developers. Irrespective of change in the repo rate by the RBI, the sentiments of customers’ and investors in the residential sector are only becoming more aggressive. Certainly, there is a spike in the customers’ demand for the luxury residential segment, falling under Rs 5 crore budget,” Pankaj Bansal, director, M3M India.
“Gurgaon in particular is attracting more young millennials and startups due to the growing highways and expressways network. The festive season has only brought more energy to the sales, and as a real estate developer, we are confident that this momentum will continue further. Our recently launched M3M Capital residential project in Sector 113, Gurgaon, has also been receiving tremendous response and has recorded Rs 1200 crore sales during Navratri itself,” he added.
Construction for the project is ongoing along with 4 other projects of the company, including Trump Towers, M3M Heights, M3M Skycity and M3M Skylofts. Other under-construction projects by the company include M3M Capital- Residential, M3M Soulitude, M3M Atrium, M3M Flora, and M3M Route65.
M3M India has 41 projects to its credit with about 6 million square feet of retail space and about 28 million square feet of overall space.
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