Realty firm M3M will invest Rs 3,000 crore over three years on the construction of ongoing seven projects in Gurgaon.
Gurgaon-based company has outsourced the construction contracts to big companies like L&T, Shapoorji & Pallonji for timely execution of projects.
“M3M has decided to ramp up the progress of its 7 mega projects, and planning to infuse a mammoth Rs 3,000 crore in the construction process,” the company said in a statement.
Upon completion, these projects will deliver more than 11 million sq ft of residential, commercial, shopping and hospitality spaces.
“L&T, Shapoorji & Pallonji have been contracted to ensure quality and timely completion,” it added.
M3M said it has decided to firm up its business plans at a time when realty sector is facing slowdown. It is pushing construction works to commission flagship projects like Golf Estate, Polo Suites and Merlin and Woodshire well before time.
“Our financial position and capital strength have enabled us to push ourselves at a time when the overall sector is seeing a slowdown. The fact that our total inventory is worth Rs 30,000 crore shows how well we are poised and comfortably positioned,” M3M Chief Operating Officer Kunal Banerji said in the statement.
With 7 projects in hands and 32 more projects in pipeline, M3M is now looking to bring innovative formats in commercial, office and hospitality areas.
Source: Economic Times