Real Estate

Real Estate Transactions

Realtor M3M acquires 73-acres in Noida for Rs. 900-Cr

Economic Times  

Real estate developer M3M has acquired a 73-acre land parcel in Noida for INR 900 crore in an all-cash deal. The land in Sector 128 and on the expressway, belonged to Kadam Developers—a subsidiary of NCR-based Shipra group—but was mortgaged with Indiabulls Housing Finance after the builder defaulted. While the transaction has been concluded, the Delhi High Court has ordered the parties to maintain status quo on the land. Last year, M3M had acquired a 25-acre land parcel at INR 250 crore in Golf Course Road Extension in Gurgaon to develop a low-rise housing society. The company, which has over 2,200 acres of land in the National Capital Region (NCR), is developing 25 million square feet of projects with a construction outlay of INR 4,500 crore.