Gurgaon-based realty major M3M India is planning to launch 29 new projects in the city, and an announcement regarding this would be made soon, according to a senior company official.
"We are always open to buying land and the company has always believed in buying fresh land either from the Government or land owners. Purchasing land has always helped us in capital funding for the company. We have a land bank of approximately 2,000 acres on which 29 projects would be announced soon. These would be situated mostly in Gurgaon," M3M India's Chief Marketing Officer Kunal Banerji told The Pioneer.
The company though did not specify the time-frame within which the new projects would be launched. Banerji also declined to share any investment figure that the company is likely to put in to developing the projects.
Banerji added that currently 11 projects of the company are under construction. "The total number of projects that we are offering to our customers is 11 and these fall into super luxury, semi luxury and premium luxury segments," he said.M3M has invested Rs 3,000 crore in the construction of these 11 projects in Gurgaon. It has outsourced the construction contracts of these projects to major companies like l&T and Shapoorji & Pallonji among others for their timely execution.
Explaining the reason behind focussing exclusively on luxury segments, Banerji said, "the sector has changed a lot in the past few years and the developers have understood the preferences of their customers. Therefore, the developers have now started providing high-end products and services to their customers. As a real estate developer, we do have a mix of products and it has been categorised zone-wise."
"We are also into many sectors such as retail and commercial hubs, IT & Telecom, SEZs as well as Healthcare. We are planning to enter into other sectors as well," he added. On being asked about the company's plans to enter the affordable housing space, Banerji said that M3M is open to all facets of real estate development.