New Delhi: Realty firm M3M India said on Friday that it will invest about $1.2 billion (over Rs5,300 crore) to develop a luxury housing complex in Gurgaon, offering some of the costliest flats in the region for over Rs10 crore.
The Delhi-based company has acquired 75 acres on Golf Course Road (extension) to develop 1,700 units in the ‘7-star´ residential project -M3M Golf Estate.
“This will be a premium and niche housing complex. Although, it is open for public, but a few high-end luxury units in the project will be available by invite for those, who understand the value of such a project,” M3M president Achal Raina told reporters here.
The company has acquired the land and received all necessary clearances. Construction of the project will start from January 2011 and the first phase will be over within next three years, he added.
Speaking about the rates of the apartments, Raina said: “These are high-end flats. The starting price of a unit will be about Rs3 crore and will go up to more than Rs10 crore.”
The sizes of the apartments will vary between 3,000 sq ft and 9,000 sq ft, he added.
When asked about the investment that the company is planning to make in the project, M3M India vice president (finance) Gaurav Jain said: “In total, our investment will be about $1.2 billion. This includes the cost of the land, which we had acquired long time back.”
The company will fund this amount through internal accruals and cash flows from customers’ bookings, he said, adding “M3M is a debt free company”.
“We are open to private equity funding. If any global player comes in to add value to the project, we may think about it,” he said.
Jain said that over the next 4-5 years, when the entire project will be complete, the company is expecting $1.5 billion sales revenue from M3M Golf Estate.
Giving details about the project, Raina said it will house at least three clubs, individual swimming pools, jogging tracks on the roof and a 9-hole reversible golf course.