NEW DELHI: Realty firm M3M India today said it will invest about Rs 1,000 crore over the next three-and-a- half years to develop a new luxury housing project in Gurgaon.
The company, which currently has 2,000 acres of land bank primarily in Gurgaon, would develop over 900 units in this 13-acre project.
"We have launched our 15th project in Gurgaon where we will construct 914 residential units," M3M India Chief Marketing officer Kunal Banerji told reporters here.
"The company will spend close to Rs 1,000 crore to develop this project," he said, adding that investments would be funded through internal accruals and sales bookings.
Banerji said the construction works would start shortly and the project 'M3M Marina' would be delivered in 42 months.
The company has fixed the basic selling price (BSP) at Rs 7,500 per sq ft with a payment plan of 30:70.
It has so far invested over Rs 3,000 crore in different real estate projects. The company is currently developing 11 million sq ft of area under various projects.
In December last year, M3M India purchased 185 acres of land in Gurgaon from Sahara Group for Rs 1,211 crore. The entire amount was to be paid in installments over a period of six months.
In January this year, the company paid Rs 300 crore as installment to Sahara group as part of the deal.