M3M India, one of the fastest growing real estate developers in India, has launched another high-end retail project – ‘M3M Route65’ in Gurugram, next to the Worldmark in sector 65. Spread over 4 acres, with a total salable area of 4.87 lakh square feet, the company expects a topline of Rs. 1000 crore from this project.
Pankaj Bansal, Director – M3M India says, “We have been quite aggressive in our retail portfolio and have delivered over 5 million square feet of retail space in Gurugram itself to date. Our new retail project ‘M3M Route65′ in Sector-65 is also a state-of-the-art retail project, spanning 4 acres with 4 .87 lakh square feet of salable space. We are expecting a turnover of Rs.1000 crore from this project.’M3M Route65’ is spread over four floors with 727 units ranging from 170 to 4800 square meters in area, with ample parking in the basement In addition to general retail, we have also retained more than 1 lakh square meters of space on the third floor for food courts and entertainment areas. This project has proximity to prime residential complexes such as Golf estate, Trump Towers, and M3M Merlin. We also look forward to returning soon to launch an additional 2 million square meters of retail-cum-office space in Gurugram.”
In addition to M3M, there are a number of other real estate giants that have already invested or are looking to invest in retail space. DLF looks forward to adding about 5 million square feet in the next 5-6 years with an investment of about Rs 3,000 crore to build two new shopping centers in Gurugram and Goa. The company is also investing Rs 200 crore to expand its shopping center in Vasant Kunj, which is spread over 500,000 square meters with international and domestic luxury brands. Godrej & Boyce also recently announced that Godrej Interio, the furniture, and interior solutions brand, will focus on Northern India to grow its omnichannel retail footprint by 35 percent in FY25.
K Raheja Group also plans to expand its retail chain Shoppers Stop and looks forward to launching 12 new stores in FY23, primarily in Tier-2 and Tier-3 cities.
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The Indian retail industry is one of the most dynamic industries, contributing about 10% of India’s GDP and 8% of employment. India is the world’s fifth largest global destination in retail space. India also ranks 16th in the FDI Confidence Index (after the US, Canada, Germany, UK, China, Japan, France, Australia, Switzerland and Italy).
Delhi is squeezing in terms of the availability of both residential and commercial space, and on the other hand, Gurugram has become more and more a sought-after destination due to its connectivity, amenities, luxury residential projects, and state-of-the-art retail space. A systematic road and highway network plan in Haryana, especially in Gurugram, is expected to make more room for congestion-free traffic, bringing much-coveted relief to investors and end-users. Recently, a 22 km six-lane Sohna Highway has been put into operation, which also includes a 7 km elevated section. The Gurugram Metropolitan Development Authority (GDMA) is also developing a 15 km cycle path in areas such as MG Road, Golf Course Road, Southern Peripheral Road (SPR), and Gurugram-Faridabad Road. This will prove to be a boon for the health conscious. Furthermore, the 29km Dwarka Expressway is expected to be operational in 2023 and this would also make Gurugram highly approachable and significantly reduce travel time from Delhi.
M3M India is one of the largest real estate players in India with over 40 projects to its credit, including luxury homes, retail, retail, office, serviced apartments, and plot developments. The company has approximately 28 million square feet of total space in its portfolio.
India CSR I September 19, 2022