M3M Introduces 4.87 Lakh Square Feet Retail Project in Gurugram

M3M India, one of India’s fastest growing real estate developers, has opened yet another high-end retail project, ‘M3M Route65,’ in Gurugram, near to the Worldmark in sector 65. The Company expects a topline of Rs. 1000 crore from this project, which spans 4 acres and has a total saleable space of 4.87 lakh square feet.

Pankaj Bansal, Director, M3M India, said, “We are quite aggressive in our retail portfolio and have so far delivered over 5 million square feet of retail space in Gurugram itself. Our new retail project ‘M3M Route65’ in sector-65 is also state-of-the-art retail project, spread across 4 acres with 4.87 lakh square feet of saleable space. We are expecting a top-line of Rs.1000 crore from this project. ‘M3M Route65’ is spread across four floors with 727 units, ranging from 170 to 4800 square feet in area, with ample parking space in the basement. Besides general retail, we have also kept more than 1 lakh square feet space on the third floor for food-courts and entertainment zone. This project has close proximity to premium residential complexes like Golfestate, Trump Towers and M3M Merlin. We are also looking forward to launching another 2 million square feet of retail-cum-office space soon in Gurugram.”

Aside from M3M, a number of other real estate giants have either invested in or are planning to invest in retail space. DLF plans to build two new shopping malls in Gurugram and Goa, totaling approximately 5 million square feet, over the next 5-6 years with an investment of over Rs 3,000 crore. In addition, the business is investing Rs 200 crore to enhance its Vasant Kunj mall, which spans 500,000 square feet and has international and domestic luxury brands. Godrej & Boyce also recently announced that its furniture and interior solutions brand Godrej Interio will concentrate on north India in order to increase its omni-channel retail presence by 35 percent by FY25.

K Raheja Group also intends to grow its retail chain Shoppers Stop by opening 12 additional stores in FY23, especially in Tier 2 and Tier 3 cities. The retail industry in India is one of the most active, accounting for approximately 10 percent of India’s GDP and 8 percent of employment. India is the world’s fifth-largest retail market. India is placed 16th on the FDI Confidence Index (after US, Canada, Germany, United Kingdom, China, Japan, France, Australia, Switzerland, and Italy).

The availability of residential and commercial space in Delhi is constrained, whereas Gurugram is rapidly rising as a popular destination due to its connectivity, amenities, luxury residential projects, and cutting-edge retail space. A comprehensive highways and roads network plan in Haryana, notably in Gurugram, is planned to substantially reduce traffic congestion, providing much-needed relief to investors and end-users. A 22-kilometer, six-lane Sohna Highway with a 7-kilometer elevated section has recently opened. In addition, the Gurugram Metropolitan Development Authority (GDMA) is building a 15-kilometer cycle track along MG Road, Golf Course Road, the Southern Peripheral Road (SPR), and the Gurugram-Faridabad Road. This will be beneficial to health-conscious individuals. Furthermore, the 29-kilometer Dwarka Expressway is planned to open in 2023, making Gurugram more accessible and reducing travel time from Delhi significantly.

M3M India is one of India’s major real estate players, with over 40 projects under its belt that include luxury residential, retail, Shop cum offices, service apartments, and planned developments. The company has around 28 million square feet of total space in its portfolio.