New Delhi: Real estate firm M3M India Pvt. Ltd has entered into an agreement with Tata Realty and Infrastructure Ltd to sell its proposed information technology (IT) special economic zone (SEZ) in Gurugram for about Rs.500 crore.
M3M India’s subsidiary Mikado Realtors Pvt. Ltd had got a formal approval from the commerce ministry to develop a 25 acre SEZ for electronic hardware, IT and IT-enabled services in Gurugram with a developable area of 3-3.5 million sq. ft.
According to people familiar with the matter, M3M group has signed an agreement to transfer its shares in the proposed SEZ to Tata group firm Tata Realty and Infrastructure along with Standard Chartered Private Equity. The deal size is around Rs.500 crore, they added.
When contacted, M3M group director Pankaj Bansal declined to comment. Tata Realty and Infrastructure is a 100% subsidiary of Tata Sons Ltd to serve as a real estate and infrastructure development arm.
It has projects in Nagpur, Bengaluru, Chennai, Kochi and Amritsar, among others. M3M group has a land bank of around 2,000 acres in the National Capital Region. It is developing 16 projects, of which about 10 projects are residential.
In December 2014, M3M India bought 185 acres in Gurugram from Sahara group for Rs.1,211 crore. M3M India had in April this year paid the last instalment of over Rs.700 crore to Sahara, completing the land deal.
The 185-acre land in Gurugram, with 12 million sq. ft. built-up area, would entail mix-use development and sales revenue potential of Rs.12,000 crore, M3M India had said while announcing the deal.
M3M group had in March pledged to invest Rs.45,365 crore in Haryana over the next five to 10 years in different projects such as smart city, low-cost homes, IT park and SEZ. The company had signed three MoUs (memorandum of understanding) with the Haryana government at the Happening Haryana Global Investors Summit.