M3M ropes in L&T for construction of Gurgaon housing project

NEW DELHI: Realty firm M3M India on Friday said the company has awarded Rs 400 crore contract to construction major L&T for the first phase of housing project in Gurgaon.

"We have appointed L&T for construction of the first phase of our 75-acre 'M3M Golf Estate' project in Gurgaon. L&T would construct two million sq ft of area in the first phase," M3M Director Pankaj Bansal said.

The value of the contract for the first phase would be about Rs 400 crore, he said, adding that the construction work would start from next week and get completed in 33 months. M3M would develop about 400 units in the first phase.

Bansal said the company has given the letter of intent to L&T for the second phase as well, but the agreement has not been signed yet.

The second phase would involve a construction of four million sq ft and the value of the contract would be around Rs 1,600 crore, he added.

In October last year, M3M had announced an investment of $1.2 billion (over Rs 5,300 crore) to build this luxury housing complex, offering some of the costliest flats in the region for over Rs 10 crore.

The company would fund this project through internal accruals and cash flows from customer bookings, Bansal said.