M3M buys 30-acre plot in Gurgaon from IREO group

Realty developer M3M has bought a 30-acre plot from IREO group in Gurgaon by taking over a ₹350 crore debt it owed to L&T Finance, reports Faizan Haidar. The IREO group is currently being probed for money laundering by the Enforcement Directorate. "Under the Deen Dayal Jan Awas Yojana, we will invest another ₹1,000 crore to create 2,000 independent floors," M3M India director Pankaj Bansal said. "We will launch this initiative within this financial year." Internal accruals and sales receivables will be used to support the building. The site is in Sector 58, next to Golf Course Road, which is one of the most expensive areas in the country.