M3M's luxury houses in Gurgaon; flats priced at Rs 5-7cr each

NEW DELHI: Real estate player M3M on Friday said it has launched a luxury housing project in Gurgaon comprising 72 units, to be offered at prices of up to Rs 7 crore.

The project -- M3M Polo Suites -- is likely to see an investment of about Rs 130 crore and will be developed inside its another luxury housing complex, M3M Golf Estate.

"This new project will be developed on a concept of living with the polo sport and this will be for the first time in India. We want to create a lifestyle here," M3M India President Kunal Banerji told reporters here.

The company will develop 72 housing units in 3 towers in the project and sizes will vary between 4,000 sq ft and 5,000 sq ft, he added.

When asked about the selling prices, Banerji said: "We will be selling the flats for Rs 12,600 per sq ft, which will finally come out to be between Rs 5 crore and Rs 7 crore".

He, however, declined to share any investment figure that the company is likely to put in to develop the project in about 4 acres of land.

Industry sources close to the development said M3M will invest about Rs 130 crore in construction of the project.

In order to offer and manage the polo sport lifestyle in the project, the company has tied up with polo player Adhiraj Singh-led Equisport.

Commenting on the association, Singh said: "We have tied up with M3M for three years with an option to renew it further. We will offer the residents to enjoy every bit of polo sport".