M3M to invest Rs 3,500 cr to build 'ELIE SAAB' branded housing projects in NCR

New Delhi, Jan 13 (PTI) Realty firm M3M India on Tuesday said it has partnered with global fashion and lifestyle brand ELIE SAAB to develop two ultra-luxury housing projects in Delhi-NCR with a total investment of Rs 3,500 crore.

M3M India will build 300 apartments in Gurugram, while its group firm Smartworld Developers will construct about 650 flats in Noida.

M3M India Group is partnering with luxury brands to boost sales of its properties.

The company has already completed a housing project in Gurugram under 'Trump' brand. In October last year, it tied up with Jacob & Co, a globally renowned luxury brand, for a project in Noida.

"We have partnered ELIE SAAB for two branded residential projects in Delhi-NCR," M3M India promoter Pankaj Bansal told reporters in Gurugram.

ELIE SAAB Group Vice Chairman and CEO ELIE SAAB Jr said the Group entered into branded residences in 2019 with first project in Dubai. It has done more than 25 real estate projects globally so far.

ELIE SAAB is entering India in partnership with M3M Group to deliver unique properties, he said, adding that the Group is bullish in Indian market.

"We will come up with ready-to-wear store in Delhi," ELIE SAAB Jr said, adding that the size of the store could be around 3,000-4,000 sq ft.

He did not give any timeline for opening of the store.

Elaborating on the two projects named 'Signature Residences by ELIE SAAB', Bansal said the company would develop 300 premium homes on Dwarka Expressway project in Gurugram with a total investment of around Rs 2,000 crore.

The company will build 1.3 million square feet area in this project.

The company is selling homes in Gurugram at Rs 37,000 per square feet. The starting price is Rs 15 crore.

In the 6-acre project at Noida, Bansal said the company would develop around 650 units with a total investment of Rs 1,500 crore. The total developable area is 1.2 million square feet.

The company will sell flats in Noida at around Rs 33,000 per square feet. The price range in Noida would be Rs 9-12.5 crore for the 200 bigger homes while the starting price for 450 service apartments would be nearly Rs 3 crore.

M3M India is one of the leading real estate developers in North India. It has presence in Gurugram, Noida and Panipat. PTI MJH ANU ANU