M3M India has tied up with global fashion brand Elie Saab to develop around 950 ultra-luxury homes in Noida and Gurugram with an investment of ₹3,500 crore.
Gurugram-based real estate firm M3M India, along with group company Smartworld Developers, has partnered with global fashion and lifestyle brand Elie Saab to develop two ultra-luxury branded residential projects in Gurugram and Noida, entailing an investment of ₹3,500 crore. The developments will comprise over 950 apartments, with M3M India constructing around 300 units in Gurugram and Smartworld Developers developing about 650 units in Noida.
These will mark Lebanese designer Elie Saab’s first branded residential projects in India. The two projects will be located in Sector 111, within the Smart City Delhi Airport (SCDA) zone in Gurugram, and Sector 98 in Noida.
“We have partnered with Elie Saab for two branded residential projects in Delhi-NCR,” Pankaj Bansal, promoter, M3M India, told reporters.
“The investment for Gurugram branded residences will be around ₹2000 crore while the top line will be ₹4700 crore. Similarly, the investment for Noida project will be around ₹1500 crore and the top line for this project will be ₹3500 crore. The starting price for Signature Residences by Elie Saab in Gurugram will be ₹15 crore while it will be between ₹9 crore and ₹1.2 crore for Noida branded residences,” he said.
Elie Saab Group Vice Chairman and CEO, Elie Saab Jr., said the Group entered the branded residences market in 2019 with its first project in Dubai. It has completed more than 25 real estate projects in 14 countries including Vietnam, London, Casablanca, São Paulo among others.
How much will these branded residences in Gurugram and Noida cost?
M3M India and its group firm Smartworld Developers will develop two ultra-luxury projects, Signature Residences by ELIE SAAB, in Noida and Gurugram . In Gurugram, approximately 300 premium ultra-luxury apartments will be developed along the Dwarka Expressway, with a total investment of around ₹2,000 crore, including land costs.
The project is expected to generate a topline of nearly ₹4,700 crore and will have a built-up area of about 1.3 million sq ft in a G+25 structure. Apartments will be priced at around ₹37,000 per sq ft, with starting prices of ₹15 crore, and unit sizes ranging between 4,200 sq ft and 4,600 sq ft, Bansal told reporters.
The Noida project will be located in Sector 98 on a six-acre plot, with a total investment of approximately ₹1,500 crore and a developable area of around 1.2 million square feet. The project will comprise around 650 units, including 200 larger luxury residences and 450 service apartments.
Homes in Noida will be priced at approximately ₹33,000 per sq ft, with luxury apartment prices ranging between ₹9 crore and ₹12.5 crore, while service apartments will start at around ₹3 crore. The three- and four-bedroom residences will range in size from 2,850 sq ft to 3,810 sq ft, while the service suites will be sized between 700 sq ft and 800 sq ft, said Bansal.
The company has received RERA registration for both projects and plans to complete them within a five-year timeframe.
The company has already completed a housing project in Gurugram under the ‘Trump’ brand. In October of last year, it partnered with Jacob & Co., a globally renowned luxury brand, on a project in Noida.
Buyers of branded residences typically include high-net-worth individuals such as celebrities, sports persons, business owners from Tier II cities seeking homes for their children in metros, as well as CEOs and CXOs of multinational companies, added Bansal.
Source : HT
