Piramal group firm Piramal Finance has invested Rs 300 crore in a mixed-use project of realty firm M3M India and has committed to put in Rs 550 crore more fund.
The project 'M3M 65th Avenue' is being developed on Golf Course Extension road at Gurgaon, the developer said in a statement.
"Piramal Finance has committed Rs 850 crore in our project M3M 65th Avenue, out of which Rs 300 crore has already been invested," M3M Director Pankal Bansal said.
The association with Piramal, with their expertise across real estate and infrastructure fund management, would further enable the company to deliver an excellent value proposition for all our stakeholders, he added.
To bring the highest level of professionalism, M3M said it has appointed Mace Group Ltd, a global consultancy, and construction firm headquartered in London, for construction management.
Close to 10 million sq ft area was developed by M3M during the last 12-18 months and about 10 million sq ft area will be developed by the company in the near future.
M3M group has sold housing and commercial properties worth about Rs 3,700 crore during the last fiscal, helped by better sales of ready-to-move-in flats and launch of luxury project Trump Towers in January 2018.
The company's sales booking stood at around Rs 1,600 crore in the 2016-17 financial year.
The developer sold 921 housing units and 1,000 commercial units covering 8 lakh sq ft area.
In value terms, residential segment contributed sales of nearly Rs 2,400 crore while commercial accounted for revenues of about Rs 1,250 crore.
The Trump Tower project contributed nearly Rs 700 crore worth sales last fiscal.
In January, M3M India launched Trump Towers project in Gurgaon. M3M and Tribeca Developers will build 250 ultra luxury residences under a brand licence from US-based The Trump Organisation. The total investment in this project is estimated at Rs 1,200 crore.
This is the fourth Trump Tower project in India after Pune, Mumbai and Kolkata.
M3M India and Tribeca expects sales revenue of Rs 2,500 crore from this project.
While M3M has provided the land for this project and also would be responsible for development, the Tribeca will market this project. The Trump Organisation has lent the Trump brand.
The company has 2,200 acres of land bank in and around Gurgaon. It had bought 185 acre land in Gurgaon for Rs 1,211 crore from Sahara group.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)