New Delhi: Real estate firm M3M India has entered into an agreement with Tata Realty and Infrastructure to sell its proposed IT special economic zone (SEZ) at Gurgaon for about Rs 500 crore.
M3M India’s subsidiary Mikado Realtors Pvt Ltd had received a formal approval from the Commerce Ministry to develop a 25 acre SEZ for electronic hardware and IT/ITeS in Gurgaon with a developable area of 3-3.5 million square feet.
According to sources, M3M group has signed an agreement to transfer its shares in the proposed SEZ to Tata group firm Tata Realty and Infrastructure along with Standard Chartered Private Equity.
The deal size is around Rs 500 crore, they added.
When contacted, M3M group director Pankaj Bansal declined to comment.
Tata Realty and Infrastructure Ltd (TRIL) is a 100 per cent subsidiary of Tata Sons to serve as a real estate and infrastructure development arm. It has projects in Nagpur, Bengaluru, Chennai, Kochi and Amritsar, among other places.
M3M group has a land bank of around 2,000 acres in the national capital region. It is developing 16 projects, of which about 10 projects are residential.
In December 2014, M3M India bought 185 acres of land in Gurgaon from Sahara group for Rs 1,211 crore.
M3M India had in April this year paid the last installment of over Rs 700 crore to Sahara, thereby completing the land deal.
The 185-acre land in Gurgaon, with 12 million square feet built-up area, would be used for mix-use development and has sales revenue potential of Rs 12,000 crore, M3M India had said while announcing the deal.
M3M group had in March pledged to invest Rs 45,365 crore in Haryana over the next 5-10 years in different projects such as smart city, low cost homes, IT Park and SEZs.
The company had signed three memorandums of understanding with the Haryana government at the ‘Happening Haryana Global Investors’ summit.