Real-estate firm M3M India has purchased three acres of land in Noida sector 72 for Rs 250 crore towards a commercial project development, comprising studio apartments and retail shops. It plans to further infuse Rs 350 crore in the area to develop nine lakh sq. ft. of saleable area.

The land parcel has been acquired from the Noida Authority, and the project is expected to be completed within two years.

The studio apartments will serve the captive requirements based on the presence of IT companies located in the area.

The investments are part of M3M’s committed investment base of Rs 7,500 crore in Uttar Pradesh in the recently concluded UP Global Investors Summit, 2023. The realty major has also acquired a 13-acre land parcel in Noida Sector 94 for Rs 1,200 crore, with further plans to raise investment to a total of Rs 2,700 crore.