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M3M emerges highest bidder for stuck commercial project in Gurugram

Tuesday, 24 Nov 2020
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Realty developer M3M has emerged as the highest bidder for Religare-backed Dignity Buildcon’s Vision Tower complex in Gurugram, Haryana, with a bid of Rs 533 crore. The company will invest another Rs 500 crore in the property that has a total area of 1.1 million sq ft across three towers.

Initially, 15 developers have showed interest and five of them participated in the open bidding process. M3M has offered to pay about Rs 20 crore as upfront amount and the rest of it in installments in four years. The lenders will now vote for the resolution plan.

Dignity Buildcon which owns the Vision Towers assets is a special purpose vehicle (SPV) which was part of the Religare Group.

M3M was the highest bidder in the open bidding process with an offer to invest Rs 1,000 crore, including paying Rs 533 crore to creditors to settle their dues for revival of the stuck complex. Other than the bid cost, additional expense will be incurred on renovation, creditors payment and getting approvals.

The commercial tower is part of the insolvency process and the amount will be used to pay off creditors. The selected bidder will be able to generate revenue through lease of commercial and retail area.
M3M has multiple retail and commercial projects at Golf Course extension road. The company has over 2,200 acre of land in NCR, which consists of New Delhi and areas around the capital including Gurugram and Noida. The company has about 25 million sq ft of projects under development with a construction outlay of Rs 4,500 crore.

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