Realty firm M3M India has announced a strategic partnership with global fashion and lifestyle brand ELIE SAAB to develop two ultra-luxury housing projects in Delhi-NCR with a total investment of ₹3,500 crore. The collaboration represents a significant expansion for both companies, with ELIE SAAB marking its entry into the Indian real estate market.

Project Overview and Investment Details

The partnership encompasses two major residential developments under the 'Signature Residences by ELIE SAAB' brand. M3M India will construct 300 premium apartments in Gurugram, while its group firm Smartworld Developers will develop approximately 650 units in Noida.

Gurugram Project Specifications

The Gurugram development will be located on Dwarka Expressway, featuring 300 premium homes across 1.30 million square feet of developable area. The project carries an investment commitment of ₹2,000 crore, with properties priced at ₹37,000 per square feet and starting prices of ₹15.00 crore.

Noida Development Details

The Noida project spans 6 acres and will accommodate around 650 units across 1.20 million square feet of total developable area. With an investment of ₹1,500 crore, the development will offer varied housing options:

Strategic Brand Partnerships

M3M India Group has been actively partnering with luxury brands to enhance its property portfolio and boost sales. The company has successfully completed a housing project in Gurugram under the Trump brand and established a partnership with Jacob & Co, a globally renowned luxury brand, for a project in Noida in October of the previous year.

ELIE SAAB Group Vice Chairman and CEO ELIE SAAB Jr highlighted the company's experience in branded residences, noting their entry into this segment in 2019 with their first project in Dubai. The group has completed more than 25 real estate projects globally and expressed optimism about the Indian market potential.

Future Expansion Plans

ELIE SAAB Jr announced plans to establish a ready-to-wear store in Delhi, with an estimated size of 3,000-4,000 square feet, though no specific timeline was provided for the store opening. M3M India promoter Pankaj Bansal confirmed the partnership during a press conference in Gurugram, emphasizing the strategic importance of the collaboration.

M3M India maintains its position as one of the leading real estate developers in North India, with an established presence in Gurugram, Noida, and Panipat.

3M India Limited's Board of Directors has formally addressed regulatory fines imposed by stock exchanges for delayed disclosure compliance. The Board reviewed fines of ₹5,000 each from BSE Limited and the National Stock Exchange of India Limited (NSE) for a one-day delay in related party transaction disclosure.

Fine Details and Regulatory Action

Both exchanges imposed penalties on 3M India for non-compliance with disclosure requirements under SEBI regulations. The specific details of the fines are outlined below:

Board's Response and Explanation

The Board considered the matter and acknowledged that the alleged non-compliance related to a one-day delay in the disclosure of related party transactions pursuant to Regulation 23(9) of SEBI (Listing Obligations and Disclosure Requirements) Regulation. The company attributed the delay to technical glitches faced with the new XBRL filing system introduced during the year.

Remedial Measures and Future Compliance

The Board has recommended several measures to prevent similar occurrences in the future:

• Filing stock exchange disclosures during working hours to allow adequate time for addressing technical issues with exchange officials
• Maintaining full commitment to timely and complete compliance with all SEBI and stock exchange requirements
• Submitting an application for waiver of the penalty in accordance with the Policy for Exemption of Fines levied under the SEBI SOP Circular

Impact Assessment

The company has evaluated the potential impact of these fines on its operations:

3M India remains committed to regulatory compliance and has taken steps to address the technical challenges that led to the disclosure delay.