Advertisement
In this episode of Prop Personalities, we sit down with Hars...
Luxury real estate is one of the most talked-about segments ...
Welcome to Prop Personalities by Prop News Time - a podcast ...
Airports play a much bigger role than just enabling travel -...
Why does the same hotel brand operate multiple properties in...
M3M India has received the Occupancy Certificate for M3M Paragon57, a mixed-use high-street retail development in Sector 57, Gurugram. Spread across 3.16 acres, the project comprises 554 units with a saleable area of about 5 lakh sq ft and an estimated investment of INR 560 crore. The development integrates retail with serviced apartments and has already pre-leased around 60% of its retail space. With a projected topline of nearly INR 1,000 crore, the project reflects continued demand for curated high-street retail formats in established urban micro-markets.
M3M India has obtained the Occupancy Certificate for its mixed-use development M3M Paragon57 in Sector 57, Gurugram, marking the project's readiness for operationalisation. The certification, received in the past week, enables the developer to commence possession and retail operations at the site, which combines high-street retail with serviced apartment components. Advertisement
The project is spread over approximately 3.16 acres and comprises 554 units, with a total saleable area of nearly 5 lakh sq ft. Developed with an estimated investment of INR 560 crore, the asset is expected to generate a topline of around INR 1,000 crore. The scheme is designed as a premium high-street retail destination, incorporating anchor stores, food and beverage outlets, convenience retail, and entertainment-led formats.
According to the developer, around 60% of the retail space has already been pre-leased, indicating demand from established retail and lifestyle brands. The tenant mix includes anchor occupiers such as Westside, LuLu Hypermarket and Jetts Fitness India, alongside a range of fashion, jewellery, and food and beverage brands. The leasing traction reflects ongoing interest in high-street retail formats that combine visibility with accessibility in densely populated urban locations.
The development is located within the Sushant Lok Phase 3 micro-market, a built-up residential catchment characterised by high population density and established social infrastructure. Its proximity to Golf Course Extension Road and connectivity to Sohna Road and other parts of Gurugram, along with access to the Sector 55-56 Rapid Metro corridor, position the project within a well-connected retail zone. The surrounding area includes residential communities, schools, hospitals, and office spaces, which contribute to regular footfall and support day-to-day retail demand.
A senior executive at the company indicated that the receipt of the occupancy certificate reflects adherence to project timelines and execution standards, while also highlighting the level of leasing activity achieved prior to completion. The official conveyed that the pre-leasing momentum demonstrates retailer preference for integrated developments offering curated tenant mixes and ready catchment access.
The completion of M3M Paragon57 comes amid a broader shift in Gurugram's commercial real estate market, where developers are increasingly focusing on mixed-use and high-street formats. Industry participants have observed that such developments, particularly those located in established residential corridors, are witnessing stronger leasing traction compared to conventional mall-led retail formats.
The project's positioning within a mature micro-market, combined with its tenant profile and connectivity advantages, aligns with current trends in urban consumption patterns. As retailers continue to prioritise locations with assured footfall and spending capacity, developments such as Paragon57 indicate the evolving direction of organised retail supply in Gurugram and similar metropolitan markets.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
