New Delhi, Nov 24 (IANS): NCR-based developer M3M has emerged as the highest bidder for Religare-backed Dignity Buildcon's stuck project Vision Towers project in Gurugram with a bidding price of Rs 533 crore, sources said.

The stuck property of the bankrupt developer is at Golf Course Extension Road of Gurugram.

According to people in the know, the lenders including Blackstone, Standard Chartered, Alchemist, among others held an open bidding process on Sunday in which the other participants were Salarpuria Sattva, a developer based out of Bangalore and backed by Blackstone, Alok Dhir, founder of Alchemist ARC, Safal, an Ahmedabad-based company.

Sources said that M3M was the highest bidder in the open bidding process, and offered to invest around Rs 1,000 crore in the stuck project and for reviving the company, with Rs 533 crore to the creditors to settle their dues.

Alchemist ARC was the second highest bidder with Rs 491 crore of bid, followed by Safal which offered Rs 487 crore and Sattva made a bid of Rs 417 crore, said the sources.

Sources said that the suitors have offered to make an upfront payment to the creditors and the rest would be paid in installments over the next three to four years.

The project includes three towers and an area of 1.10 million square feet.