Compare Listings

M3M Acquires 30-Acre Land in Gurgaon for Rs 350 Crore

M3M Acquires 30-Acre Land in Gurgaon for Rs 350 Crore

Realty developer M3M has bought a 30-acre plot from IREO group in Gurgaon by taking over a Rs 350 crore debt it owed to L&T Finance.

The IREO group is currently being probed for money laundering by the Enforcement Directorate.

“Under the Deen Dayal Jan Awas Yojana, we will invest another Rs 1,000 crore to create 2,000 independent floors,” M3M India director PankajBansal said. “We will launch this initiative within this financial year.”

Internal accruals and sales receivables will be used to support the building. The site is in Sector 58, next to Golf Course Road, which is one of the most expensive areas in the country.

M3M is developing a number of projects on the Dwarka Expressway, Golf Course Road, and extension, and is in talks with other developers to acquire land.

The company plans to reduce debt by nearly Rs500 crore by the end of FY22 and has repaid loans of Rs 418 crore in Q4 FY 2020-21 ahead of its target of Rs 400 crore.

“M3M India has delivered 10 key residential and commercial projects in the last six months. M3M India is also aggressively working towards reducing the debt liabilities,” Bansal added.

M3M India has clocked sales of Rs 3,034 crore, which includes under-construction residential sales of Rs 1,450 crore, under-construction commercial sales of Rs 835 crore, and delivered project sales of Rs 749 crore.

“M3M India has identified buyers’ need for low-rise residential spaces that address their aspirational lifestyle,” Bansal said.

The company also plans to enter the Noida market and is aggressively looking for land parcels.

The company, which has over 2,200 acres of land in the National Capital Region (NCR), is currently developing 25 million sq ft of projects with a construction outlay of Rs 4,500 crore.

Source : ET

img

Axiom Landbase

Related posts

Adore Group Embarks on Rs 1000-Cr Greek-Styled Housing Project in Gurugram

NCR-based Adore Group is all set to develop a new luxury project in sector 77, Gurugram. The Select...

Continue reading
by Axiom Landbase

The Dwarka Expressway corridor has the potential to become the Manhattan of the NCR

The Dwarka Expressway corridor is soon to be loaded with some of the tallest buildings in the...

Continue reading
by Axiom Landbase

Gurugram’s Real Estate Boom: Implications for Employment and Economic Deve

Many people would agree that the location of any business is much more important than the size or...

Continue reading
by Axiom Landbase
whiteland-Aspen

ENQUIRE NOW