M3M India buys 350-acre land in Haryana for ₹1,500 cr; to develop township of ₹2,700 cr

M3M India promoter Pankaj Bansal told PTI that the company will invest a total of ₹2,700 crore, including land and construction costs, to develop this township project and expects a sales revenue of ₹5,000 crore.

In regards to the new purchase of 350-acre land in Panipat, Bansal said, this is the first step towards becoming a pan-India player. He added that the company entered into tripartite agreements with Ambience Group and Indiabulls Housing Finance.

Further, Bansal revealed that the company has taken over the loan of Indiabulls Group.

Going forward, Bansal revealed that M3M India plans to launch his township project in February 2023 and further expects to complete the project in the next 18-24 months. M3M will develop plots, villas, retail space, a hospital, and a school, among other infrastructure facilities in the township.

Last month, the company forayed into the Noida market by securing a 13-acre land parcel via e-auctions. Notably, the company bagged a 52,000 square metre plot in Sector 94 through an e-auction which was conducted by the Noida Authority. It plans to infuse approximately ₹2,700 crore to develop a mixed-use project.

According to Bansal, the company initially bought the land parcel in Noida for ₹827.41 through the auction, however, the total acquisition would reach ₹1,200 crore including lease rent and registration charges. Further, the company will make an additional investment of ₹1,500 crore for the construction which will eventually take the total to ₹2,700 crore.

M3M targets to launch this 4 million square feet mixed-use project in Noida which will include housing, retail, office, and serviced apartments by February next year, Bansal told the reporters.

M3M has emerged as an illustrious real estate developer with speed, class, and innovation is at the core of its vision. The Group has launched a slew of iconic projects, designed and developed by world-class partners. During the last financial year, the Group recorded Sales worth 5,500 Cr. In terms of area, close to 10,00,000 sq. mtr. (10 million sq. ft.) of real estate was developed by M3M last year, making it one of the largest real estate conglomerates across the country. Approx. 15,00,000 sq. mtr. (15 million sq. ft.) of area will be developed by the Group in near future as well. The brand is ranked #1 in North India and is amongst top 2 brands in the country.