Listen To The Article
Renowned real estate developer M3M India recorded its highest-ever sale of Rs 13,000 crore during the financial year 2023, an increase of 113% as compared to the financial year 2022 Rs 6,100 crore.
M3M India’s founder, Pankaj Bansal, claims that the group aims to achieve Rs 20,000 crore in sales in the financial year 2024 due to the continued growth of the residential sector’s demand and the developer’s planned sequence of new acquisitions and project launches.
M3M has an ambitious plan for the financial year 2023, with the launch of at least 8 to 10 ultra-luxury residential and commercial projects in Gurugram, Noida, and Panipat, with an overall saleable space of about 14 to 15 million square feet.
The company will expand to Panipat and Noida by the end of this year, and it is also searching for a project in Delhi. In comparison to the financial year 2022, when M3M sold 5.5 million square feet of space, the amount sold in the financial year 2023 was roughly 10 million square feet, an increase of about 81%.
Nearly 70% of the company’s sales were from residential projects, accounting for Rs 9,307 crore, a 131% increase year over year. To Rs 3,693 crore, commercial sales too increased by 78%. Residential M3M sales were Rs. 4022 crores, and commercial M3M sales were Rs. 2,078 crores in the financial year 2022.
“There are a number of projects lined up for launch this year, including both residential and commercial projects in Noida, the first-ever plotted development in Panipat on a 350-acre land parcel, Aravalli View residential projects in Sector-79 Gurugram, a retail project in Sector-57 Gurugram, and an ultra-luxury residential project on the Dwarka Expressway, Gurugram,” Bansal said.
As part of the Smart City Delhi Airport strategy, M3M unveiled a number of new retail and residential projects during the financial year 2023, including the M3M Capital residential project and M3M Capital Walk, a one-kilometre-wide retail complex, both on the Dwarka Expressway.
In Gurugram, the company also opened the upscale retail complex M3M Jewel on MG Road near the IFFCO Chowk. In addition, M3M completed three projects in the financial year 2023: M3M Broadway (commercial), International Financial Centre (commercial and F&B), and M3M Skywalk (residential).
These projects sum up to 2.1 million square feet in total, of which 1.7 million square feet were dedicated to commercial use and 4.4 million to residential use. For these projects, the corporation contributed Rs 960 crore towards the building costs. The corporation is now investing roughly Rs 7,600 crore in more than 10 projects, totaling about 20 million square feet of area.
M3M had a debt of Rs 1,873 crore at the end of the financial year 2022, of which the company had already paid Rs 1,369 crore. M3M India now has 50 projects totaling 3 crore square feet of delivered space in its portfolio.