M3M India announced its first plotted-development project, M3M City of Dreams, had launched 900 plots in Haryana’s Panipat with a topline of Rs 600 crore.
The M3M City of Dreams project is located in Sector 37 in Panipat, where M3M India has presented 900 plots ranging from 140 to 180 square yards, with a sales value potential of Rs 600 crore in Phase-I.
According to the corporation, 436 plots out of 900 have already been sold, with a total sales value of Rs 250 crore. For 50 acres, the RERA licence has been obtained. In a statement made on May 19, the corporation stated that the project would be launched in stages.
“A total of 2,100 plots ranging from 140 to 1,000 square yards, with a 1.45 million square-foot retail space, and four clubs totaling 150,000 square feet.” “Ample space has been preserved to develop a green belt as part of the company’s green initiative,” the real estate company stated.
It will also have expandable villas, community parks, bike tracks, clubs, restaurants, and cafés, prayer areas, retail spaces, clinics, schools, and a cricket stadium.
“Creating projects like ‘M3M City of Dreams’ has been on our radar for a long time.” It is our first planned development project, and our goal is to give best-in-class facilities to our clients and investors under one roof, with sustainable development at its core,” stated Sudeep Bhatt, President, M3M India.
M3M has an ambitious strategy for Financial Year 2024, which includes the launch of 8-10 ultra-luxury residential and commercial buildings totaling 14-15 million square feet of saleable space.
M3M India claimed its highest-ever sales of Rs 13,000 crore in Financial Year 2023, an increase of 113% over sales of Rs 6,100 crore in Financial Year 2022. In Financial Year 2023, the company sold almost 10 million square feet of space, an increase of approximately 81% over the previous year’s total of 5.5 million square feet.
The company also achieved a record by selling 6380 units in both residential and commercial space during Financial Year 2023, which is almost 60% higher on a year-over-year basis. The company sold 4017 units in both sectors in Financial Year 2022.
The majority of the company’s sales, about 70%, came from residential projects, accounting for Rs 9,307 crore, a 131% increase year on year. Commercial sales increased 78% to Rs 3,693 crore. M3M sales in the residential category were Rs 4022 crore in Financial Year 2022, while commercial sales were Rs 2,078 crore.
M3M India has created 50 realty projects, including retail, residential, offices, and service apartments. All of its projects launched prior to 2019 have already been delivered, and construction on the remaining projects is underway. The corporation has around 30 million square feet of total space in its portfolio.