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M3M India, a real estate developer, has paid Rs. 1,500 crores for a 350-acre plot of land in Panipat, Haryana. The company plans to invest another 1,200 crores in the development of an integrated township. This property is purchased from Ambience Group.
M3M India Director Pankaj Bansal told PTI that the company will invest a total of 2,700 crores in this township project, including land and construction costs, and expects a sales revenue of 5,000 crores.
In respect of the new purchase of 350-acre land in Panipat, Bansal said, this is the first step towards becoming a PAN India player. The company entered into three-party agreements with Ambience Group and Indiabulls Housing Finance. He also 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 India will develop plots, villas, retail space, a hospital, and a school, and other infrastructures in this township.
Last month, the company entered the Noida market by acquiring a 13-acre land parcel through e-auctions. Notably, the company won a 52,000 square metre plot in Sector 94 via an e-auction held by the Noida Authority. It intends to invest approximately Rs. 2,700 crores in the development of a mixed-use project.
According to Bansal, the company initially purchased the land parcel in Noida through an auction for $827.41, but the total acquisition would total $1,200 crore, including lease rent and registration fees. Furthermore, the company will invest an additional 1,500 crores in construction, bringing the total investment to 2,700 crores.
Bansal told reporters that M3M plans to launch this 4 million square feet mixed-use project in Noida, which will include housing, retail, office, and serviced apartments, by February of next year.
Source- Financial Express
