M3M Gurgaon is targeting to become debt-free by March 2022 by setting off 1,700 crore from committed receivables. The realty giant is going to acquire three land parcels in Gurgaon to meet the demand of independent floors and soon going to launch 10,000 such units by year end, as top by company sources, Money control.
M3M Group director, Mr Pankaj Bansal says “We have a strong cash flow which is helping us repay the loans and our target this year will be to clear them by March 2022 and bring down the loans to zero. We would be paying off Rs 1700 crore by March 2022 from committed receivables. We have already repaid Rs 500 crore debt since the lockdown was lifted”.
He further added the new growth capital will be the only loan which would be pending on the company’s books and this would be to do with the new three new land parcels that we would be acquiring to build independent floors.
M3M Gurgaon is committed towards delivering projects on time and has already completed 10 projects in the 9 months. The company has expansion plans asit os anticipating launching 10,000 independent floors this year.
Mr Bansal further stated “The Company is also getting big-time into low rise development,”
M3M is planning to launch three projects in Gurgaon in a phased manner. It is anticipated that these projects would be spread across Golf Course Extension, Northern Peripheral Road and on Southern Peripheral Road.
Mr. Pankaj told Money control that “The located in Golf Course Extension would be priced at Rs 1.5 crore; one in SPR about Rs 1 crore and one in the NPR will be priced at Rs 80 lakh,”
M3M Gurgaon would be investing approximately Rs 900 crore on acquiring three land parcels. The company has already invested about Rs 250 crore on the 25 acres land it acquired from Ireo last year. It would be acquiring one land parcel from Piramal for Rs 350 crore on NPR and another plot for the same amount on SPR, Bansal said.
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