M3M Gurgaon Based Real Estate Giant Reduces Debt by More than Rs 400 crore in Jan-March Quarter

M3M Gurgaon Based Real Estate Giant Reduces Debt by More than Rs 400 crore in Jan-March Quarter

Gurgaon is a city of dreams where people from all over India come for earning their living as the millennium city boasts presence of leading multinational corporations. Wide roads, brilliant connectivity, great infrastructure, wide availability of public transportation facility, presence of leading schools, colleges, hospitals, banks, restaurants, commercial complex, and shopping centers etc make Gurgaon an ideal place for living.  If you are planning to build your dream home in this city, then you must consider selecting your home from M3M residential property in Gurgaon. Today, M3M gurgaon has about 18 premium residential projects in its kitty. Some of the popular M3M residential property in Gurgaon includes M3M Sky City, M3M Sierra 68, M3M Merlin Iconic tower, M3M Woodshire, M3M Merlin, M3M Escala, M3M Golf Estate etc.

The Company officials said that the Gurgaon based developer, M3M Gurgaon, has lowered its debt worth Rs 418 crore by repaying bank loans during Jan-March quarter for yr 2020-2021. M3M Gurgaon had earlier planned to repay Rs 200 crores until March 2021 but the quick collection of sold receivables has led the group to pay current inventory funding facilities as advance till December 2021. Dr Pankaj Bansal, Director of the Group says, “The present outstanding of the group borrowing stands reduced to around Rs 1,280 crore excluding acquisition funding awaited during the quarter”.  He further added that the company has planned to retire the current debt by March 2022. Mr. Bansal has also confirmed that the loans taken from Indian bank amounting to Rs 51 crore was completely settled during the March quarter.

M3M Gurgaon director also made a statement that, “M3M reduced loan of SBI by Rs 104 crore, PNB Rs 53 crore, ICICI bank Rs 50 crore, Oak Tree by Rs 102 crore, Indiabulls by Rs 50 crore and others Rs 8 crore,”.  It has been said by the M3M director that the M3M Gurgaon has delivered 12 projects in eight months.

M3M Group owns sales receivables worth Rs 6,050 crore. M3M Gurgaon has over 2,200 acres of land also in the national capital region (NCR). Mr. Pankaj Bansal, has also added further that the “M3M is confident that constant improvement supported by enhanced receivables and project completions will strengthen the finances of the group in the coming quarters,”  

M3M Gurgaon is planning to develop 25 million sq ft of projects with a construction outlay of Rs 4,500 crore. These include M3M residential property in Gurgaon and commercial projects in the NCR, which include the Trump Tower project in Gurgaon.

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