M3M India has acquired 30-acre land worth Rs 350 crore in Gurgaon. The Realty developer has purchased the plot from IREO Group who is currently being probed by Enforcement Directorate for Money Laundering.
Pankaj Bansal the director of M3M India states that “Under the Deen Dayal Jan Awas Yojana, we will invest another Rs 1,000 crore to create 2,000 independent floors. We will launch this initiative within this financial year.” It is also stated that the internal accruals and Sales receivables would be used to support to support the development.
The property is located in Sector 58 Gurgaon, one of the most expensive locations in India and is close to Golf Course Road.
M3M Group is already developing several projects on Golf Course Road, Extension and Dwarka Expressway and is planning to acquire more land. The Group is already involved in talks with other developers to purchase land.
The group has already paid the loans of Rs 418 crores in Q4 FY 2020-21 and is planning to reduced the debt further by 500 crore in FY 22.
M3M India has already delivered projects worth Rs 749 crore, has under-construction residential projects worth Rs 1450 crores and commercial project worth Rs 835 crores.
“M3M India has identified buyers’ need for low-rise residential spaces that address their aspirational lifestyle,” Pankaj Bansal added.
M3M India is planning to enter into Noida Real estate market and has aggressively started looking for land deals in Noida. M3M already boasts of over 2,200 acres of land in the NCR and is developing 25 million sq ft of projects with construction expentidure of Rs 4,500 crore.