Real estate developer M3M has secured a 350-acre piece of land in Panipat, Haryana, from Indiabulls Housing Finance for Rs 1500 crore, according to Pankaj Bansal, director of M3M, marking one of the largest land deals in the country in recent times.
The land was owned by the Ambience Group but was held as collateral by Indiabulls Housing Finance, which provided more than Rs 2,500 crore as a loan to the company. The housing finance company sold the land to collect the loan money.
M3M's Bansal said the company will invest around Rs 1.2 billion in the project (Rs 500 crore in development costs and Rs 600-700 crore in permits) and will develop land and flats in addition to utilities. The company will launch the project in February 2023 and aims to complete it in 18 months. We "expect" Rs 5,000 crore in revenue from the project, Bansal said. Tier 2 cities have become the next big destinations, and the lack of orderly development gives us the opportunity to grow.”
For M3M, which is looking to expand outside of the National Capital Region (NCR), this is its second acquisition outside of Gurgaon. The company recently bought a 13-acre piece of land in Noida for Rs 827 crore at a government auction.
M3M has become a brilliant real estate developer with speed, luxury and innovation at the core of its vision. The group has launched a host of iconic projects, designed and developed by global partners.
During the last fiscal year, the Group recorded sales of 5,500 Cr. In terms of area, it is about 10,00,000 square meters. (10 million square feet) of real estate developed by M3M last year, making it one of the largest real estate conglomerates in the country. The group will also develop (15 million square feet) of space in the near future. The brand is ranked number one in North India and is among the top two brands in the country.
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