Realty developer M3M has bought a 30-acre plot from IREO group in Gurgaon by taking over a Rs 350 crore debt it owed to L&T Finance.
The IREO group is currently being probed for money laundering by the Enforcement Directorate.
“Under the Deen Dayal Jan Awas Yojana, we will invest another Rs 1,000 crore to create 2,000 independent floors,” M3M India director Pankaj Bansal said. “We will launch this initiative within this financial year.”
Internal accruals and sales receivables will be used to support the building. The site is in Sector 58, next to Golf Course Road, which is one of the most expensive areas in the country.
M3M is developing a number of projects on the Dwarka Expressway, Golf Course Road, and Golf Course extension Road, and is in talks with other developers to acquire land.
The company plans to reduce debt by nearly Rs500 crore by the end of FY22 and has repaid loans of Rs 418 crore in Q4 FY 2020-21 ahead of its target of Rs 400 crore.
“M3M India has delivered 10 key residential and commercial projects in the last six months. M3M India is also aggressively working towards reducing the debt liabilities,” Bansal added.
M3M India has clocked sales of Rs 3,034 crore, which includes under-construction residential sales of Rs 1,450 crore, under-construction commercial sales of Rs 835 crore, and delivered project sales of Rs 749 crore.
“M3M India has identified buyers’ need for low-rise residential spaces that address their aspirational lifestyle,” Bansal said.
The company also plans to enter the Noida market and is aggressively looking for land parcels.
The company, which has over 2,200 acres of land in the National Capital Region (NCR), is currently developing 25 million sq ft of projects with a construction outlay of Rs 4,500 crore.
Source : ET
