Real estate developer M3M has acquired 73-acre land in Noida at Rs 900 crore in one of many largest all-cash deal in latest occasions, three individuals conscious of the event stated.
The land parcel, which is in sector 128 and on the expressway, belonged to Kadam developers, a subsidiary of NCR-based Shipra group, however was mortgaged with Indiabulls, following a default by the builder.
“Indiabulls had invited expression of interest and sone of the leading developers had shown interest considering the location of land parcel. The deal got concluded last week with M3M buying 100 per cent shares of Kadam Developers, through its subsdiary Creative Souls Pvt Ltd for an upfront cash payment of Rs 900 crore to Indiabulls,” stated one of many individual quoted above.
The acquisition marks entry of M3M in Noida, which has emerged because the favorite vacation spot for traders on account of upcoming infrastructure tasks together with airport and Film City.
M3M can be in talks with a number of confused builders in Gurgaon to accumulate land parcels.
Another individual stated that Indiabulls enforced its safety over the stated land when the Shipra Group defaulted on its debt.
M3M, Indiabulls and Shipra group didn’t reply to e-mail question until press time.
Last yr, M3M had acquired a 25-acre land parcel at Rs 250 crore in Golf Course Road Extension in Gurgaon to develop a low-rise housing society.
M3M group has repaid near Rs 1000 crore in FY 20-21 and plan to clear the steadiness liabilities by March 2022.
The firm, which has over 2,200 acres of land in the National Capital Region (NCR), is presently growing 25 million sq. ft of tasks with a building outlay of Rs 4,500 crore.
M3M has delivered 12 tasks in eight months and by easing the burden on operational money circulation, the group will streamline its efforts to ship unparallel experiences to clients.
M3M has dedicated gross sales receivables of Rs 6050 crores with a listing of Rs 6250 crores together with Rs 1300 crores of luxurious residential Trump Tower undertaking being developed by M3M Group in Gurugram.
Source : Economic Times