Realty developer M3M expects Rs 600 crore from Phase-1 of ‘M3M City of Dreams’ in Panipat, a senior executive said. In Phase-I, M3M introduced 900 plots, ranging from 140 to 180 square yards, with a value of Rs 600 crore, out of which 436 plots have already been sold, with an overall sales value of Rs 250 crore. The RERA license for phase-I has been received for 50 acres.
Spread across 350 acres, the project will be launched in multiple phases by M3M India. It will overall have 2100 plots, ranging from 140 to 1000 square yards, 1.45 million square feet of retail space, and four clubs having an overall 150,000 square feet of space.
It will also have expandable villas, community parks, cycling tracks, clubs, restaurants and cafes, worship spaces, retail spaces, clinics, schools, cricket arena.
“Developing projects like ‘M3M City of Dreams’ has been on our radar for quite some-time now. It is our first plotted development project and our thought is to provide best-of-the-class facilities under one roof to our customers and investors with sustainable development at its core,” said Sudeep Bhatt, President, M3M India.
M3M has an ambitious plan lined up in FY ’24 with the launching of a combination of about 8-10 ultra-luxury residential and commercial projects with overall saleable space of about 14-15 million square feet.
M3M India reported the highest-ever sales of Rs 13,000 crore in FY’23, which is 113% higher when compared to the sales of Rs. 6,100 crore in FY’22. The company sold about 10 million square feet of space in FY ’23, which is about 81% higher when compared to the FY’22 figure of 5.5 million square feet of space.
The company has also set a record by selling 6380 units, both in residential and commercial space, during the FY’23, which is about 60% higher on YoY basis. In FY’22, the Company sold 4017 units in both segments.
The company registered the majority of its sales from residential projects, almost 70%, which accounted for Rs 9,307 crore, which is 131% higher on YoY basis. The commercial sales also rose 78% to Rs 3,693 crore. In the year FY ’22, M3M sales in the residential segment stood at Rs 4022 crore and commercial sales at Rs 2,078 crore.
M3M India has developed 50 realty projects, including retail, residential, offices, and service apartments and all of its projects launched prior 2019 have been already delivered and the construction is in full swing in the rest of the projects. The company has in its portfolio about 30 million square feet of overall space.
Source : ET