NCR-based real estate developer M3M is targeting to become debt-free by March 2022 by paying off Rs 1,700 crore from committed receivables. It is also looking to acquire three land parcels in Gurgaon to cater to the demand of independent floors and would be launching 10,000 such units by the end of this year, top company sources told Moneycontrol.
“We have a strong cash flow which is helping us repay the loans and our target this year will be to clear them by March 2022 and bring down the loans to zero. We would be paying off Rs 1700 crore by March 2022 from committed receivables. We have already repaid Rs 500 crore debt since the lockdown was lifted,” Pankaj Bansal, director, M3M said.
The company is also focused on deliveries and has already completed 10 projects in the last nine months.
As for expansion plans, the company plans to launch 10,000 independent floors this year.
“The company is also getting big-time into low rise development,” Bansal said.
“The ones located in Golf Course Extension would be priced at Rs 1.5 crore; one in SPR about Rs 1 crore and one in the NPR will be priced at Rs 80 lakh,” he told Moneycontrol.
The company would be investing close to Rs 900 crore on acquiring three land parcels.
It has already invested about Rs 250 crore on the 25 acres land it acquired from Ireo last year. It would be acquiring one land parcel from Piramal for Rs 350 crore on NPR and another plot for the same amount on SPR, Bansal said.
Commenting on the port your property scheme, a property swap scheme launched to help customers make good their dead investments in housing projects that have been facing inordinate delays in completion, Bansal said that the company has earned revenues close to Rs 700 crore since the launch of phase 1 and would be clocking close to Rs 1200 crore by March-end when the scheme closes.
“The scheme has done well. Of the 420 cases which we have been onboarded, 151 are from Gurgaon; 80 from Noida and Greater Noida and the balance from Bengaluru, Jaipur, Punjab, Haridwar, Kolkata, Panchkula, Dehradun and one from Dubai. Customers who had paid 20 percent in earlier projects have chosen to swap their stuck property with a ready-to-move-in or an under-construction one from our projects,” he said.
M3M India owns more than 2,000 acres of land parcels in Gurugram and is currently developing 25 million square feet of both residential and commercial projects in Delhi-NCR. These include the Trump Tower project in Gurgaon.