Real estate developer M3M has repaid Rs 500 crore debt since lockdown was lifted and the company is on course to clear the balance liabilities of about Rs 1,700 crore by March 2022, its director Pankaj Bansal has said.
“We have committed receivables of Rs 1,500 crore from the commercial and residential properties we are developing,” Bansal told ET. “Money generated from sale of existing inventory will be used to give exit to existing lenders while we will continue to expand further.”
M3M expects to clear Rs 200 crore of debt by March 2021 and another Rs 1500 crore in the next financial year, he said.
The company, which has over 2,200 acres of land in the National Capital Region (NCR), is currently developing 25 million square feet of projects with a construction outlay of Rs 4,500 crore.
“Following a constructive and robust customer-centric approach, the company has been able to maximise growth, profitability, and value, despite all the roadblocks of slowdown and pandemic which has left the industry bleeding,” Bansal said.
The developer is executing about a dozen residential and commercial projects in the NCR, including the Trump Tower project in Gurgaon, and is now looking to acquire more land to cater to the growing demand for independent floors.
Source : ET