Realty developer M3M India has reported highest ever sale of Rs 13,000 crore during FY 23, 113% higher than FY22, when it had reported Rs 6,100 crore sale.
According to Pankaj Bansal of M3M India, the group is expected to reach Rs 20,000 crore sale in FY24 as residential sector continue to report increase in demand and developer has planned series of acquisition and launches.
According to Motilal Oswal Financial Services large companies are expected to exit FY23 on a high note with bookings of INR653b (up 41% YoY), since all developers will witness 16-110% growth during the year.
“M3M has an ambitious plan lined-up in the FY’24 with launching of combination of about 8- 10 ultra-luxury residential and commercial projects in Gurugram, NOIDA and Panipat, with overall saleable space of about 14-15 million square feet,” Bansal said.
Company will enter Noida and Panipat this year and is also looking for a project in Delhi.
M3M has sold about 10 million square feet of space in FY23, which is about 81% higher when compared to FY22 figure of 5.5 million square feet of space.
The company registered 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 FY22, M3M sales in residential segment stood at Rs 4022 crore and commercial sales as Rs. 2,078 crore.
“The projects lined-up for launch this year include – residential and commercial projects in NOIDA, first-ever plotted development in Panipat on a 350-acre land-parcel, Aravalli view residential projects in sector-79 Gurugram, retail project in sector-57 in Gurugram, and ultra-luxury residential project on Dwarka Expressway in sector-111, Gurugram,” Bansal said.
During the FY’23, M3M launched a number of new retail and residential projects including – M3M Capital residential project, and a kilometre-wide retail project – M3M Capital Walk, both on the Dwarka Expressway as part of Smart City Delhi Airport vision. The Company also launched luxury retail projects M3M Jewel on MG Road, right on the IFFCO Chowk in Gurugram,
During FY23, M3M also delivered three projects – M3M Broadway (commercial), International Financial Centre (IFC – commercial & F&B) and M3M Skywalk (residential), comprising 2.1 million square feet of overall space – including 1.7 million of commercial space and .4 million of residential space.
The company invested Rs 960 crore towards the construction cost in these projects. More than 10 projects are under construction, comprising about 20 million square feet of overall space, where the company is investing about Rs 7,600 crore.
M3M has committed an investment of Rs 7,500 crore in Uttar Pradesh in the recently concluded UP Global Investors Summit, 2023, which is the highest investment declared in the real-estate sector in Uttar Pradesh.
By the end of FY22, M3M had a debt of Rs 1,873 crore, out of which the company has already paid Rs 1,369 crore.
In the current portfolio, M3M India has approximately 50 projects with 3 crore square-feet of delivered space.
Source : ET