Real estate major M3M India has acquired 350 acres of land in Panipat, Haryana, to build a state-of-the-art self-sustainable township. The land purchased from Ambiance would eventually cost M3M Rs 1500 crore, including necessary government fees, and the company would further invest Rs 1200 crore towards its development.
The total investment would eventually turn out to be Rs 2700 crore, which is the largest deal in recent times in India. M3M is expecting a topline of Rs 5000 crore from the Panipat project, the company announced this at a press conference in Noida today.
Talking about this development, Pankaj Bansal, Promoter, M3M India, said, “The project will have all the segments, including residential, retail, expandable villas, floors, infrastructure, landscapes, schools, temples, and social clubs, among others. The plot size of the residential units would be of 300, 500, 750 and 1000 square yards. The projects will also have amenities, including green belt, parks, waterparks, swings, among others.”
“M3M will launch the project in February and it will get delivered in the next 15-18 months since it is only infrastructure development. The retail segment in Panipat will be completely owned by M3M,” added Bansal.
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Speaking about their Noida project, Bansal said, “We are here to build trust in the Noida market, and regain confidence of the customers & investors. Our entry into Noida with Rs 2,400-crore investment, including land cost, will be a mixed-use realty project consisting housing, retail and service apartments and is expected to generate 10,000+ jobs and livelihood opportunities. Spread across 13 acres, with over 4 million sq. ft. saleable area, the topline of this project would be Rs 6000 crore. We are the developers and we only work with A-Grade contractors like L&T, Shapoorji, Tatas, among others.”
“Our Trump Tower is being built by Shapoorji, and M3M Latitude has been built by Tatas, and Golestate by L&T. The company also has its focus on Grade-A land parcels in Noida, and would only consider plots of the size of over 10 acres. The company is also trying to close two other land deals shortly which will be for about Rs 1300-1400 crore. With this, M3M aims to make a portfolio of 10 million sq. ft. in one year with a topline of $2 billion, which is around Rs.16000 crore.”
The company has 42 projects in Gurugram that have about 6 million square feet of retail space and about 28 million square feet of overall space. According to the company, all the projects launched by them have already been delivered.