M3M India has recorded the highest ever sales of Rs 13,000 crore, which is 113% higher when compared to the sales of Rs 6,100 crore in FY ’22. The company has 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 also set a record by selling 6380 units, both in residential and commercial space, during the said financial year, which is about 60% higher on YoY basis. In FY ’22 the company had sold 4017 units in both the segments.
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 FY’22, M3M sales in the residential segment stood at Rs 4022 crore and commercial sales at Rs 2,078 crore.
Record has also been set by M3M by selling 4124 residential units and 2257 commercial units in FY’23, which is 55% higher in the residential segment and 65% higher in the commercial segment. In the year FY’22, the company sold 2646 residential units and 1371 commercial units.
During 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 the Smart City Delhi Airport vision. The company also launched elite retail projects M3M Jewel on MG Road, right on the IFFCO Chowk in Gurugram, and M3M Route65 on Golf Course Extension Road. The combined topline of these projects was about Rs 7,650 crore.
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During the same FY’23, M3M also successfully 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 0.4 million of residential space. The company invested Rs 960 crore towards the construction cost in these projects. Further, 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 an ambitious plan lined up in the FY’24 with launching of a 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. The company is looking forward to a topline of about Rs 20,000 crore through these projects. The projects lined up for launch 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,” said Pankaj Bansal of M3M India.
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. Keeping up to its commitment, the company has already declared Rs 3,300 crore investment in the state.
According to the company, by the end of FY’22, M3M had a debt of Rs 1,873 crore, out of which the company has already paid Rs 1,369 crore. M3M is strongly placed in the real estate sector with a land bank of about 3000 acres. In the current portfolio, M3M India has approx. 50 projects with 3 crore square-feet of delivered space.
