M3M buys 350-acre land to enter Panipat mkt and build Rs 2,700 cr township
M3M India has acquired 350 acres of land in Panipat, Haryana to build a state-of-the-art self-sustainable township. The land bought from Ambiance would cost M3M Rs 1,500 crore, including necessary government fees. The company would invest another Rs 1,200 crore to develop the project, the company said in a press release.
The company expects a topline of Rs 5,000 crore from the Panipat project.
“The project will include all segments, including residential, retail, expandable villas, floors, landscape, infrastructure, schools, temples, and social clubs among others. The plot size of the residential units would be 300, 500, 750 and 1,000 square yards. The projects will also have amenities such as green belt, parks, waterparks, and swings,” said Pankaj Bansal, promoter, M3M India.
M3M will launch the project in February and delivered it 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.
Speaking about the firm’s Noida Project, Bansal said, “The Rs 2,400 crore investment in Noida, which includes land cost, is for a mixed-use realty project consisting of housing, retail and service apartments. It is expected to generate more than 10,000 jobs and livelihood opportunities.”
Spread across 13 acres, with over 4 million sq ft saleable area, the project’s topline would be Rs 6,000 crore.
The company is also trying to close two other land deals for Rs 1,300-1400 crore. With this, M3M aims to have a portfolio of 10 million sq ft in one year, with a topline of $2 billion (Rs 16,000 crore), Bansal said.
The company’s 42 projects in Gurugram have about six million sq ft of retail space and 28 million sq ft of overall space. All the projects launched by M3M India have already been delivered.
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