NRC-based real estate developer M3M India has purchased a 350-acre land parcel in Haryana’s Panipat for a whopping Rs 1,500 crore. The Gurgaon-headquartered builder plans to invest Rs 1,200 crore to develop an integrated township on this land and expects sales revenue of Rs 5,000 crore.
Previously owned by Ambience Group, the land parcel was held as collateral by Indiabulls Housing Finance. The private lender had extended over Rs 2,500 crore in loan to the builder. M3M India will now be repaying these loan to Indiabulls Group.
While work on the township is expected to start in February 2023, the company aims to wrap up the construction work within 18 months of the project launch.
“Tier-2 cities have emerged as the next big destinations, and the lack of organised development gives us the opportunity to grow… We expect Rs 5,000 crore in revenue from the project,” M3M India promoter Pankal Bansal told media.
Terming the recent purchase as the “first step towards becoming a pan-India player” by the company, Bansal added that the company would develop plots, villas, retail space, a hospital and a school, among other infrastructure facilities in the township.
“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 Bansal.
In November this year, the builder bought a 13-acre land parcel in Noida via e-auctions. The company plans to invest Rs 2,400 crore, including the land cost, to develop a mix-use project.
