M3M Launches Phase 1 of its 1st Plotted-Development ‘M3M City of Dreams’
M3M India has launched Phase-I of its first plotted-development project - ‘M3M City of Dreams’ in Sector 37, Panipat – Haryana. In Phase-I, M3M introduced 900 plots, ranging from 140 to 180 square yards, with a value of Rs. 600 crore, out of which 436 plots have already been sold, with overall sales value of Rs. 250 crore. The RERA license for phase-I has been achieved for 50 Acres. ‘M3M City of Dreams’ has attracted customers and investors primarily from geographical locations from Sonipat to Chandigarh, and from different walks of like, including – young millennials & generation-Z, exporters, entrepreneurs, professionals, doctors, lawyers, engineers etc. The weaver’s community of Panipat has also shown immense interest in the said plotted development, as the city itself is recognized as the India’s city of weavers. The project will be launched in multiple phases by M3M India and once all the phases are commenced, the ‘M3M City of Dreams’ will emerge as a state-of-the-art self-sustainable township, on a 350-acre land-parcel. It will overall have a total of 2100 plots, ranging from 140 to 1000 square yards, a 1.45 million square-feet of retail space and four-clubs having overall 150,000 square-feet of space. Panipat, being predicted as the next Gurugram by the realty experts has been seeing influx of funds in real-estate, including FDIs. There is also a proposal to construct an ‘Industrial Park’ in and around Panipat for adding to the pace of downstream industries. ‘M3M City of Dreams’ is about 100 km from Indira Gandhi International Airport and is also in close proximity to nearby cities like Ghaziabad, Gurugram, Faridabad, Bahadurgrah, Jhajjar, Palwal- through an eight-lane Eastern Peripheral Expressway. Speaking on the occasion, Sudeep Bhatt, President, M3M India said, “Developing projects like ‘M3M City of Dreams’ has been in our radar for quite some-time now. It is our first plotted development project and our thought is to provide best-of-the-class facilities under one roof to our customers and investors with sustainable development at its core. We are not selling mere plots – but a lifestyle, which Panipat has been always looking forward to, being an admirable, resourceful and economically sound city and encourage sustainable development. We are confident that ‘M3M City of Dreams’ will be the best of its kind in the entire region.” M3M has an ambitious plan lined-up in FY '24 with the launching of a combination of about 8-10 ultra-luxury residential and commercial projects with overall saleable space of about 14-15 million square feet. M3M India, one of the fastest growing Real estate developers in the country, recorded the highest ever sales of Rs. 13,000 crores in FY’23, which is 113% higher when compared to the sales of Rs. 6,100 crores 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 FY’22 figure of 5.5 million square feet of space. The company has also set a record by selling 6380 units, both in residential and commercial space, during the FY’23, which is about 60% higher on YoY basis. In the 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 residential segment stood at Rs. 4022 crore and commercial sales as 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.
Tags : M3M India launch plotted development project M3M City of Dreams Haryana plots sales value RERA license customers investors locations young millennials & generation-Z exporters entrepreneurs professionals doctors lawyers engineers Sudeep Bhatt President M3M India