Real estate developer, M3M India has acquired 350-acre land in Panipat, Haryana for Rs 1,500 crore. The company is set to pump in a further Rs 1,200 crore to develop an integrated township. The land was purchased from Ambience Group. This is another step for the company for becoming a pan-India player. The company will invest a total of Rs 2,700 crore, including land and construction costs, to develop this township project and expects a sales revenue of Rs 5,000 crore.
Going forward, M3M India plans to launch his township project in February 2023 and further expects to complete the project in the next 18-24 months. M3M will develop plots, villas, retail space, a hospital, and a school, among other infrastructure facilities in the township.
Last month, the company forayed into the Noida market by securing a 13-acre land parcel via e-auctions. Notably, the company bagged a 52,000 sq mt plot in Sector 94 through an e-auction which was conducted by the Noida Authority. It plans to infuse approximately Rs 2,700 crore to develop a mixed-use project.
Further, the company will make an additional investment of Rs 1,500 crore for the construction which will eventually take the total to Rs 2,700 crore. M3M targets to launch this 4 mn sq ft mixed-use project in Noida which will include housing, retail, office, and serviced apartments by February next year, Bansal said.
