M3M India: Realty developer M3M India to invest Rs 2700 cr in developing 333-acre township in Panipat

Realty developer M3M India will invest Rs 2700 crore in developing a 333-acre township in Panipat, Haryana, the company said.

The company has received the single biggest license in recent times, to develop- ‘M3M City of Dreams’ township in Northern India, at Panipat in Haryana.

M3M ‘City of Dreams’ has more than 2100 plots, ranging from 140 to 1000 square yard, spread across about 400 expandable villas, 3000 uber-luxury floors and 150 farm houses.

The project will also have community parks, cycling tracks, restaurants and cafes, worship spaces, retail spaces, clinics, schools, temples, cricket arena, among others.

It will have 1.45 million square feet of retail space and four clubs having an overall 150,000 square feet of space.

The company has already sold over 700 plots, worth about Rs 1100 crore, out of a total of 2100 plots. M3M is expecting a topline of Rs 5000 crore from this project.M3M has received complete RERA for all 333-acre of land parcel that it had acquired from Ambience, which ultimately costed M3M Rs 1500 crore, including necessary government fees. The company is investing Rs 1200 crore, towards its development. The total investment would eventually turn out to be Rs 2700 crore.

M3M is looking forward to delivering this project in next 15-18 months.

“M3M City of Dreams is one of the flagship projects of the company and we are looking forward to developing it as one of the most memorable townships in Northern India, at Panipat in Haryana. Besides being a hub for the uber-luxury homes, this township would also prove to be a central-point for the industries, startups & unicorns, and other prominent national and international brands,” said Sudeep Bhatt, President, M3M India.

According to the latest report by the International Market Analysis Research and Consulting Group (IMARC Group), the real estate market in India is anticipated to grow at a rate of 9.2% (CAGR) by 2028.

India’s commercial real estate market is also expected to grow at a CAGR of over 13% from 2022-2027. In line with this, rapid urbanization and the inflating per capita income of the masses are significantly contributing to the real-estate market.

M3M India has more than 50 projects, comprising 30 million square-feet of delivered space in Gurugram itself.

In the first-half of current financial year, in Gurugram, M3M India has delivered two residential projects – M3M Heights and M3M Flora68, and one commercial project M3M Skylofts, comprising about 2.5 million square feet of space with a construction cost of Rs 1250 crore.

In the second-half of FY 24’, the company is all set to deliver 3 more projects – M3M Atrium57, M3M Solitude and M3M Lofts74, comprising about 4 million square feet of space with a construction cost of Rs 2000 crore.

In the last financial year, M3M India had 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 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 has been about Rs 7,650 crore.

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