 "Gurugram-based realty developer M3M India eyes Rs 20,000 cr sales in FY24")
Gurugram-based real estate developer M3M India recorded its highest ever sales, at Rs 13,000 crore, in FY23, over twice the FY22 sales figure of Rs 6,100 crore, the firm's statement reveals.
The realty firm is now aiming to reach a topline of Rs 20,000 crore in FY24 with a line-up of varipus residential and commercial projects, said Pankaj Bansal, director, M3M India.
The company claims it has sold about 10 million sq ft of space in FY23, about 81 per cent more than the FY22 figure of 5.5 million sq ft. It aims to sell 14-15 million sq ft in FY24.
“M3M has an ambitious plan lined up in FY24, with a combination of 8-10 ultra-luxury residential and commercial projects in Gurugram, Noida and Panipat, and an overall saleable space of 14-15 million sq ft,” Bansal said.
The company is targeting a topline of about Rs 20,000 crore through these projects, Bansal said.
M3M got about 70 per cent of its sales from residential projects, amouting to Rs 9,307 crore in FY23, up 131 per cent YoY . Commercial sales were up 78 per cent to Rs 3,693 crore. In FY22, M3M sales in the residential segment stood at Rs 4,022 crore and commercial at Rs 2,078 crore.
“The projects lined up for launch include residential and commercial projects in Noida, M3M's first-ever plotted development in Panipat on a 350-acre land parcel, Aravalli view residential projects in sector-79, Gurugram, retail project in sector-57, Gurugram, and ultra-luxury residential project on Dwarka Expressway in sector-111, Gurugram,” Bansal said.
More From This Section
During FY23, it launched several 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 firm also launched elite retail projects M3M Jewel on MG Road, right on Iffco Chowk in Gurugram, and M3M Route65 on Golf Course extension road. The combined topline of these projects was about Rs 7,650 crore.
In FY23, the firm also delivered three projects: M3M Broadway (commercial), International Financial Centre (IFC–commercial & F&B) and M3M Skywalk (residential), with 2.1 million sq ft of overall space. This includes 1.7 million sq ft of commercial space and 400,000 sq ft of residential space.
The company said it invested Rs 960 crore for the construction in these projects. Further, more than 10 projects are under construction, on about 20 million sq ft of overall space, where the company is investing about Rs 7,600 crore.
M3M committed an investment of Rs 7,500 crore in Uttar Pradesh in the recently concluded UP Global Investors Summit, 2023--the highest in UP's real-estate sector, the company said.