M3M India FY23 sales bookings jump over two-fold to Rs 13,000 cr

Realty firm M3M India on Monday said its sales bookings jumped more than two-fold to record Rs 13,000 crore during the last fiscal on better demand for housing and commercial properties.

The Gurugram-based company, in a statement, said it has "recorded the highest ever sales of Rs 13,000 crore, which is 113 per cent higher when compared to the sales of Rs 6,100 crore in FY22".

Among listed entities, Macrotech Developers (Lodha Group) and Godrej Properties have already reported sales bookings of over Rs 12,000 crore each in the last fiscal.

DLF's sales bookings are expected to be around Rs 15,000 crore, while Bengaluru's Prestige Group is also estimated to clock sales bookings of around Rs 12,000 crore.

Giving further details of its operational performance in 2022-23, M3M said its sales bookings of housing properties increased more than two-fold to Rs 9,307 crore from Rs 4,022 crore in the previous year.

The company's sales bookings in commercial properties rose 78 per cent to Rs 3,693 crore in the last fiscal from Rs 2,078 crore in the preceding financial year.

In terms of area, the company has sold about 10 million square feet of space in the last fiscal, up 81 per cent from 5.5 million square feet in the previous fiscal.

M3M India sold 6,380 residential and commercial properties in 2022-23 against 4,017 units in the previous year.

The company sold 4,124 residential units in FY23 against 2,646 units in the previous year. It sold 2,257 commercial units in FY23 compared to 1,371 commercial units.

M3M India said that more than 10 projects are under construction, comprising about 20 million square feet of overall space, where the company is investing about Rs 7,600 crore.

"M3M has an ambitious plan lined up in the FY24 with the launching of a combination of about 8-10 ultra-luxury residential and commercial projects in Gurugram, Noida and Panipat, with overall saleable space of about 14-15 million square feet. The company is looking forward to a topline of about Rs 20,000 crore through these projects," said Pankaj Bansal, director of M3M India.

The projects lined up for the launch include residential and commercial projects in Noida, plotted development in Panipat on a 350-acre land parcel, residential projects in sector-79 Gurugram, retail project in sector-57 in Gurugram and ultra-luxury residential project on Dwarka Expressway in sector-111, Gurugram.

By the end of FY22, M3M had a debt of Rs 1,873 crore, out of which the company has already paid Rs 1,369 crore, the statement said.

M3M has a land bank of about 3,000 acres. It has about 50 projects with 3 crore square feet of delivered space.

M3M India is one of the leading real estate developers in Delhi-NCR.

Last week, Uttar Pradesh RERA issued a notice to M3M India for allegedly starting promotion and marketing for the sale of units in a project in Noida without registering it with the authority in a direct violation of rules.

M3M India, however, said the particular campaign mentioned by the UP RERA is not publicity of the project NOIDEA but the overall corporate branding campaign.

The company is also engaged in a legal battle with DLF and Shipra Group for 73-acre land in Noida's Sector 128.

Last week, Ghaziabad police launched a probe after Shipra Group alleged fraud by a finance company and another builder to usurp its land in Noida.

The police have booked 18 people, including current and former officials of Indiabulls Housing Finance and M3M India on charges of cheating, forgery and criminal conspiracy, among others, according to the FIR.

M3M India, however, had rejected the allegations, saying "M3M is a law-abiding company, and we do our business following best practices with the highest level of integrity and corporate governance".