Property developer M3M has purchased a 30-acre piece of land from the IREO Group in Gurgaon by acquiring a Rs 350 million debt with L&T Finance.
The IREO Group is currently the subject of a money-laundering investigation by the Directorate of Enforcement.
“Under Deen Dayal Jan Awas Yojana, we will invest another Rs 1 billion to create 2,000 separate floors,” said M3M India Director Pankaj Bansal. “We will launch this initiative during this fiscal year.”
Internal accounts receivable and accounts receivable from sales will be used to support the building. The location is in Sector 58, next to Golf Course Road, one of the most expensive areas in the country.
M3M is developing a number of projects at the Dwarka Expressway, Golf Course Road, and Extension, and is in talks with other developers to acquire land.
The company plans to reduce debt by around Rs 500 crore by the end of FY 22 and has repaid Rs 418 crore loans in the fourth quarter of fiscal 2020-2021 ahead of its Rs 400 crore target.
Bansal added: “M3M India has delivered 10 major residential and commercial projects in the last six months. M3M India is also working aggressively to reduce debt obligations.”
M3M India reported sales of Rs 3,034 crore, which include off-construction residential sales of Rs 1,450 crore, off-plan commercial sales of Rs 835 crore, and turnover of Rs 749 crore.
“M3M India has identified a need for buyers of low-rise residential spaces that suit their ambitious lifestyle,” said Bansal.
The company also plans to enter the Noida market and is aggressively seeking plots of land.
The company, which owns more than 2,200 acres of land in the National Capital Region (NCR), is developing 25 million square foot projects with a construction expense of 4.5 billion rupees.
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