Sunday, July 14, 2024

M3M India to Invest Rs 2,700 Crore in 333-Acre Panipat Township, Targets Rs 5,000 Crore Revenue

Real estate developer M3M India, based in Delhi NCR, has announced a substantial investment of Rs 2,700 crore in the development of a 333-acre township in Panipat, Haryana. The ‘M3M City of Dreams’ township, a plotted development, is set to include more than 2,100 plots ranging from 140 to 1,000 square yards. Having acquired the land parcel for Rs 1,500 crore, M3M has obtained complete RERA registration for the project, which is expected to generate a top-line revenue of Rs 5,000 crore.

The comprehensive development plan comprises approximately 400 expandable villas, 3,000 uber-luxury floors, and 150 farmhouses. The township will offer a range of amenities, including community parks, cycling tracks, restaurants, cafes, retail spaces, schools, temples, and sports facilities.

M3M India has already sold over 700 plots, amounting to around Rs 1,100 crore, out of the total 2,100 plots. The company is investing Rs 1,200 crore in the project’s development, with a total expected investment of Rs 2,700 crore. The goal is to deliver the ‘M3M City of Dreams’ township within the next 15-18 months.

Sudeep Bhatt, President of M3M India, emphasized the significance of the project, stating, “M3M City of Dreams is one of the flagship projects of the company. Besides being a hub for uber-luxury homes, this township will also serve as a central point for industries, start-ups, and other prominent national and international brands.”

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