M3M buys 350 acre land in Panipat; to build township at Rs 2,700 crore

New Delhi: Realty firm M3M India on Wednesday announced that it has acquired 350-acre land in Panipat, Haryana, for Rs 1,500 crore and will invest another Rs 1,200 crore to develop an integrated township.

Gurugram-based M3M India promoter Pankaj Bansal said the company will invest a total of Rs 2,700 crore, including land and construction costs, to develop this township project and expects a sales revenue of Rs 5,000 crore.

"We have already forayed into the Noida market last month and now we have bought 350-acre land in Panipat from Ambience Group. This is the first step towards becoming a pan-India player," Bansal told reporters.

He said the company has entered into tripartite agreements with Ambience Group and Indiabulls Housing Finance.

"We have taken over the loan of Indiabulls Group," Bansal said.

The company plans to launch this township project in February of next year and expects to complete it in the next 18-24 months.

In the township, M3M India will develop plots, villas, retail space, a hospital and school, among other infrastructure facilities.

Last month, M3M India bagged a 13-acre land parcel in Noida through e-auctions and plans to invest around Rs 2,700 crore to develop a mixed-use project.

M3M India, which has a major presence in Gurugram, has secured a 52,000 square metre plot in Sector 94 through an e-auction conducted by the Noida Authority.

The land was bought for Rs 827.41 crore through auction, he said, adding that the total acquisition would reach Rs 1,200 crore, including lease rent and registration charges.

Another Rs 1,500 crore will be required for construction, taking the total project cost to Rs 2,700 crore.

"We are targeting to launch this 4 million square feet mixed-use project in Noida,  comprising of housing, retail, office and serviced apartments, in February next year," Bansal said.

He said the company plans to acquire more land parcels in the Noida-Greater Noida market from the authorities as well as private developers and landlords.

At present, M3M India has a land bank of 3,000 acres. It has launched 41 projects so far, of which 28 have been delivered.

Among other big land deals, M3M India bought 185-acre land in Gurugram for Rs 1,211 crore from Sahara group in 2014 and the deal got completed in 2016.

M3M Group is also developing Trump Tower in Gurugram.

The promoters of the M3M Group in 2021 also formed another real estate venture Smartworld Developers, which is investing around Rs 3,000 crore to develop the company's first two residential projects in Gurugram.