Three hundred fifty acres of property of M3M Plots Panipat, Haryana, were purchased by real estate developer M3M India for Rs. 1,500 crores. The company plans a further investment of Rs 1,200 crore to build an integrated township. Ambience Group sold the land. This is another step toward becoming the company’s significant presence in India. To establish this township project, the company would spend a total of Rs 2,700 crore, which includes land and construction expenditures. They anticipate making Rs 5,000 crore in sales.
Moving forward, M3M India hopes to begin construction on its township project in February 2023 and finish it within 18 to 24 months. Among other infrastructural amenities in the township, M3M will build plots, villas, retail space, a hospital, and a school.
This month, the company entered the Noida market by winning a 13-acre property piece in an online auction. Notably, the company won a 52,000 square-metre site in Sector 94 via an online auction held by the Noida Authority. It intends to invest over Rs 2,700 crore to create a mixed-use complex.
The company would also contribute an extra Rs 1,500 crore to the construction, bringing the total to Rs 2,700 crore. Including housing, retail, offices, and serviced apartments, this 4 million square foot mixed-use project in Noida is expected to be completed by February of next year, according to Bansal.