M3M India to Reduce Debt by Rs 500 Crore by FY 2022

Realty developer M3M plans to reduce debt by nearly Rs 500 crore by the end of FY 2022, Pankaj Bansal, Director, M3M India said.

The company has repaid loan of Rs 418 crore in Q4 FY 2020-21 ahead of its target of Rs 400 crore and is confident of clearing the balance liabilities by March 2022.

“In keeping with company’s aggressive growth plan in different segments – residential, commercial and retail, we are looking forward to reduce our debt by nearly Rs 500 crore by the end of FY 2022,” Bansal said.

M3M has sold inventories worth Rs 1,000 crore in its new project – M3M Soulitude.

“The project will have 2 BHK and 3 BHK accommodation, with an average sizes of 1100 square feet and 1400 square feet respectively. These units are priced between Rs 70-90 lakhs. The company aims to deliver the project by 2023,” said Bansal.

M3M Soulitude is located at sector 89 at NPR.

The project’s proximity to Dwarka Expressway, CPR and NH8 has also been the catalyst towards attracting the attention of prospective homebuyers.

“M3M India has identified buyers need for low rise residential spaces that address their aspirational lifestyle,” Bansal said.

Union Minister for Ministry of Road, Transport and Highways, Nitin Gadkari’s announcement of the Dwarka Expressway completion by early 2023 has given the much required impetus to NPR. The NPR has bolstered its position as the most sought-after location in NCR, owing to large infrastructure development, excellent connectivity and vibrant social infrastructure.

“M3M India has delivered ten key residential and commercial projects in the last 6 months. M3M India is also aggressively working towards reducing the debt liabilities,” Bansal added.

M3M India has clocked sales of Rs 3034 crore which includes under-construction residential sales of Rs 1450 crore, under-construction commercial sales of Rs 835 crore and delivered projects sales of Rs 749 crore.

Source : ET