Real estate developer, M3M India has acquired 350 acres of land in Panipat, Haryana for 1,500 million. The company is set to infuse another 1,200 crores to develop an integrated township. The land was acquired from Ambiance Group. This is another step for the company to become a pan-India player.
M3M India promoter Pankaj Bansal told PTI that the company will invest a total of ₹2,700 crores, including land and construction costs, to develop this township project and expects a sales revenue of ₹5,000 crores.
Going forward, Bansal revealed that M3M India plans to launch his township project in February 2023 and further expects to complete the project in the next 18-24 months. M3M will develop plots, villas, retail space, a hospital, and a school, among other infrastructure facilities in the township.
The total investment would eventually turn out to be Rs 2700 crore, which is the largest deal in recent times in India. M3M is expecting a topline of Rs 5000 crore from the Panipat project, the company announced this at a press conference in Noida today. by Peddler Media
