Realty major M3M Group will invest Rs 10,000 crore during the current financial year towards construction activities and land acquisition as part of its expansion strategy.
Gurugram-based M3M Group operates through two real estate companies — M3M India Pvt Ltd and Smartworld Developers Ltd. The group develops residential, commercial and mixed-use projects across North India.
Highlighting the company's ongoing development activities, M3M Group Promoter Pankaj Bansal said, "We are focusing on delivery of projects. At present, there is more than 30 million sq ft of area under construction across various projects."
Asked about the construction expenditure, he said the group will invest Rs 7,200 crore on pure construction activities during the current fiscal year.
Bansal said the company is also actively acquiring land parcels to support its future growth plans.
He informed that the company has acquired around 500 acres of land in Gurugram and adjoining areas with an investment of Rs 2,500 crore.
"We will continue to acquire land. We will participate in the upcoming land auctions in Noida," Bansal said, adding that the company would invest another Rs 2,500 crore during this fiscal on land banking.
Responding to a query on funding sources, he said the company would meet all investment requirements through internal accruals, adding that the real estate firm has zero debt.
The M3M Group promoter further said the company will continue to focus on developing branded housing projects and partner with global hospitality and lifestyle brands.
In January this year, M3M Group partnered with global fashion and lifestyle brand ELIE SAAB to develop two ultra-luxury housing projects in Delhi-NCR with a total investment of Rs 3,500 crore.
The company has already completed a housing project in Gurugram under the Trump brand.
Year In October, this real estate company partnered with Jacob & Co, a worldwide famous luxury brand, for a project in Noida.
Commenting on the housing market, Bansal said demand remains strong in Delhi-NCR for developers with a proven track record of project execution.
Responding to a question about plans to launch an Initial Public Offering (IPO), Bansal said the company has no plans in the short and medium term.
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