August 23, 2024 |
Realty Developer M3M Reports 37% Increase in Sale During Q1fy25
Realty developer M3M has reported Rs 3,911 crore sale during Q1FY 25, an increase of 37% increase from Rs 2854 crore during the same period last year.
In the residential and plot development segment, M3M reported sales of Rs 2028 crore in Gurugram, Panipat and Noida region during the first quarter of FY 2023-24. Its sales during the first quarter of FY 2024-25 increased by 46% increase to Rs 2971 crore.
M3M generated Rs 826 crore from its commercial segment during Q1FY 2023-24, which increased to Rs 940 crore this year.
“With a strong pipeline of ultra-luxury projects lined up for launch in FY’25, we are confident of sustaining this momentum and continuing to create value for our stakeholders,” said Sudeep Bhatt, President, M3MIndia.
The company’s financial health is quite robust due to strategic planning and efficient execution. Major banks—including ICICI, HDFC, SBI, Central Bank of India, Bank of Maharashtra, Canara Bank, and Axis—have supported M3M with their disbursement commitments.
The total consolidated amount of financial support and assistance provided by banks to M3M is pegged at Rs 4600 crore.
According to the International Market Analysis Research and Consulting Group (IMARC Group), the real estate market in India is expected to grow as short term growth rate of 9.2% (CAGR) by 2028, with the market size estimated to increase from USD 0.33 trillion in 2024 to USD 1.04 trillion by 2029, representing a CAGR of 25.60% during the forecast period (2024-2029).
M3M India has 56 projects spread across retail, residential, offices, service apartments. All of its projects launched prior to 2019 have already been delivered and the construction is in full swing in the rest of the projects. It has land-bank of 3,000 acres across Gurugram, Noida and Panipat.
Source : ET
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