Gurgaon-based real estate firm M3M reduces debt by more than Rs 400 crore in Jan-March quarter
The group had earlier set a target of repaying Rs 200 crores till March 2021 but the fast collection of sold receivables enabled the group to pay the existing inventory funding facilities as an advance till December 2021
Gurgaon-based real estate developer M3M group has retired its debt by Rs 418 crore during the January-March quarter of the financial year 2020-2021 by repaying loans of banks and other financial institutions, the company said.
The group had earlier set a target of repaying Rs 200 crores till March 2021 but the fast collection of sold receivables enabled the group to pay the existing inventory funding facilities as an advance till December 2021.
The present outstanding of the group borrowing stands reduced to around Rs 1,280 crore excluding acquisition funding awaited during the quarter, said Pankaj Bansal, director of the group.
He said the company plans to retire the existing debt by March 2022.
Bansal said the loans of Indian bank amounting to Rs 51 crore was fully paid during the March quarter.
"M3M reduced loan of SBI by Rs 104 crore, PNB Rs 53 crore, ICICI bank Rs 50 crore, Oak Tree by Rs 102 crore, Indiabulls by Rs 50 crore and others Rs 8 crore," he said in a statement.
Bansal said the company has delivered 12 projects in eight months.
M3M Group has committed sales receivables of Rs 6,050 crore. It has over 2,200 acres of land in the national capital region (NCR).
“M3M is confident that constant improvement supported by enhanced receivables and project completions will strengthen the finances of the group in the coming quarters,” he said.
The company is currently developing 25 million sq ft of projects with a construction expenditure of Rs 4,500 crore. These include residential and commercial projects in the NCR, including the Trump Tower project in Gurgaon.