Delhi NCR-based real estate developer M3M India plans to invest Rs 2,700 crore in developing a 333-acre township in Haryana's Panipat, with a potential top line of Rs 5,000 crore, according to the company. The firm has obtained a license to develop the 'M3M City of Dreams' township in Panipat, Haryana, which will be a plotted development comprising more than 2,100 plots ranging from 140 to 1,000 square yards.
"M3M has received complete RERA registration for the entire 333-acre land parcel that it acquired from Ambience for Rs 1,500 crore, including government charges. The company is investing Rs 1,200 crore in its development, and the total investment is expected to reach Rs 2,700 crore. M3M anticipates a topline revenue of Rs 5,000 crore from this project," the realty firm stated on December 13.
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The 'M3M City of Dreams' township will feature approximately 400 expandable villas, 3,000 uber-luxury floors, and 150 farmhouses. The project will include amenities such as community parks, cycling tracks, restaurants and cafes, retail spaces, schools, temples, and sports facilities, among others.
The company has designated plot sizes for residential units as 300, 500, 750, and 1,000 square yards. Out of a total of 2,100 plots, M3M India has already sold over 700 plots, amounting to about Rs 1,100 crore, as per the company's statement.
Also Read: UPRERA issues notice to M3M over RERA Act violation
M3M aims to deliver this project within the next 15-18 months. Sudeep Bhatt, President of M3M India, stated, "M3M City of Dreams is one of the flagship projects of the company. Besides being a hub for uber-luxury homes, this township will also serve as a central point for industries, start-ups, and other prominent national and international brands."
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