NCR-based real estate developer M3M is targeting to become debt-free by March 2022 by paying off Rs 1,700 crore from committed receivables. It is also looking to acquire three land parcels in Gurgaon to cater to the demand of independent floors and would be launching 10,000 such units by the end of this year, top company sources told Moneycontrol.
“We have a strong cash flow which is helping us repay the loans and our target this year will be to clear them by March 2022 and bring down the loans to zero. We would be paying off Rs 1700 crore by March 2022 from committed receivables. We have already repaid Rs 500 crore debt since the lockdown was lifted,” Pankaj Bansal, director, M3M said.
The new growth capital will be the only loan which would be pending on the company’s books and this would be to do with the new three new land parcels that we would be acquiring to build independent floors, he said.
The company is also focused on deliveries and has already completed 10 projects in the last nine months.