M3M India targets Rs 600-cr revenue from phase-1 of Panipat project

M3M India has launched Phase-I of its first plotted-development project — ‘M3M City of Dreams’ — in Sector 37, Panipat, Haryana. In Phase-I, M3M introduced 900 plots, ranging from 140 to 180 square yards, with a value of Rs 600 crore, out of which 436 plots have already been sold, with overall sales value of Rs 250 crore. The RERA license for phase-I has been achieved for 50 acres.

‘M3M City of Dreams’ has attracted customers and investors primarily from geographical locations from Sonipat to Chandigarh, and from different walks of like, including young millennials & generation-Z, exporters, entrepreneurs, professionals, doctors, lawyers, engineers etc. The weaver’s community of Panipat has also shown immense interest in the said plotted development, as the city itself is recognized as the India’s city of weavers.

According to the company, the project will be launched in multiple phases and once all the phases are commenced, the ‘M3M City of Dreams’ will emerge as a self-sustainable township on a 350-acre land parcel. It will overall have a total of 2100 plots, ranging from 140 to 1000 square yards, a 1.45 million square-feet of retail space and four-clubs having overall 150,000 square-feet of space. It will also have expandable villas, community parks, cycling tracks, clubs, restaurants & cafes, worship spaces, retail space, clinics, schools, cricket arena. Ample space has been kept to develop green belt as part of green-initiative by the company.

Also Read: Buying a new house? Be prepared for these 10 additional expenses

Panipat, being predicted as the next Gurugram by the realty experts, has been seeing influx of funds in real estate, including FDIs. There is also a proposal to construct an ‘Industrial Park’ in and around Panipat for adding to the pace of downstream industries.

‘M3M City of Dreams’ is about 100 kilometre from Indira Gandhi International Airport and is also in close proximity to nearby cities like Ghaziabad, Gurugram, Faridabad, Bahadurgrah, Jhajjar, Palwal – through an eight-lane Eastern Peripheral Expressway. In a radius of about a kilometre, the residents could easily find educational institutions, hospitals, shopping plazas and other recreation & entertainment facilities.

Speaking on the occasion, Sudeep Bhatt, President, M3M India, said, “Developing projects like ‘M3M City of Dreams’ has been in our radar for quite some time now. It is our first plotted development project and our thought is to provide best-of-the-class facilities under one roof to our customers and investors with sustainable development at its core. We are not selling mere plots – but a lifestyle, which Panipat has been always looking forward to, being an admirable, resourceful and economically sound city and encourage sustainable development.”

M3M has an ambitious plan lined-up in FY ’24 with the launching of a combination of about 8-10 ultra-luxury residential and commercial projects with overall saleable space of about 14-15 million square feet.