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Delhi-NCR based real estate developer M3M India on December 13 said that it will be investing close to ₹1200 crore for developing a 333-acre township in Panipat, Haryana, and is targeting ₹5000 crore in revenue from it.
The company said that it has received the license to develop the M3M City of Dreams township and that it has already sold over 700 plots, worth about Rs. 1100 crore, out of a total of 2100 plots.
“M3M is expecting a topline of ₹5000 crore from this project,” the company said in a statement.
The project is expected to comprise more than 2100 plots, ranging from 140 to 1000 square yards, spread across 400 expandable villas, 3000 uber-luxury floors and 150 farm houses, it said.
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The company has received RERA registration for the entire 333-acre land parcel that it had acquired from Ambience for ₹1,500 crore, including necessary government fees. “The company is investing ₹1,200 crore, towards its development,” M3M said, adding that the total cost, including land price, would touch ₹2,700 crore.
The company is expected to deliver the project in the next 15-18 months.
The township is expected to emerge as a hub for industries, startups and unicorns, and other prominent national and international brands, looking for quality space, it said.
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