Realty firm M3M cuts debt by over Rs 400 cr in Jan-Mar quarter

Real estate developer M3M group has reduced its debt by Rs 418 crore during the January-March quarter, as it repaid loans of banks and other financial institutions.

Gurugram-based M3M group's debt has come down to around Rs 1,280 crore from Rs 1,700 crore, its Director Pankaj Bansal said.

He said the company plans to retire the existing debt by March 2022.

Giving details, 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.

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).

The company is currently developing 25 million sq ft of projects with a construction expenditure of Rs 4,500 crore.

M3M is currently executing dozens of residential and commercial projects in the NCR, including the Trump Tower project in Gurgaon.

Bana said It is considering acquiring more land to meet the rising demand for independent floors.