M3M sells 436 residential plots for Rs 250 cr at Panipat township

Realty firm M3M India on Friday said it has sold 436 residential plots for around Rs 250 crore in its township project at Panipat amid strong demand.

In December last year, M3M India had acquired a 350-acre land in Panipat, Haryana for Rs 1,500 crore. The company will further invest Rs 1,200 crore to develop an integrated township.

In a statement, M3M India said it has launched Phase-I of its first plotted-development project -- M3M City of Dreams -- at Panipat.

In the first phase comprising 50 acre, the company said it has launched 900 plots, ranging from 140 to 180 square yards, with sales value of Rs 600 crore.

Out of this, 436 plots have already been sold, with an overall sales value of Rs 250 crore.

In the overall township, the company will have a total of 2,100 plots, ranging from 140 to 1,000 square yards, and a retail space of 1.45 million square feet.

M3M said it will launch 8-10 ultra-luxury residential and commercial projects with an overall saleable space of about 14-15 million square feet this fiscal.