Gurugram-based real estate developer M3M expects Rs 600 crore from phase-1 of M3M City of Dreams in Panipat, the company said in a statement on Friday.
Phase-1 includes 900 plots of 140-180 square yards, with a value of Rs 600 crore. Of this, 436 plots have already been sold for Rs 250 crore. The real estate regulatory authority (RERA) license for phase-I has been achieved for 50 acres.
The firm will launch the project in multiple phases and once all the phases have commenced, the project will emerge as a state-of-the-art self-sustainable township on a 350-acre land-parcel.
It will have 2,100 plots of 140-1,000 square yards, 1.45 million sq ft of retail space and four-clubs having overall 150,000 square-feet of space, it said.
It will also have expandable villas, community parks, cycling tracks, clubs, restaurants & cafes, worship spaces, retail space, clinics, schools, cricket arena.
The project is about 100 km from Indira Gandhi International Airport and in close proximity to nearby cities like Ghaziabad, Gurugram, Faridabad, Bahadurgarh, Jhajjar and Palwal, through the eight-lane Eastern Peripheral Expressway.
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M3M plans to launch a combination of 8-10 ultra-luxury residential and commercial projects in FY24, with an overall saleable space of 14-15 million sq ft.
The developer recorded its highest ever sales of Rs 13,000 crore in FY23, which is 113 per cent beyond the Rs 6,100 crore achieved in FY22.
The company has sold about 10 million sq ft of space in FY23, or 81 per cent more than the FY22 figure of 5.5 million sq ft.
The company has also set a record by selling 6,380 units, both in residential and commercial space, during FY23, which is about 60 per cent higher on YoY basis.
About 70 per cent, or Rs 9,307 crore, of M3M's sales in FY23 came from residential projects, up 131 per cent YoY. Commercial sales rose 78 per cent to Rs 3,693 crore.
The Gurugram-based firm has developed over 50 realty projects, including retail, residential, offices, service apartments etc. and currently is expanding its presence across India.
All of its projects launched prior 2019 have been already delivered and the construction is in full swing in the rest of the projects. The company has about 30 million sq ft of overall space in its portfolio, it said.