M3M India to Reduce Debt By About Rs 500 Crore
M3M India is looking to reduce its debt by nearly Rs 500 crore by the end of financial year 2021-2022, informed Pankaj Bansal, Director of the company. “M3M India has delivered ten key residential and commercial projects in the last six months. It is also aggressively working towards reducing the debt liabilities.
The company has repaid a loan of Rs 418 crore in Q4 FY21 ahead of its target of 400 crore. It is confident of clearing the balance liabilities by March 2022. We are looking forward to reducing our debt by nearly Rs 500 crore by the end of FY 2022,” said Bansal.
The company recently launched M3M Soulitude project situated in sector 89, Gurugram which will offer 2 and 3 BHK accommodation, with an average size of 1,100 sq ft and 1,400 sq ft respectively. These units are priced between Rs 70-90 lakh. “Within the first week itself we have crossed Rs 1,000 crore sales. The company aims to deliver the project by 2023,” he added.
In the last six months, April-September 2021, the company claims to have clocked sales of Rs 3,034 crore which includes under-construction residential sales of Rs 1,450 crore, under-construction commercial sales of Rs 835 crore and delivered projects sales of Rs 749 crore.