Delhi-based real estate company M3M India is planning to expand to new cities. It is investing ₹7,600 crore in 10-odd under-construction projects spread over 200 million sq ft.
The company recorded its highest ever sales of ₹13,000 crore in FY23, up 113 per cent over FY22 ₹6,100 crore.
The majority of its sales, almost 70 per cent, were from residential projects, totalling ₹9,307 crore. Residential projects sales saw a 131 per cent increase year-on-year. In FY22, residential sales totalled ₹4,022 crore.
Commercial sales rose 78 per cent to ₹3,693 crore in FY23; while sales in the year-ago period was ₹2,078 crore.
Around 4,124 residential and 2,257 commercial units were sold in FY23.
M3M India, in a statement said, it has sold about 10 million sq ft of space in FY23, 81 per cent higher than in FY22 at 5.5 million sq ft.
In FY24, 8-10 ultra-luxury projects are lined up for launch across residential and commercial segments in places such as Gurugram, Noida and Panipat. The saleable area is 14-15 million sq ft.
“All projects launched prior to 2019 stand delivered,” the company statement said.