Real estate developer M3M has repaid Rs 418 crore in Q4 of FY 2020 – 2021 against the target of Rs 200 crore, its director Pankaj Bansal has said. Till December 2020, the company had cleared debt of Rs 500 crore and planned to clear the balance liabilities by March 2022.
The company, which has over 2,200 acres of land in the National Capital Region (NCR), is currently developing 25 million square feet of projects with a construction outlay of Rs 4,500 crore. M3M has delivered 12 projects in eight months and by easing the burden on operational cash flow, the group will streamline its efforts to deliver unparallel experiences to customers.
“Facilities of Indian bank amounting to Rs 51 crore was fully paid during this quarter. M3M has also 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 Rs 8 crores of others,” said Pankaj Bansal, Director, M3M.
After applying the new strategy of retiring debts, the present outstanding of the group borrowing stands reduced to around Rs 1280 crores excluding acquisition funding awaited during the quarter. M3M has committed sales receivables of Rs 6050 crores with an inventory of Rs 6250 crores including Rs 1300 crores of luxury residential Trump Tower project being developed by M3M Group in Gurugram.
“Our growth story is propelled by our trademark enthusiasm and perseverance. Despite market upheavals, we understood buyers’ sentiments and launched innovative campaigns like ‘Unlock Gurugram and ‘Port Your Property’ to grow strength-to-strength. Fresh acquisition funding and construction funding of subsequent launches will continue to remain and will pave the way forward for the next phase of the growth trajectory,” added Bansal.
