M3M India sells properties worth Rs 3,911 crore in Q1; up 37 percent annually

Realty firm M3M India on Friday reported a 37 per cent increase in sales of residential and commercial properties in the June quarter to Rs 3,911 crore on strong demand. Its sales bookings stood at Rs 2,854 crore in the year-ago period. Out of total sales bookings in the April-June period of the current fiscal, Rs 2,972 crore pertained to the housing segment and Rs 940 crore to commercial properties, the company said in a statement.

During the first quarter of this fiscal, M3M India said the total sales bookings in Gurugram stood at Rs 2,415 crore, while Noida projects contributed Rs 402 crore. Sales of residential plots at Panipat in Haryana were Rs 1,094 crore. Sudeep Bhatt, President, M3M India, said the company has reported "robust growth in our Q1 results for 2024-25, demonstrating our commitment to delivering high-quality real estate solutions".

"With a strong pipeline of ultra-luxury projects lined up for launch in FY25, we are confident of sustaining this momentum and continuing to create value for our stakeholders," Bhatt said.M3M India has 56 projects spread across retail, residential, offices, service apartments etc. The company said all of its projects launched prior to 2019 have already been delivered and the construction is in full swing in the rest of the projects.

It has a land bank of 3,000 acres across Gurugram, Noida and Panipat. According to housing brokerage firm PropTiger, housing sales in Delhi NCR rose 10 per cent in the April-June period this year to 11,065 units from 10,058 units in the previous quarter.