Realty firm M3M repays Rs418 crore of debt1 min read . Updated: 18 Apr 2021, 06:26 PM IST
- Post reduction, the company said its debt is currently around Rs1,280 crore
Real estate firm M3M Group on Sunday said it has retired ₹418 crore of debt in the January-March quarter, mainly due to timely collection of receivables of sold inventory.
The company had earlier set a target of repaying ₹200 crore till March 2021 but said “the fast collection of sold receivables enabled the group to pay the existing inventory funding facilities as an advance till December 2021."
Post reduction, the company said its debt is currently around ₹1280 crore.
M3M has delivered around 12 projects in about eight months.
“…We plan to retire the entire existing debt by March 2022. Facilities of Indian bank amounting to ₹51 crore was fully paid during this quarter. M3M has also reduced loan of SBI by ₹104 crore, Punjab National Bank by ₹53 crore, ICICI Bank by ₹50 crore, Oaktree Capital Management by ₹102 crore, Indiabulls Housing Finance by ₹50 crore and ₹8 crore of others," said Pankaj Bansal, director, M3M.
Among other premium projects, M3M is currently developing the luxury residential Trump Tower project in Gurugram.
“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," Bansal added.
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