According to the sources, the real estate developer, M3M, has acquired 73 acres of land at Rs 900 crore in Noida, which is currently the largest all-cash deal.
The land parcel in sector 128 and on the expressway was of Kadam Developers, a subsidiary of NCR-based Shipra Group, but it was mortgaged with Indiabulls.
Indiabulls had invited an expression of interest (EOI), and a few developers showed interest because of the location of the land parcel. The deal concluded with M3M buying 100% stakes of Kadam Developers through its subsidiary, Creative Souls Pvt Ltd, for an all-cash payment of Rs 900 crore to Indiabulls, a source said.
The land acquisition marks the entry of M3M in Noida, which has become the favourite destination for investors because of the upcoming infrastructure projects, including airports and Film City.
M3M is also with many stressed developers in Gurgaon to acquire land parcels. In 2020, M3M acquired 25 acres of land parcel at Rs 250 crore in Gurgaon for developing a low-rise housing society.
The company repaid about Rs 1,000 crore in the financial year 2021-22 and plans to clear the remaining liabilities by March 2022.
M3M has 2,200 acres of land in NCR, and it is recently developing 25 million sq ft projects with a Rs 4,500 crore construction outlay.
It has delivered 12 projects in eight months. By easing the burden on operational cash flow, the company will streamline its efforts to deliver a better experience to the customers.
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