M3M posts 37 pc jump in Q1 sales as housing demand firms up
New Delhi: Real estate company M3M India has reported a 37 per cent increase in sales of residential and commercial properties in the April-June quarter to Rs 3,911 crore on the back of higher demand for residential property.
Its sales bookings stood at Rs 2,854 crore in the same period last year.
The company said in a statement that out of total sales bookings in the April-June period of the current financial year, Rs 2,972 crore pertained to the housing segment and Rs 940 crore to commercial properties.
M3M India said the total sales bookings in Gurugram stood at Rs 2,415 crore, while Noida projects contributed Rs 402 crore during the first quarter of the financial year, Sales of residential plots at Panipat in Haryana were Rs 1,094 crore during the period.
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, and service apartments, he added,
The company said all of its projects launched before 2019 have already been delivered while construction is in full swing for the other 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 April-June this year to 11,065 units from 10,058 units in the previous quarter.
A real estate consultancy firm Anarock report states that Delhi-NCR collectively saw approximately 32,000 housing units sold in the first half of 2024, of which 45 per cent were luxury homes. Gurugram saw the highest at approximately 10,365 units. Noida posted substantial sales of 8,425 units, 42% of which were luxury homes, while Ghaziabad saw 6,205 units.