M3M India set to go debt-free after ₹1,300 cr Indiabulls loan repayment

Real estate developer M3M India has said it's on track to become debt-free after fully repaying a ₹1,300 crore loan taken from Indiabulls by the first quarter of FY26. The loan was availed in November 2022 to acquire and develop its Panipat-based project, M3M City of Dreams. "As of March 31, 2025, the company has repaid ₹1,133 crore, with ₹167 crore remaining, which will be cleared in the coming quarter," according to the company.

Located in Panipat, M3M City of Dreams is the group’s first large-scale project in a Tier-2 city, which spans 337 acres and includes residential plots, independent floors, schools, temples, retail outlets, and open green areas. Possession for Phase 1 has begun, with around 1,100 units handed over, says the company.

The project features a 1.74 million sq. ft. retail space, touted to be one of the largest in North India, and five lifestyle clubs covering 200,000 sq. ft.

Robin Mangla, President, M3M India, said the repayment will make the group debt-free and is part of its strategy to maintain financial discipline and strengthen investor confidence. “This marks an important step in our expansion into Tier-2 cities,” he added.

M3M India has delivered 36 projects and has more than 50 residential, retail, office, and serviced apartment projects across North India. Its total land bank spans around 3,000 acres in Gurugram, Noida, and Panipat.

The Panipat project adds to the company's ongoing push into non-metro regions amid rising demand for organised housing and commercial infrastructure outside of major cities.

Meanwhile, skyrocketing residential prices coupled with geopolitical headwinds have slowed the Indian housing market’s bull run in Q1 2025. Latest ANAROCK data finds that the year's first quarter saw sales drop 28% across the top 7 cities against the same period in 2024. Approx. 93,280 units were sold in Q1 2025 in the top 7 cities, in sharp contrast to all-time high sales of over 1.30 lakh units in Q1 2024.

Delhi-NCR saw new supply increase by a massive 53% over Q1 2024, with 11,120 units launched in Q1 2025 against 7,270 units in Q1 2024. Notably, 70% of the new supply was in the ultra-luxury segment (priced >INR 2.5 crore). Housing prices in Delhi-NCR increased annually by 31% during Q4 2024, the highest rise across major Indian cities on strong sales momentum, particularly in luxury & ultra-luxury segments, according to the Housing Price-tracker report by Colliers, Credai, and Liases Foras.