M3M 65th Avenue resale

M3M 65th Avenue is in Sector 65, Gurugram, on Golf Course Extension Road. M3M's own project list files it under delivered, and it is trading — shops and restaurants are open, and units here appear in court records as real, mortgaged, operating premises. It is a campus rather than a single building: M3M describes residential towers within the same development.

What is on sale, and from whom

M3M's own material describes M3M 65th Avenue as retail — double-height shops, boulevard cafes, a central plaza. Listings elsewhere also offer offices and studio apartments here. We could not reconcile those with the developer's description, so get it in writing which product your unit is, on which level, and whether it is bare shell.

That single question decides the rest. A ground-floor shop, an upper-floor unit, a food-court position and a studio are four different assets, and their rates per square foot are not comparable numbers.

The multiplex question

Ask this before anything else, because it is the thing most often used to sell an upper-floor unit here.

A multiplex operator publicly signed for screens here in 2022. We can find no evidence a cinema at M3M 65th Avenue ever opened, and it does not appear in current Gurugram cinema listings. As far as we can establish, it is not trading today.

This matters. In a multi-level Indian retail scheme the cinema is what carries people above the ground floor. Without one, upper-level units can sit vacant for years while the ground floor does fine. If a seller's case for an upper-floor unit rests on a cinema, ask for something in writing and price the unit as though it does not exist.

Go on a weekday afternoon and a Saturday evening. Take the escalator up. Count the shutters that are down on the level you are being sold — not on the level with the busy restaurants.

Assured returns and subvention: what the record shows

Read this section slowly.

The developer's current material for this project makes no assured-return or guaranteed-rental claim. But units here were marketed years ago with assured returns attached, and the percentages that circulate differ wildly from one source to the next. We publish none of them.

There is also a matter of public record. A Delhi High Court judgment from January 2023 deals with a unit in this project bought under a subvention arrangement — the buyers paid part, a bank financed the rest, and the developer had undertaken to pay the loan instalments until possession. On the buyers' case those payments stopped, and a criminal complaint followed. The matter was settled, the loan cleared and compensation paid, and the proceedings quashed.

The lesson is the general one: a payment promise attached to a unit is worth the balance sheet behind it, and nothing more. Assured returns are not illegal in India — where a builder signs one, regulators treat it as enforceable and order payment. But the obligation is not a feature of the shop. It lives in an MoU with the original allottee, and we can find no authority saying it automatically follows the unit to a resale buyer. Treat it as transferring only if that document is assigned to you and the developer's endorsement names it.

One more thing before you buy commercial at all. Consumer fora have held that a person acquiring commercial property to earn rental income is not a consumer under consumer protection law. If that is your position, the consumer forum route is likely closed, and your remedies lie with the regulator, in a civil suit, or in arbitration. Take advice on your own facts.

If it comes with a tenant

Read the lease before the listing. The remaining term and the lock-in. Whether the lease survives the sale and whether the tenant must consent. The escalation and when it next bites. Who holds the security deposit. And whether the rent on paper is the rent reaching a bank account — ask for statements, not a rent roll.

On an F&B unit, ask who paid for the fit-out and who owns it when the lease ends. That answer is often worth more than a year's rent.

What the purchase costs beyond the price

CAM. Billed monthly, ordinarily on chargeable or super area rather than carpet, and not published for this scheme. Get the rate in writing from the maintenance agency, ask what it covers, and get a no-dues certificate — arrears attach to the unit, not the seller.

GST. Commercial does not follow residential. A completed unit sold after its occupancy certificate is a transfer of immovable property and is treated differently from a booking in an unfinished building, and GST on rent once you own the unit is a separate question again. Take both to a chartered accountant against the specific unit.

Registry or transfer. A registered deed means an ordinary sale with stamp duty and registration to the state. An unregistered unit goes back through the developer with transfer charges and a no-objection certificate, usually higher on commercial than on a flat. The promoter of record here is a named company rather than M3M India itself — find out which entity signs.

Where we do not hold an answer we say so and go and find it. If anything on this page is wrong, tell us and it is corrected the same day.