M3M Capital Walk resale

M3M Capital Walk is in Sector 113, Gurugram, on the Dwarka Expressway. M3M's own project list files it as ongoing — it is under construction, there is no trading shop here, and nobody can show you a footfall.

Before anything else, two things about this project that are not obvious from a listing and that change how you should read every number you are shown.

It is not a standalone scheme

M3M Capital Walk is the retail and commercial component of M3M Capital, the larger mixed-use development in Sector 113 — not a separate mall on its own land. Part of the retail sits beneath residential towers.

This is not a criticism. It is a fact with consequences you should price in:

• The acreage quoted to you is probably not the retail footprint. Figures in circulation describe the whole registered phase — residential towers, club and all. Ask what the retail area actually is, and on what basis it is measured.
• Your footfall depends on the residential delivery. Retail attached to a residential development trades on the residents who move in. If the towers are not occupied, the shops have no customers, whatever the render shows.
• Maintenance and access are shared with a larger scheme, which affects who your CAM is paid to and what you control.

M3M describes a strip-mall-style layout with a large number of shops and a long frontage, with double-height showrooms, food and beverage and entertainment space; the registration material describes retail across several levels.

Who you would actually be contracting with

The developer's own brochure states that the promoter is a separately named company, and goes further: it says the use of the word M3M should not be taken to mean that M3M India Pvt. Ltd. is the promoter or developer.

That is the developer's own disclaimer, not our characterisation. The company on your allotment letter is the company you have a contract with. It decides who issues your no-objection certificate, whose transfer schedule applies, and who you would be pursuing if something went wrong. Read the allotment letter for the entity name, and check it on the HARERA portal.

Under construction, and the dates have already passed

Every completion date we can find quoted for M3M Capital Walk on third-party listing sites is now in the past, and the developer still lists the project as ongoing.

We are not going to guess at a new one. Get the declared completion date from the HARERA registration, which is public, and compare it with what you can see standing on the site. That comparison is worth more than anyone's assurance, ours included.

Do not accept a possession date from a listing, a brochure or a broker. Take it from the registration, and then go and look.

Assured returns: what actually transfers

Read this carefully, because it is the part that costs people money.

First, a correction to something widely repeated: assured returns are not illegal in India. Where a builder has signed one, real estate regulators have consistently treated it as an enforceable contractual obligation and ordered developers to pay, and the Supreme Court has described assured-return money as having the commercial effect of a borrowing.

But here is the part that matters to you as a resale buyer. An assured return is not a feature of the shop. It lives in a document — a memorandum of understanding, an addendum, or a clause in the buyer's agreement — between the developer and the original allottee. It does not automatically follow the unit to you.

We could find no authority holding that such an obligation passes to a resale buyer as a matter of course. Treat it as transferring only if the underlying document is itself assigned to you and the developer's transfer endorsement covers it, in writing, naming the MoU. If a seller says a unit comes with an assured return, ask to see that endorsement in the new buyer's name.

We publish no return percentage for this project. Nothing in the developer's own material for it claims one.

What the purchase costs beyond the price

GST. Commercial is not residential, and this project raises a specific question. A completed unit sold after its completion certificate or first occupation falls outside GST as a transfer of immovable property; an unfinished one does not. But in a mixed-use development the classification of the project can change which rate applies to a commercial unit. Take the specific unit to a chartered accountant and get the position in writing.

Transfer charges. In an unregistered unit these are set by the developer, not by law, and there is no cap. Get the schedule in writing before you agree a price, and settle who pays.

CAM. Not yet fixed. When it is, expect it billed monthly and calculated on the unit's chargeable or super area rather than carpet. Ask what is being indicated, note the date, and ask whether any return figure you were shown was before or after it.

Stamp duty and registration go to the state when the unit is eventually registered — later, and usually by you.

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