Gurgaon : M3M Soulitude sector 89 buyers accuse builder of unethical practices

Gurgaon : M3M Soulitude sector 89 buyers accuse builder of unethical practices

The investors, predominantly from middle-income households, participated in a 10:90 payment scheme in Nov 2021, anticipating handover of their dream homes. Currently, they assert that M3M has not fulfilled its contractual obligations as the project approaches completion.

GURUGRAM: Homebuyers of M3M Soulitude project in Sector 89 protested against the developer, accusing it of unethical practices and threatening legal action.

The investors, predominantly from middle-income households, participated in a 10:90 payment scheme in Nov 2021, anticipating handover of their dream homes. Currently, they assert that M3M has not fulfilled its contractual obligations as the project approaches completion.

The purchasers indicated that M3M has not provided official documentation, including allotment letters or builder-buyer agreements (BBA), instead issuing only a “comfort letter”. According to buyers, the customer relations management (CRM) department indicated their units were “frozen”, halting formal paperwork. Purchasers report having to accept verbal assurances from CRM staff on future compliance.

With the handover date approaching, M3M has allegedly declined applications for over 300 units without proper justification or legal procedure. Buyers report receiving informal payment requests via WhatsApp calls without official written documentation.

Homebuyers also said M3M has not responded to their emails seeking clarification about payment requirements. They believe the developer has not respected their statutory rights and financial commitments.

Shreya Batra, a buyer, stated, “We tried numerous times to finalise the BBA, paying over 16%, which M3M was supposed to sign under the Rera Act. But the company delayed without explanation.”

Neeraj Mehraniya, another homebuyer, said, “I invested my life savings in this property. Now, after paying over 20% of the cost, I am left with empty promises. M3M ignored all our efforts, and this has become a nightmare for my family.”

The buyers also claimed M3M is attempting to resell cancelled units to original purchasers at 30-40% higher rates or to new clients at Rs 10,000 per sqft, compared to the initial rates of Rs 6,400-7,400 per sqft

The developer did not directly respond to queries sent by TOI. However developer’s media agency said, “M3M has always taken customer-first approach. Some buyers are attempting to blackmail and have not even paid 10% of the booking amount despite repeated reminders. These buyers also do not have their allotment letters.”

News Source:- https://realty.economictimes.indiatimes.com/