In a major real estate scam, buyers of M3M India’s Soulitude project in Gurugram’s Sector 89 accuse the company of fraud worth INR 200 crore. One of the largest developers in Delhi-NCR, M3M said it attracted around 300 buyers by offering sweet deals under its “2024 Big Billion Property Sale,” with “Pay 24% and pay nothing till possession.”
The promise was enough to get buyers investing in the high-end Soulitude project, touted as a painstakingly designed abode meant to set a new lifestyle benchmark.
But reality was sharply at variance on that count for the buyers. They are alleging that M3M has been accepting advance payments since 2021 and promised but never came up with it. The project is also reported to have been frozen. This means that the buyers are stuck financially as well as legally.
M3M India’s Soulitude project: People paid lakhs for two units
They claim to have paid lakhs for two units on the assurances of M3M that the property prices were going to increase. The payment of the buyer arrived, with buyers communicating the fact that they received confirmation emails regarding their payment only to be denied later as a contrary message claiming payment records.
Mounting complaints have resulted in public protests with the clients demonstrating and shouting slogans like “M3M Builder chor hai” (M3M Builder is a thief). Despite repeated queries, M3M is reported to have given ambiguous assurances stating that appreciation in prices of the units justifies delaying construction. Buyers also claim that the firm has “eaten” their money and homes and left them with no choice at all.
It brought to the fore M3M’s alleged past history of financial disputes where multiple cases have already been filed against them. Frustrated investors now demand accountability and transparency on how a reputed builder could have allowed such an extensive situation to come to pass.
Also, see: Bengaluru police arrest Axis Bank manager in Rs 97 crore stock market fraud
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