M3M Jewel Shop for Sale, Sector 25 MG Road Gurgaon

A retail shop for sale in M3M Jewel Sector 25 MG Road Gurgaon starts at about Rs 1.39 crore for 143 sq ft. Divide one by the other before you do anything else: that is about Rs 97,200 per square foot, which is a prime high-street retail rate.

The building publishes its own rent card, so the yield on that price is arithmetic rather than a projection — and it is a different number on every floor. Ground-floor units let at Rs 500 per sq ft a month, first floor at Rs 300, second floor at Rs 250. That is the whole investment case, and almost nobody puts the two lists side by side.

The sum, floor by floor

Read the right-hand column. The 5 to 8 per cent yield quoted around this project is a ground-floor number, and it is defensible there — 6.2 per cent gross on prime MG Road retail is a fair figure. Two floors up, on the same price per square foot, the same investment returns about half that.

So the only question that matters is whether the price per square foot falls as far as the rent does. If a second-floor unit is sold at the ground-floor rate, the buyer is paying ground-floor money for half the income. Ask for the floor-wise price list, in writing, before you look at a single unit. A seller who will not produce one has answered the question.

The registration, and the name on it

M3M Jewel is registered with the Haryana Real Estate Regulatory Authority as RC/REP/HARERA/GGM/635/367/2022/110, dated 28 November 2022. That is worth having, and it is worth reading closely, because the promoter named on the registration is Lekh Buildtech Private Limited rather than M3M itself.

This is normal for this developer and it is not a warning sign on its own — M3M is the brand, the special-purpose company is the promoter. It matters because that is the entity that owes you the unit. Check that the name on the registration, on your allotment letter and on the eventual conveyance are the same name, and that the person selling to you is entitled to sell.

The quote that cannot be right

Some pages circulating for this project show about Rs 15,500 per sq ft. Test it against the building's own rent: at Rs 500 per sq ft a month, or Rs 6,000 a year, Rs 15,500 a foot would be a gross yield of nearly 39 per cent. No retail market anywhere pays that.

So the figure is not this retail stock. It is either the office floors in the same development, which are a different product at a different price, or a different basis altogether. When a quote arrives, ask which product and which floor it belongs to before you compare it with anything.

What 143 square feet actually is

It is a kiosk. Enough for a counter, a display and a person; not enough for a stockroom behind the shopfront. That is a perfectly good asset — single-product brands, service counters and food kiosks take exactly this — but it is a narrower resale market than a conventional shop. When you come to sell, you need one buyer who wants that exact frontage on that exact floor, and there are fewer of them than there are buyers for a 500 sq ft unit.

Price the illiquidity in. A 6.2 per cent gross yield that takes eight months to exit is not the same asset as a 6.2 per cent gross yield that takes eight weeks.

What to verify before you buy

• The floor-wise price list — the single most important document here.
• The rent actually being achieved on your floor, not the card rate.
• The occupation certificate for that floor. In a mixed retail, food court and office development, floors are often certified at different times, and some listings still describe this project as under construction while the market treats it as delivered.
• The HARERA registration certificate and the promoter entity's name on your paperwork.
• Any assured return, in full. It is a contract with the seller, not a property right, and it ends when the contract says it does.

Our view

The developer has published enough here for a buyer to do the arithmetic, which is more than most projects on this road offer. The arithmetic says: ground floor at about Rs 97,200 a foot against Rs 500 a month is roughly 6.2 per cent gross, a fair prime-retail return; the same rate on a second floor letting at Rs 250 is about 3.1 per cent, which is not. The advertised yield belongs to the bottom of the building. Buy the floor rather than the address.

The letting side of the same stock, and what the floor discount is really telling you, is on retail shop for rent in M3M Jewel. For the wider road, see DLF Corporate Park on MG Road, and for another M3M commercial building where the same sum runs differently, office space for sale in M3M Urbana.

Frequently asked questions

What does a shop in M3M Jewel Sector 25 MG Road cost?

From about Rs 1.39 crore for a 143 sq ft unit. Divide one by the other and that is about Rs 97,200 per sq ft, which is a prime high-street retail rate. Ask for the floor-wise price list rather than the entry price: what you pay per foot on the second floor should not be what you pay on the ground.

What yield does that give?

On the ground floor, about 6.2 per cent gross. Ground-floor units in this project let at Rs 500 per sq ft a month, which is Rs 6,000 a year, and Rs 6,000 on Rs 97,200 is 6.17 per cent. That is before maintenance, vacancy, property tax and income tax, so net is materially lower.

Does the same yield hold on the first and second floors?

No, and this is the number that matters most here. The building's own rent card is Rs 500 on the ground, Rs 300 on the first and Rs 250 on the second — 60 and 50 per cent of the ground-floor rent. If an upper-floor unit is sold at the same rate per foot, the yield falls to about 3.7 and 3.1 per cent. Either the price falls in the same proportion as the rent, or the yield halves. Get both figures for your own unit before anything else.

Is M3M Jewel RERA registered?

Yes. It is registered with the Haryana authority as RC/REP/HARERA/GGM/635/367/2022/110, dated 28 November 2022. Note that the promoter named on the registration is Lekh Buildtech Private Limited — M3M is the brand it is marketed under. That is normal for this developer, and it is the name that should appear on your allotment letter and your conveyance.

Why do some listings show about Rs 15,500 per sq ft?

Because that figure is not this retail stock. At the published ground-floor rent of Rs 500 per sq ft a month, Rs 15,500 per sq ft would be a gross yield of nearly 39 per cent, which no retail market pays. It is either the office floors in the same project or a different basis entirely. Ask which product and which floor any quote refers to.

What should I verify before buying here?

The floor-wise price list, the rent actually being achieved on your floor rather than the card rate, the occupation certificate for that floor, the HARERA registration certificate, and the name of the promoter entity on your allotment letter. If an assured return is offered, read who owes it and for how long — it is a contract with the seller, not a feature of the property.