Hi ,

M3M is slated to launch it's high end residential project in Sector 67 , Gurgaon by the name of MERINO around July 15,2011. ( Singapore Style Living ) as they have opted to position these apartments

Minimum Ticket Size : 1800 sq ft

Current Rate : 6750 / sq ft less inaugral discount of 650 for few
editions / limited period.

Effective Current Rate : 6100 / sq ft.

Location : Sector 67 , adjacent to Ireo Victory Valley and
between Landmark Commercial.

M3M has huge land bank in Sector 67.
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  • Originally Posted by quixotic
    Hardrock ke naam se muah mein pani aagaya...
    Note to self:-- need to visit hardrock lol


    chalo fir...

    khoob jamega rang jab mil baithenge teen GCx ke punter.. aap .. main.. aur rushil bhai!! :D
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  • Originally Posted by St_Anger
    Lo bhai!! In my good friend, Rushil arorajee's words.. ek aur agni pareeksha dedi M3M ne.. MERLIN gets awarded to L&T.. Good news indeed for all those invested in Golf Estate(Polo Suites& fairway are part of GEst) and Merlin.





    Reading such a huge pref for L&T, I am almost inclined to invest in L&T shares instead !!!!!
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  • M3M management has teken a tough decision. They have cancelled the bookings of a lot of individuals who have not made complete payments till date. A friend of mine had invested in two flats. The broker thru whom they had done is an underwriter and has got even 10% less than the opening price. However, as with most underwriters, they only pay 10% of the booking amount but do not pay any further amount, though they take the amount from the parties and divert it to newer bookings.

    This company has shown the guts to send cancellation letters to all unit holders who have not paid in full, which is about 32 lakhs as of now. even parties who have paid 25 lakhs and only 7 lakhs are balance have been sent cancellation latters.

    This is bound to create ripples in the market and the resale market is bound to get affected. By how much and how soon remains to be seen as both the clients and underwriters have realised that they cannot play on others money now, and they have to play by the rules. One cannot rule out a few legal cases against the builder !

    I feel it will bring in actual investors, the prices may not rise meteorically for the project in between, but the project will get delivered on time as all the stakeholders would want timely completion of the project.

    Kindly comment on this new development !
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  • Originally Posted by zorin111
    M3M management has teken a tough decision. They have cancelled the bookings of a lot of individuals who have not made complete payments till date. A friend of mine had invested in two flats. The broker thru whom they had done is an underwriter and has got even 10% less than the opening price. However, as with most underwriters, they only pay 10% of the booking amount but do not pay any further amount, though they take the amount from the parties and divert it to newer bookings.

    This company has shown the guts to send cancellation letters to all unit holders who have not paid in full, which is about 32 lakhs as of now. even parties who have paid 25 lakhs and only 7 lakhs are balance have been sent cancellation latters.

    This is bound to create ripples in the market and the resale market is bound to get affected. By how much and how soon remains to be seen as both the clients and underwriters have realised that they cannot play on others money now, and they have to play by the rules. One cannot rule out a few legal cases against the builder !

    I feel it will bring in actual investors, the prices may not rise meteorically for the project in between, but the project will get delivered on time as all the stakeholders would want timely completion of the project.

    Kindly comment on this new development !


    Cancellations are a part of the BBA... If you do not pay, the company will eventually cancel the unit.. Infact, The unit I bought was also up for cancellation and probably thats the reason I got it NIL premium, a coupla months back.

    Kindly explain the highlighted sentence, are you trying to suggest that underwriters keep taking money from the buyer and do not deposit it with the builder. I dont think that is the case at all. Lets discuss that, instead of the cancellations as cancelling a unit for non payment of dues even after months of delay, is a standard process with the builders.
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  • So after cancellation, m3m will forfeit the money or refund it to the buyers?
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  • Originally Posted by St_Anger
    Cancellations are a part of the BBA... If you do not pay, the company will eventually cancel the unit.. Infact, The unit I bought was also up for cancellation and probably thats the reason I got it NIL premium, a coupla months back.

    Kindly explain the highlighted sentence, are you trying to suggest that underwriters keep taking money from the buyer and do not deposit it with the builder. I dont think that is the case at all. Lets discuss that, instead of the cancellations as cancelling a unit for non payment of dues even after months of delay, is a standard process with the builders.


    Well, In the specific instance that we are talking about, the broker (underwriter) books the unit in the name of the buyer, but since buyer does not have the inclination to hold the property for a long term, only wants to invest for an year, does not want the hassle of showing it in his books and does not have the White component, so he gets into an arrangement with the underwriter. The underwriter takes the responsibility of assured returns, and fixes a rate of lets say Rs 600/- for 12 months. So the guy doing the booking only pays the initial 10% to the co, rest all is paid to the broker / underwriter in cash and its the responsibility of this broker to pay back the amount agreed to after 12 months, to the buyer. If he is able to sell it above the agreed price, its his profit. If he is not able to sell it at the pre agreed price, he still pays out of his pocket to the buyer. He utilises the money paid by the buyer to book newer units and expand his network. Its basically leveraging using some one else's money.
    So he has been able to honour all his commitments till the time the market is booming. But the moment a slowdown is there, it is bound to go bust, as it has, now !

    The guy that i am talking about has done this three - four times earlier in Jaypee, Noida and the underwriter I am talking about made it real big in Noida in the last three - four years. But he never faced this problem.

    This time, on non payment, he has received the demand draft for the amount already deposited from the co (M3M). Though the underwriter is still saying that as per our agreement I will pay you the amount in full as per our commitment but that time is still 4-5 months away. He is trying to sort out the matter with these people but they are not relenting. The underwriter had 30 booking in M3M as per the buyer. So effectively he owes them 7.5 crores (Approx).

    And they have cancelled all 30 units held by him, and are also not negotiating with him, as of now.
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  • Lets put it this way, it works out better for the developer to cancel bookings on account of non-payment especially after the project has taken off and is selling at a decent premium in the market. They cancel the booking and refund whatever amount was paid to them and then resell it at a higher rate. It works out a lot better for them, so why not. Generally BBA has a clause for deduction of earnest money (10-15%) but at times the developers refund the whole amount that was paid to them to avoid any litigation and easily sell off the unit to someone else at a higher price. This policy has been adopted by many developers in the recent past and it seems to be working well in their favour.
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  • Originally Posted by zorin111
    Well, In the specific instance that we are talking about, the broker (underwriter) books the unit in the name of the buyer, but since buyer does not have the inclination to hold the property for a long term, only wants to invest for an year, does not want the hassle of showing it in his books and does not have the White component, so he gets into an arrangement with the underwriter. The underwriter takes the responsibility of assured returns, and fixes a rate of lets say Rs 600/- for 12 months. So the guy doing the booking only pays the initial 10% to the co, rest all is paid to the broker / underwriter in cash and its the responsibility of this broker to pay back the amount agreed to after 12 months, to the buyer. If he is able to sell it above the agreed price, its his profit. If he is not able to sell it at the pre agreed price, he still pays out of his pocket to the buyer. He utilises the money paid by the buyer to book newer units and expand his network. Its basically leveraging using some one else's money.
    So he has been able to honour all his commitments till the time the market is booming. But the moment a slowdown is there, it is bound to go bust, as it has, now !

    The guy that i am talking about has done this three - four times earlier in Jaypee, Noida and the underwriter I am talking about made it real big in Noida in the last three - four years. But he never faced this problem.

    This time, on non payment, he has received the demand draft for the amount already deposited from the co (M3M). Though the underwriter is still saying that as per our agreement I will pay you the amount in full as per our commitment but that time is still 4-5 months away. He is trying to sort out the matter with these people but they are not relenting. The underwriter had 30 booking in M3M as per the buyer. So effectively he owes them 7.5 crores (Approx).

    And they have cancelled all 30 units held by him, and are also not negotiating with him, as of now.



    Zorinjee!!!

    Thanks for the detailed reply. I know such a system exists but I have never been ( or will be) part of such frivolous shady deals. For me, my peaceful sleep is much more important than any amount of illicit profit. Therefore, I do clear, marketable and fully recorded deals.

    Now, for the people who trust an underwriter with their money in such kinda setup should mentally be prepared to suffer losses as well. I dont know whether the underwriter will pay them from his pocket or not but the first axiom of the great art of gam bling says that you should be able to loose your money. This form of sale/purchase of property is not an investment but a time bound purely speculative gamble. Just as a day trader either books profit or loss by the ending of the day in stocks, similarly, here too the trader should be willing to bear losses by year end( or in this case, earlier). That is a completely different story that he would have been lured by the underwriters or his pubic hair-ish cronies saying "sir!! property mein bhi kabhi loss hota hai??" or " flat pe to hamesha profit aata hai" or " 1000 ka premium deke jaayega sir"


    Another point that I would like to clarify is that RE is developed for an end user for fulfill his domestic wishes, unlike the new age understanding, that RE is developed for making money. So long as the end user is in the loop the business remains profitable for those who develop the property and those who hold it till it gets passed on to its final user. Now, in such a scenario, wherein, 100% of the people are investors, some of whom are speculative traders with nonsensical return expectations and willingness to bear the accrured interest rather than pay the money due,
    1) how do you think the builder( M3M in this case) will raise the money it needs to pay L&T to start construction?

    2) Who's brandname is at stake when the project gets bad mouthed in public and the further projects by the same builder, get poor booking response?

    3) Who will be dragged to the courts/CCI/consumer forums?

    4) Who will have to pay for the comprensation/fines etc for the delayed completion.

    If people do not pay their share in a CLP, further construction is at a risk of getting stalled. M3M has a right to cancel the allotments after sufficient time has elapsed. I am glad that M3M has taken this initiative and cancelled the units of these ultra greedy underwriters who are doing nothing but sucking the blood of the eventual end user. If you intend to be a big player.. make sure your payments are ready within 2--3 months of the final due date.. If you cant do that, buy only as much units as you can afford.. and keep your targets reasonable.. No point in being so greedy!!

    On M3M's part, maybe ( as i am not sure of the sequence of events) sufficient stern warning might not have been given. I think the underwriter should have very clearly known what's coming, if he doesnt pay soon.
    If he did, and choose to ignore it, I would heartily congratulate the management of M3M, for taking a step that would unpopularise them in the dalla community but would definitely get a thumbs up from the long term investor/end user who want to see progress in their holdings.

    Sorry to be sounding like a cynic but such greed can lead to losses and people should know that!!!

    THX :)
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  • Was talking to a broker today.. M3M has revised the fresh booking price to 8500... !!! :-O
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  • Originally Posted by St_Anger
    Was talking to a broker today.. M3M has revised the fresh booking price to 8500... !!! :-O


    Dear St_Anger ji ,

    I intend to invest in 1845 Sft. What shall be the best price I can expect . I understand you got one recently.

    Sharad
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  • Originally Posted by sharadmathur
    Dear St_Anger ji ,

    I intend to invest in 1845 Sft. What shall be the best price I can expect . I understand you got one recently.
    Will you please send PM to me.
    Sharad



    sir.. check ur pm!!
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    1 Comments
    • MontyAnand8 months ago
      Hello Angerji
      What is the current Resale price of 1845 at Merlin?
  • Originally Posted by St_Anger
    sir.. check ur pm!!


    Thanks Anger ji ,

    Sharad
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  • Current price/Payment gone

    Originally Posted by St_Anger
    sir.. check ur pm!!


    There is no discussion on Merlin going around. Any idea on current price? How much payment has gone in it?
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  • GCX has many options.
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