New Delhi: A Zee News investigation has alleged large-scale irregularities in a high-value land transaction in Gurugram involving the M3M Group, raising questions about compliance with court orders, auction procedures and the role of intermediary companies.
According to the investigation, the case centres on a 9.26-acre parcel of land located in Sector 62 on Golf Course Extension Road, Gurugram, one of the most premium real estate corridors in the Delhi NCR region. Documents accessed by Zee News claim that the land, valued at approximately Rs 534 crore around a decade ago, was acquired for nearly Rs 300 crore, significantly below its assessed value at the time.
High Court Stay and Auction Process
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Zee News reports that in 2018, the Delhi High Court had imposed a stay on the sale or auction of the land. Despite this, the investigation alleges that the property was subsequently auctioned, allegedly in violation of the court’s order.
The report further claims that the land was auctioned at a price roughly Rs 234 crore lower than its estimated value, and that the buyer was a company linked to the same banking group that conducted the auction. Zee News alleges that this company functioned as a front or “puppet” entity, created and funded to facilitate the transaction.
Role of Front Companies and Financing
According to Zee News, investigation documents detail the flow of funds between multiple entities—identifying which company provided loans, which received them, and which ultimately acquired the land. The channel claims these records suggest a coordinated arrangement designed to secure ownership of the property at a discounted price.
A senior advocate quoted by Zee News stated that the alleged transaction involved not only a violation of the High Court’s directions but also a misuse of the insolvency process, with banks and regulatory systems allegedly being misled.
Value Appreciation and Location Significance
Zee News highlighted that the land’s value has risen sharply since the transaction, with current estimates placing it at nearly Rs 900 crore. The channel pointed to nearby luxury developments—such as the DLF Camellias, where individual penthouses reportedly sell for around Rs 100 crore—to underscore the strategic importance of the location.
M3M Group Yet to Respond
Zee News stated that responses from the M3M Group regarding the allegations were awaited. The channel said it would continue its investigation under its ongoing series titled “Operation Real Loot”, promising further disclosures based on documents and official records.
The matter underscores broader concerns around transparency in high-value real estate transactions and the enforcement of judicial orders in urban land deals, particularly in rapidly developing regions such as Gurugram.
