M3M commenced possession at Antalya Hills Phase 1 on 23 March 2026 after receiving its Occupancy Certificate, while Phase 2 remains under construction with a RERA completion target of 30 June 2026. Which phase you are shown is now the first question. Across 33 acres and 2,540 residences, with a stated ticket from about Rs 1.8 crore, net returns run between minus 0.7 and 9.7 percent depending on growth. Published figures for this project diverge by 2.4 times on price and by 22 acres on land, so verify before you transact.
Written by Mansi Joshi, Marketing Intelligence Lead, ZYN33 Investment Desk. Reviewed by Ritesh Arora, Founder, ZYN33 and Strata Capital Holdings, Gurugram. Advising on Gurugram residential capital allocation since 2023, with mandates ranging from Rs 3 Cr to Rs 50 Cr. Published 5 May 2026. Last reviewed 10 September 2026.
Disclosure: ZYN33 distributes residential projects in Gurugram and is paid a transaction fee when a purchase completes, including on projects we discuss with you. We do not give tax advice. This post is general information. Take it to your chartered accountant.
M3M commenced possession at Antalya Hills on 23 March 2026 after receiving the Occupancy Certificate for Phase 1. Phase 2 is still under construction.
So which phase you are being shown is now the first question, because the two are different products. Phase 1 is a delivered asset you can inspect. Phase 2 carries a RERA completion target of 30 June 2026 and the construction risk that goes with it. The honest Antalya Hills investment case turns on that split rather than on a pre-possession discount. Two things make that harder than it should be. Published figures for this project diverge by 2.4 times on entry price and by 22 acres on land area.
Eight things, from M3M's own announcement rather than a listing site. This is the only source on this project carrying the developer's name.
|
Item |
Per M3M's announcement |
|
Status |
Possession commenced 23 March 2026, Occupancy Certificate received for Phase 1 |
|
Phase 2 |
Under construction, RERA completion target 30 June 2026 |
|
Construction start |
18 January 2022 |
|
Land area |
33 acres at the Aravalli foothills |
|
Residences |
2,540 low rise units across 35.1 lakh sq ft |
|
Density |
Four apartments per tower |
|
Development cost |
about Rs 1,520 crore |
|
Current ticket |
from about Rs 1.8 crore |
One line in that announcement matters more than the rest, and it is the developer saying it rather than us. On connectivity, M3M states that road access is strong but public transport options are still developing. It names HUDA City Centre as the nearest major metro station. That is the developer describing its own project, and it settles the metro question below.
Because almost all of them come from channel partner sites rather than the developer, and the spread is wide enough to change a decision.
On land area, M3M states 33 acres. Listing sites variously state 45 and 55. On the Antalya Hills price, published starting figures include Rs 1.0 Cr, Rs 1.29 Cr, Rs 1.77 Cr, Rs 2.10 Cr and Rs 2.42 Cr. M3M's own figure is Rs 1.8 crore onwards. That is a 2.4 times spread on the entry price of a single project.
Some of that is configuration mix and some is stale pages. But it means no figure from a listing site should carry your model. Use the developer's stated ticket, then get the actual quote for the specific unit, then verify against the HARERA filing.
Ask, because for this project both bases circulate and the difference is about a third of effective price.
Reported carpet areas for the 2.5 and 3.5 configurations run roughly 1,193 to 1,534 sq ft. Other sites quote sizes from 1,053 to 1,673 sq ft without stating a basis. A per sq ft rate means nothing until you know which of those it divides into.
Carpet area against super area is the check that makes every other number comparable. HARERA registers carpet. Get the carpet figure from the filing for your specific unit, recompute the rate on it, and compare only on that basis. Quoted around Rs 12,700 per sq ft? Establish whether that divides into a 1,193 sq ft carpet or a 1,673 sq ft super figure. The two produce very different tickets.
Between minus 0.7 and 9.7 percent net over five years, and the downside case is a live outcome rather than a stress test.
Take M3M's stated ticket of Rs 1.8 crore. Stamp duty at 7 percent for a male buyer, plus registration and about 1 percent brokerage, puts roughly Rs 1.95 crore to work. Exit costs run near 3 percent and capital gains take 12.5 percent without indexation plus cess. Rent is netted at a 2 percent gross yield taxed at slab.
|
Case |
Assumed gross growth |
Year 5 value |
Net IRR |
|
Downside, flat market |
0 percent |
Rs 1.80 Cr |
minus 0.7 percent |
|
Base, corridor rate |
5 percent |
Rs 2.30 Cr |
3.8 percent |
|
Upside, sector outperforms |
9 percent |
Rs 2.77 Cr |
7.2 percent |
|
Strong, sustained |
12 percent |
Rs 3.17 Cr |
9.7 percent |
Every growth rate above is an assumption we have chosen and stated, not a forecast. The first row exists because it has to. Dwarka Expressway fringe sectors printed minus 1.2 percent over twelve months, so a flat five years is an outcome this belt has already produced. Any model showing only positive cases with decimal precision is presenting a projection as a promise.
On Naurangpur Road off NH-48, in New Gurugram, with access to the Southern Peripheral Road. It should not be benchmarked against Sohna Road.
Sector 79 New Gurugram is a different micro market from Sohna Road, with different absorption, different employment catchment and different supply. Using a Sohna Road appreciation figure to underwrite a Sector 79 purchase borrows a number from a market the asset is not in.
The right comparables are the New Gurugram belt and the SPR corridor. New Gurgaon flats print about plus 4.8 percent over twelve months at an asking average near Rs 10,950 per sq ft. The portal reported yield is roughly 2 percent. SPR sectors range from minus 1.1 to plus 1.2 percent and yield about 1. Those are the numbers this asset sits between. SPR investment covers the weaker side of that range.
Not on the sanctioned record, and the developer says as much. M3M's own announcement states that public transport options are still developing and names HUDA City Centre as the nearest major metro station.
On the approved network, the Union Cabinet sanctioned the Millennium City Centre to Cyber City corridor in June 2023 at 28.5 km across 27 stations. The Haryana Cabinet revised the project cost to Rs 10,266.54 crore on 18 May 2026, and coverage of that decision publishes no replacement completion date.
Claims that metro confirmation reliably triggers a 15 to 20 percent repricing across Gurgaon corridors circulate widely. We have not been able to source them to named corridors and dated price series, so we are not carrying them. Price the station you can name, at the distance it actually sits.
Yes for low density end use on a seven year view, cautiously as an investment, and no on a pre-possession thesis that no longer exists. Four situations sort it.
Wanting a low rise home with four apartments per tower and Aravalli frontage? Phase 1 delivers that, and the occupancy certificate means you are buying a finished asset rather than a promise. In Phase 2 you are not, so price the construction risk. Buying to let? At roughly 2 percent gross on the corridor, rent is a holding cost offset rather than a return.
Buying for appreciation on a five year view? The base case nets 3.8 percent and the downside is negative, so size the position accordingly. Buying because the entry window is closing? It has closed, and ready to move against under construction prices what that discount was worth. If this is not you, stop here.
Six things, and the first two exist because published data on this project is unreliable.
Get the carpet area for your specific unit from the HARERA Gurugram filing, and recompute the quoted rate on it. Then verify the registration number and completion status at haryanarera.gov.in. Gurugram and Panchkula are separate benches, and sites such as hrera.in and hrera.org.in are not the authority.
Third, get the price from the developer or an authorised channel rather than a listing page, given the 2.4 times spread across published figures. Fourth, establish which phase your unit is in. In Phase 1 inspect the actual unit and delivered common areas rather than a rendering.
Fifth, ask for the last three registered transactions in the project, which now exist because handover has begun. Sixth, check the collector rate for the sector, since duty applies to the higher of your price or that rate.
Anyone buying for rental income at a corridor yield near 2 percent gross, before maintenance, vacancy and slab tax.
Anyone underwriting on a Sohna Road appreciation figure, since this asset sits in New Gurugram off NH-48. Anyone pricing in a metro station that neither the sanctioned record nor the developer supports. Anyone accepting a per sq ft rate without establishing its area basis. And anyone with an exit horizon under five years, given roughly 8 percent in entry costs against a base case of 3.8 percent.
Newly delivered in a mid cycle corridor, which is a specific and unusual position. Cycle Positioning here is post completion, pre stabilisation.
In Phase 1 the construction risk is behind you, which is the single largest change from the pre-possession case. In Phase 2 it is not. What has not happened in either is stabilisation. A resale market forms roughly 18 to 24 months after handover. Until it does, there are few registered comparables inside the project to price against.
The corridor around it is mid cycle. New Gurgaon carries the deepest standing inventory in the city, which supports affordability and caps how fast anything here can move. Our New Gurgaon property market read covers what that means for format choice.
Differently from before, because a delivered asset changes your leverage in both directions.
You can now inspect what you are buying, which is the strongest position a buyer gets. Walk the unit, the common areas and the access road. Check the finish against the specification rather than the brochure.
Against that, the developer's discount for carrying construction risk has gone. With 2,540 residences in the scheme, there is depth of supply on both sides. Take the New Gurgaon corridor average of about Rs 10,950 per sq ft as your floor. Add only the premium you can defend for low density and Aravalli frontage, then set a walk away number.
Data reliability is the first Risk and it is specific to this project. When published land area varies by 22 acres and starting price by 2.4 times, you cannot underwrite from public sources at all.
Absorption is second. 2,540 residences are delivering into a corridor that already carries the deepest inventory in Gurugram. Your resale competes with the developer's remaining stock as well as other owners.
Third, yield offers no floor at about 2 percent gross. Fourth, transport dependency, since the developer itself notes public transport is still developing and road access carries the whole connectivity case.
Not before the project stabilises, which is roughly 18 to 24 months after handover began.
Price based: sell against registered transactions inside the project once enough exist, rather than against corridor averages. Then net out duty already paid, exit costs and capital gains before calling anything a return. The April 2026 Gurugram circle rate revision changes that arithmetic, so model the net figure.
Event based: the trigger here is the developer's remaining inventory clearing, since that removes the competing supply capping your price. Time based: seven to ten years. Below five years, entry costs alone put you behind the base case.
For an end user, yes, and better than before, because you can now inspect what you are buying. For an investor, the arithmetic is thinner than the pre-possession version claimed.
The Antalya Hills investment case rests on a delivered low rise product at four apartments per tower, in a corridor moving at low single digits. Base case nets 3.8 percent and the downside is negative. Verify the carpet area, get the price from the developer rather than a listing page, and benchmark against New Gurugram rather than Sohna Road.
Considering Rs 1.5 Cr to Rs 4 Cr here with a decision due in 60 to 90 days? Send the configuration you are looking at. We return the carpet area from the HARERA Gurugram filing and the rate recomputed on that basis. Registered transactions inside the project and the collector rate floor come with it.
Strata Capital Holdings tracks price band shifts, infrastructure timelines and inventory movement across Gurugram's corridors. ZYN33 brings that into every allocation conversation.
Channel partner and listing sites for the same project, September 2026. Land area is stated variously at 33, 45 and 55 acres and starting price at Rs 1.0 Cr, Rs 1.29 Cr, Rs 1.77 Cr, Rs 2.10 Cr and Rs 2.42 Cr. No figure from these sources is adopted here
Press Information Bureau, Gurugram Metro sanction June 2023 at 28.5 km and 27 stations
Deputy Commissioner Gurugram, public statement on the 2026-27 collector rates: effective 1 April 2026, average increase 15 to 30 percent, about 51 percent of the district unchanged, around 11 percent rising up to 75 percent
All IRR and net return figures are ZYN33 calculations on the assumptions stated in the body. They are illustrative projections, never guaranteed returns
Disclaimer
This article is general information about tax and property mechanics in India. It is not tax advice, investment advice or a recommendation to buy a specific property, and it does not account for your personal circumstances. Rates, thresholds and deadlines change. Verify every figure against the source listed above and take your liquidation plan to a qualified chartered accountant before you sell anything. ZYN33 distributes residential projects in Gurugram and is paid a transaction fee when a purchase completes. We do not act as your tax adviser or your adviser on the equity side.
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