Project Review: The MMR 52nd Avenue, situated in the sector 52, Noida. This project is under developing by the MMR Group. It’s a Mall type commercial project. This project consists of commercial retail shops, retail space, Hyper Market, Multiplex, Anchor Stores, Kids play area, Entertainment Zone, Restaurants, Multi-use Studio apartments, Serviced Apartments, Exclusive Medical Clinics, and Office Spaces etc. Shops and office space are available in various sizes.
Possession | Construction Update
This is probably the most uncertain query of the entire project. The MMR 52nd Avenue project was started in the year 2013. The promised date of delivery/possession of the project was set for the month of December 2015. But the project is still under construction. And now the revised possession date of this project is December 2018. The MMR 52nd Avenue may be the delay for more couple of year or even more. The RERA completion/possession date of this project is 31-12-2020 ( RERA Registration No. UPRERAPRJ7156)
As per Location
The MMR 52nd Avenue is situated in the very prime location, of the central Noida, with upcoming sector 52 Noida Metro Station. It is in between the center of several posh residential societies/sectors of the central Noida like the sectors 51, 52, 57,60, 61, 70,71 Noida.
Advantages | Good Factors
The MMR 52nd is a project offering the perfect integration of retail, commercial, hospitality and residential lifestyles in a single compound. The project is appealing not just from a design and concept perspective but the blueprint reveals that it would be functionally attractive too. The project dubbed as “MMR 52nd” will have five different sections to it namely the Hospitality, Business first, Leisure, Entertainment and Domicile.
The MMR 52nd Avenue is very well connected to the multiple transportations and other civic facilities. The upcoming Sector 52 metro station in Noida is the closest to this project.
The Sector 52 and surrounding sectors of this project is high-density population area and the high density is good for commercial investment.
That the MMR 52nd Avenue is the only Mall type project in this area of the sectors like 51, 52, 57, 60, 61, 70, 71 Noida and can cater a huge urban rich residential population of the Central Noida. So it is no doubt that this project has a very good location for investment purpose.
Drawbacks | Bad Factors
As we have seen above, the entire construction of the project MMR 52nd Avenue is planned well and the locality is also chosen well. The drawback here though is the fact that the construction has completely slowed down. With a possession date set in another year’s time, the project has a long way to go for completion. It seems to have already outlived its past expectancy date of completion which has caused a lot of worry in the minds of investors.
There are so many partners in this project and some of the partners are changed or exit from the project. The project MMR 52nd Avenue has been re-launched several times already with new completion target dates and yet there has been no significant progress. There is not much help from the Noida authority as well on this issue.
The investors who have their money into the project are already trying to sell their property and recover their capital. It has been a cumbersome experience for investors who deal with soft launch projects along Noida or any other location along Delhi NCR.
The MMR 52nd Avenue Mall is already delayed more than two years, and now a day’s construction is very slow. It’s only a risk, otherwise, it’s an excellent location.
Maximum Mall or Mall type properties are not the good and safe investment options in the Ghaziabad, Noida and Greater Noida area. The maximum investors who invested in Mall type properties are in 99% loss.
Actually, only a few Malls is running fine in Ghaziabad, Noida and Greater Noida area, like The Shipra Mall, The GIP Mall, The DLF Mall of India etc otherwise all other Mall type properties are the investment of 99% loss.
The construction and possession of this kind of project depend on the sale of shops/space so the project may be the delay.
The Maintenance cost is always high in Mall type properties and after completion possession, investors can face problems in leasing their retail space in this project.
The MMR group has a good market reputation in the real estate industry. He has successfully delivered several residential and commercial projects in Delhi-NCR. The MMR builder has the extremely poor record of completing their real estate projects in the set time frame.
The property MMR 52nd Avenue is best suited if you are willing to hold onto a longer term for returns as it would take a couple of more years (or even more) for completion of the property and the market to appreciate in the locality. As for the location of the property is concerned it is a prime locality with all required amenities located within 3-5 km. And this is subjected to the completion of this project on the set time, next year, which seems fairly uncertain.
It is probably not the right choice of investment for those who are looking for ROI in the next year or so. Given the doubts surrounding the possession date, there may not be a real appreciation of value for resale in a year. In fact, investors who are trying to make a sale of their property in the MMR 52nd Avenue are now struggling to reach their initial investment. Despite having brought their prices down, there aren’t any takers to buy these properties.
These days the developer of the MMR 52nd Avenue, offering many attractive schemes to customers to invest in this property, like the 12% assured return, lease guaranty, and the 50%–50% payment plans etc.
Basically, the assured return & lease guaranty is nothing, the real estate developers sell their low money property at a very higher price and return your hard earned money in the name of the assured return & monthly rent to you in the form of EMI.
Actually, the assured return plan is a trick of fundraising. The Real estate developer sells its non-salable property with a greedy plan on a very higher price, to innocent customers in the name of assured return. They are making you fool.
Price | Lease Price
Right now retail spaces/shops are available in this project the MMR 52nd Avenue, at the price INR Rs 19K per sq ft to INR 28K per sq ft depends on the floor and location, the office space is available at INR Rs 9,500/- per sq ft and the Studio apartment price is INR Rs 10,750/- per sq ft approx, plus other charges.
The price is very high for investment in a Mall type under construction property.
These days developer of the MMR 52nd Avenue, offering many attractive schemes to customers for invests in this property, like the 12% assured return, lease guaranty, and the 50-50 payment plans.
As our experience that builder/project who offer this kind of investment offers are not in the category of secure investment. As our experience most assured return properties are the investment of loss.
After analyzing all above facts that after completion/possession of this project, the investor may get 4% to 5% per annum return. If the builder complete this project in revised time frame.
CPR Ratings * *
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