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First, if the pulley is massless, M vanishes;
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forget it downstairs.
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Cancel m with m and you get a=g;
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that's the correct answer.
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It's just falling down freely.
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Now, I'm going to subject it to another stringent test.
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Suppose I ask you-- Suppose it's got a distance h through which it can fall.
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How fast is the block moving when it hits the ground?
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Just before it hits the ground, what's the velocity?
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So, you have to think about what ideas you'd invoke to do that.
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Is the acceleration constant, first of all?
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Yes? Gentleman in the back said "yes."