M3M IFC Office Space for Sale, Sector 66 Gurgaon

M3M IFC, the M3M International Financial Centre on Golf Course Extension Road in Sector 66, Gurugram, is a finished two-tower office and retail building registered with the Haryana authority as H-RERA 20 of 2018. Offices for sale come in two kinds. Vacant units sit on a price list of about Rs 20,000 per sq ft, from Rs 1.48 crore for 740 sq ft to Rs 3 crore for 1,500 sq ft. Pre-leased units, sold with a tenant paying Rs 115 to Rs 120 a sq ft a month, ask about Rs 23,000 to Rs 24,000 per sq ft and return about 6 per cent gross. Larger resale spaces run from about Rs 18,500 to Rs 23,600 a foot.

This is now the one M3M IFC sale page on this site. It replaces a 1,104-word row titled M3M IFC Office Space for Sale, Sector 66 Gurgaon, at the address pre-rented-property-for-sale-in-m3m-ifc-gurgaon, whose band of about Rs 17,500 to Rs 20,100 a foot described vacant space but not the let units most investors ask about. It also replaces a short consolidation page at this address that listed this site's seven unit listings, only one of them priced. Those listings, a pre-leased 2,250 sq ft office listed four times, a 4,500 sq ft office and two pre-leased units listed under the short name M3M IFC, all point here. Renting space in the same building is on our M3M IFC office rent page.

M3M IFC office space for sale: the asks with a size

The working is ours. Rs 5.29 crore over 2,300 sq ft is Rs 23,000 a foot. Rs 2,64,500 is exactly 2,300 sq ft at Rs 115, and twelve months of it, Rs 31,74,000, is 6.0 per cent of the price, the return that listing prints, so its figures agree with one another. The 2,275 sq ft unit at Rs 120 pays Rs 2,73,000 a month; set against the Rs 5.46 crore in the same summary it would be Rs 24,000 a foot and 6.0 per cent again. The large spaces at Rs 26 crore to Rs 39.1 crore are between about 11,000 and 21,100 sq ft on any pairing of price and rate, so they are part or whole floors, priced per foot much like the small units.

The price list runs one rate across 740, 1,000 and 1,500 sq ft, so it is a list rather than three deals, and our office space in Sector 66 guide quotes M3M IFC at that Rs 20,000. What the list does not show is the premium a tenant adds: about Rs 3,000 to Rs 4,000 a foot on the let units found.

What the rent makes an office worth

Rents in the building, from our rent page: whole Tower 1 floors at about Rs 95 a sq ft a month warm shell, plus about Rs 20 maintenance; unfurnished smaller space at about Rs 110; and Rs 115 to Rs 120 on units already let. Turning a rent into a price is simple arithmetic: twelve months of rent divided by the return you want.

Read against the asks, the let units are priced to return 6 per cent, and the price list at Rs 20,000 is fair for a buyer who can let at Rs 115 or more and expects about 7 per cent. A 740 sq ft unit bought at Rs 1.48 crore and let at Rs 95 would bring Rs 70,300 a month, Rs 8,43,600 a year, a gross 5.7 per cent; let at Rs 120, it would bring Rs 10,65,600 a year, 7.2 per cent. The vacant unit is the better return only if a tenant is found quickly at the higher rent, and until then it earns nothing while maintenance is still due.

Returns the rents cannot produce

Broker pages for the building print an expected return of up to 8.6 per cent, assured yields of 6 to 10.5 per cent, and in one page's title, a 24 per cent return on a nine-year lease. At a rent of Rs 120 a month, 8.6 per cent needs a price of about Rs 16,744 a foot, 10.5 per cent about Rs 13,714, and 24 per cent about Rs 6,000. No ask found in the building is near any of those. An assured return is a seller's promise, not a lease. Ask for the registered lease deed, the tenant's name and the tax-deduction certificates showing the rent actually paid over the past year, and divide that rent by the price yourself.

Lease terms on the let units

The pre-leased listings describe nine-year leases with 15 per cent escalation every three years and a security deposit of four months' rent; the lock-in is usually five years, and three years on some. The 2,300 sq ft unit's lease began in June 2024 with a three-year lock-in, so the tenant is free to leave from June 2027. If it stays, the rent steps to about Rs 3,04,175 a month from the fourth year and Rs 3,49,801 from the seventh, 6.9 and 7.9 per cent on Rs 5.29 crore. The lock-in end date is the single most important line in any M3M IFC pre-leased office for sale: a unit whose lock-in runs out next year is a vacant office with a deposit attached.

The building, and where sources disagree

Two disagreements matter to a buyer. The completion date is given as December 2023 by project pages and December 2024 by one portal and a leasing listing; only the occupation certificate settles it, and no source read gives its date. A resale of a finished office after that certificate carries no GST, so the certificate is also a tax document. And one broker page describes three towers of 40 floors holding 3,200 units of 800 to 2,500 sq ft, which no other source supports; every other page counts two towers. The M3M IFC brochure is the developer's to hand out, and its floor plans settle unit sizes.

Who is in the building

No tenant list is published. Karya Network runs a coworking centre here, and one pre-leased listing names India Accelerator, also a coworking operator, as a tenant. The lower floors trade as restaurants and a food court. For an investor that cuts both ways: coworking operators take large spaces on long leases, but they sublet by the desk, and a let unit whose tenant is an operator depends on the operator's own occupancy. Ask who the tenant is and how long it has been in the building.

Shops on the lower floors

The developer's retail page gives the ground, first and second floors to shops and restaurants. Broker pages count about 80 shops with a food court on the second floor and quote ground-floor shops from about 1,200 sq ft at Rs 42,500 to Rs 45,000 per sq ft: about Rs 5.1 crore to Rs 5.4 crore for 1,200 sq ft, by our arithmetic. That is about twice the office rate per foot, the usual premium for a ground-floor frontage. M3M's separate 65th Avenue project in Sector 65 sells ground-floor shops at about Rs 35,000 to Rs 45,000 a foot on this site's 65th Avenue page, so IFC's shops sit at the top of that band.

Against Sector 66 and the road

M3M IFC is the dearest office building in Sector 66 to buy, as it is to rent, and the gap is smaller than the rents suggest: it asks about a fifth more than a let Spaze Business Park office while letting for nearly twice as much a foot. What the premium buys is a recent tower, large regular floors and a tenant market that pays Rs 95 to Rs 120. Other sale options on the corridor are on office space for sale on Golf Course Extension Road, M3M's older offices on M3M Urbana Business Park, and let offices across the city on our pre-leased property listings.

The cost of buying one

Haryana stamp duty is charged on the higher of the price and the collector rate. On the Rs 5.29 crore pre-leased office it is about Rs 37.03 lakh in a man's name at 7 per cent, Rs 26.45 lakh in a woman's at 5 per cent and Rs 31.74 lakh jointly at 6 per cent; the registration fee is Rs 50,000, the top of its slab. With the man's duty, the all-in cost is about Rs 5.67 crore and the gross return falls to about 5.6 per cent. On the Rs 1.48 crore price-list unit the duty is Rs 10.36 lakh for a man and Rs 7.40 lakh for a woman. Rent on a commercial office carries 18 per cent GST, which the owner charges once registered and a business tenant usually claims back. The slabs are on our registration charges guide.

Before you pay a token

1. The lease deed, registered, with the tenant's name, the start date, the lock-in end date, the escalation and the deposit held.
2. The rent actually paid: bank credits and the tenant's tax-deduction certificates for the past year.
3. The unit: tower, floor, super and carpet area, and the parking allotted to it.
4. The papers: the tower's occupation certificate and the conveyance deed in the seller's name.
5. Maintenance: who pays the Rs 20 a month, tenant or owner, and whether any arrears are due.
6. The deposit: transferred to you at registration, with the tenant's written acknowledgement.

Our view: M3M IFC sells vacant offices at about Rs 20,000 a foot and let ones at about Rs 23,000 to Rs 24,000, and the let units are priced to the 6 per cent their rents produce, no more. That is a fair, not cheap, price for the newest office tower in Sector 66. The old row's Rs 17,500 to Rs 20,100 band undersold the let units, and the 8.6 to 24 per cent returns on broker pages do not survive the arithmetic. Buy a let unit for its lease, read the lock-in date first, and treat a vacant unit as a bet on finding a Rs 115 tenant.

Frequently asked questions

What is the price of office space for sale in M3M IFC?

Vacant offices are on a price list at about Rs 20,000 per sq ft: 740 sq ft for Rs 1.48 crore, 1,000 sq ft for Rs 2 crore and 1,500 sq ft for Rs 3 crore. A semi-furnished 3,000 sq ft office on the 30th floor asks Rs 5.8 crore, about Rs 19,330 a foot. Offices sold with a tenant ask more, about Rs 23,000 to Rs 24,000 a foot, and large resale spaces run from Rs 18,501 to Rs 23,636 a foot.

What yield does a pre-leased office in M3M IFC give?

About 6 per cent gross on the listings whose figures can be checked. A 2,300 sq ft office let at Rs 115 a sq ft a month pays Rs 2,64,500 a month, Rs 31.74 lakh a year, against an ask of Rs 5.29 crore: 6.0 per cent. After a man's stamp duty and the registration fee it is about 5.6 per cent. Claims of 8.6, 10.5 or 24 per cent would need prices far below any ask found.

Is M3M IFC RERA registered, and who is the promoter?

Yes. The developer's registration line gives H-RERA registration 20 of 2018, dated 2 February 2018, with Gentle Realtors Private Limited and Luminos Builders Private Limited, M3M companies, as promoters. The building is finished: project pages give possession as December 2023 and listings as December 2024. No source read gives the occupation certificate's date, so ask to see it before buying.

What is the full form of IFC in M3M IFC?

International Financial Centre: the full form of IFC in the name. M3M IFC and M3M International Financial Centre, Sector 66, are the same two-tower building on Golf Course Extension Road, and listings use both names, so a search for either finds the same offices. This site's unit listings carried both names too, and they all lead to this page.

How many floors does M3M IFC have?

Leasing listings describe the office tower, Tower 1, as three basements, a ground floor and 40 upper floors, and the second tower as 10 floors. A published list of Gurgaon's tallest buildings gives M3M IFC as 199.3 metres with 44 floors, completed in 2023. The two counts treat floors differently, so check the floor number of any office you are offered against the building's own plan.

Can I buy a shop in M3M IFC?

Yes, on the ground, first and second floors, which the developer's retail page gives over to shops and restaurants. Broker pages count about 80 shops with a food court on the second floor, and quote ground-floor shops from about 1,200 sq ft at Rs 42,500 to Rs 45,000 per sq ft, which makes a 1,200 sq ft shop about Rs 5.1 crore to Rs 5.4 crore by our arithmetic.

Is a pre-rented property for sale in M3M IFC the same as a resale?

It is a resale with a tenant already paying rent. One portal lists 80-plus M3M IFC resales; the pre-rented ones come with a lease deed, a rent of about Rs 115 to Rs 120 a sq ft a month and the tenant's deposit. You pay for the income as well as the space, which is why they ask about Rs 3,000 to Rs 4,000 a foot more than the price list.