NEO Square Sector 109 Gurgaon

Updated 4 October 2026.

In short: NEO Square is a finished commercial building on the Dwarka Expressway in Sector 109, Gurgaon: shops and a hypermarket on the lower floors, a food court and restaurants above them, office floors on top and an eight-screen multiplex, on a 3.07-acre plot. NEO Developers announced its occupation certificate in September 2024, so this is a ready building, not a launch. The developer's own pages still sell units with income promises: a food-court unit of 250 sq ft at Rs 9,818 per sq ft (about Rs 24.6 lakh) with a rental guarantee of Rs 90 per sq ft a month, and shops from Rs 32.70 lakh with a "9 per cent lease guarantee for 9 years". The building is real; the guarantees are promises from the developer, and the rest of this page is about telling the two apart.

NEO Square at a glance

Is NEO Square ready to move? The occupation certificate

Yes, on the record that is public. The most recent NEO Square news is the certificate itself: in September 2024 NEO Developers announced that it had received the occupation certificate for NEO Square, and the trade press carried it. An occupation certificate is the state saying the building matches its sanctioned plan and can be occupied, so a unit bought today is a finished unit: no construction risk, and no GST on the purchase price once the certificate covers your floor.

Two things to check on paper. First, the press release talked of phases: about 6 lakh sq ft in phase I, retail from the ground to the third floor (about 1.6 lakh sq ft) and offices from the fifth floor to the seventeenth (about 3 lakh sq ft), in a project it put at 12 lakh sq ft. The developer's own website gives the total built-up area as 3,97,020 sq ft on the same 3.07 acres, and the office block as 2,11,960 sq ft. Both cannot be the sanctioned figure. Twelve lakh sq ft on 3.07 acres (about 1.34 lakh sq ft of land) would be roughly nine times the plot, which only makes sense if basements and parking are counted in. So ask to see the occupation certificate itself, and check that your floor and your unit number are on it. Second, the developer's home page still opens with "ongoing" wording written before completion. Treat the website as marketing and the certificate as the record.

NEO Square price per sq ft, worked out

The developer's pages carry three different prices for three different products, and they should not be averaged into one rate.

All three exclude preferential location charges, the maintenance security deposit, stamp duty and other charges, as the office page says in its own footnote. Brokers quote shops from about Rs 26 lakh, and one prices a 300 sq ft shop at Rs 34.28 lakh, which is about Rs 11,430 per sq ft. Expect a ground-floor shop facing the expressway to cost well above the food-court rate, and an upper-floor unit at or below it.

Against the corridor, these are not high numbers. Office space on the Dwarka Expressway sells at roughly Rs 8,500 to Rs 17,500 per sq ft, as our Dwarka Expressway office guide sets out, and a retail scheme in Sector 102 is selling at about Rs 20,000 per sq ft (see JMS Marine Square). NEO Square's listed rates sit at the lower end of that range. The price is low for a reason worth knowing: commercial units are sold on super area, and in a mall-style building the loading for corridors, atriums, the food court seating and lift lobbies can be 50 per cent or more. Ask for the carpet area of your unit and divide the price by it.

The lease guarantee and assured return: what pays the 9 and 11 per cent

The food-court page promises an "11 per cent assured return" and a "rental guarantee of Rs 90 per sq ft per month". Those are the same number. Rs 90 a month is Rs 1,080 a year per sq ft, and Rs 1,080 is 11 per cent of Rs 9,818. On a 250 sq ft unit that is Rs 22,500 a month, or Rs 2.7 lakh a year. The shop offer works the same way: 9 per cent of Rs 32.70 lakh is about Rs 2.94 lakh a year, roughly Rs 24,500 a month, for nine years.

Three questions decide whether that money is real:

• Who pays it? A guarantee is a promise by the developer. It is only as good as NEO Developers' balance sheet for the length of the promise. A rent paid by a tenant under a registered lease is a different and better thing.
• Is there a lease behind it? In a food court the developer usually leases the whole floor to an operator and pays owners out of that rent. Ask for the operator's lease, its term, its lock-in and its rent per sq ft. If the operator pays less than Rs 90, the developer is topping it up, and that stops when the guarantee ends.
• What happens in year ten? After nine years your income is whatever the unit can let for on its own. A 250 sq ft slice of a food court cannot be let separately, so its value then depends entirely on the operator.

History is a fair warning here. When the 2019 law banning unregulated deposit schemes came in, some Gurgaon developers stopped paying assured returns and argued the law no longer allowed them. Buyers had to fight that out before the authority and the courts. Get the guarantee written into the agreement for sale or a registered lease, not a letter, and value the unit on what a tenant would pay without it. Our pre-leased property listings show what properly leased units look like.

NEO Square RERA, licence and building plan

The developer's site links its registration as HARERA No. 109 of 2017. HRERA Gurugram's project page, as search results summarise it, names the promoter as Neo Developers Pvt Ltd, dates the registration 24 August 2017, places the land in village Pawala Khusrupur, and shows an extension certificate uploaded; the original validity ran to 23 August 2021. The land is licensed under DTCP licence 02 of 2008, dated 15 May 2008, to Shrimaya Buildcon Pvt Ltd and others, with NEO Developers building on it, and the building plans were approved on 16 October 2019. That is a common Gurgaon structure: the landowning companies hold the licence and the developer builds, usually under a collaboration agreement. The 2019 plan approval came two years after the 2017 registration, which points to a revised plan, so read the registration's latest details on the HRERA Gurugram portal: the promoter's name, the sanctioned area, and whether the project has been marked complete. For a NEO Square RERA check, those three lines and the extension's end date matter more than the number. A building with an occupation certificate is past the stage where registration protects a buyer most, but the record is still where complaints against the promoter would show.

NEO Square Sector 109 location, and what is trading there

NEO Square fronts the 150-metre Dwarka Expressway in Sector 109, Gurugram, which is why people also look for it as NEO Square mall Dwarka Expressway. The developer quotes a 1,000 ft frontage shared with the housing around it, and that housing is the point: Sector 109 and its neighbours hold large finished societies, which gives a mall here a walk-in catchment that many expressway commercial plots still lack. Our flats in Sector 109 guide covers the residential side, and our Dwarka Expressway projects page covers the corridor. The developer's distance claims (five minutes to a metro station, five to the airport, ten to Cyber City 2) are marketing; plan on twenty to thirty minutes to the airport at most hours.

On tenants, the developer's pages show a strip of brand logos: KFC, Pizza Hut, Nike, McDonald's, INOX, Sagar, Mochi, Go Colors and a few others. The multiplex is the anchor people know: Google's suggestions for the building include INOX Neo Square Gurgaon, which is how a cinema should work for a mall. Even so, a logo strip is not a tenancy schedule. On the office page the same strip sits under a paragraph of placeholder "Lorem Ipsum" text, which tells you how much care went into it. Before you buy, ask for a list of signed leases with brand, floor, area, start date and lock-in, and walk the building on a weekday evening. The search terms neo square mall photos and neo square photos suggest people want to see this for themselves, which is the right instinct.

Pros and cons

Pros

• Finished building with an occupation certificate announced in September 2024
• Expressway frontage in a sector with large finished housing around it
• Entry tickets from about Rs 24.6 lakh, low for Gurgaon commercial
• Listed rates near the bottom of the Dwarka Expressway's Rs 8,500-17,500 band
• A mixed building, with a multiplex and food court to pull footfall to upper floors

Cons

• The 9 and 11 per cent figures are developer guarantees, not tenant rents
• Built-up area quoted as 3.97 lakh sq ft by the developer and 12 lakh sq ft in its own press release
• Super-area pricing with heavy loading; carpet area not published
• Brand logos on the website are not proof of signed leases
• A food-court slice cannot be let on its own when the guarantee ends

Our view

NEO Square is one of the few finished, certified commercial buildings on this stretch of the Dwarka Expressway, and that alone puts it ahead of the many launch-stage schemes selling the same promises off a brochure. The price per sq ft is reasonable for the corridor. What you should not buy is the guarantee. Price the unit on what a tenant would pay for it without the developer's top-up, ask for the signed leases and the occupation certificate covering your floor, and prefer a unit you could let on your own: an expressway-facing shop or a whole office over a share of the food court. If a seller will show you a registered lease with a named tenant, that unit is worth paying more for.

Frequently asked questions

What is NEO Square Gurgaon?

A finished commercial building by NEO Developers on the Dwarka Expressway in Sector 109, Gurugram, with shops, a hypermarket, a food court, restaurants, offices and a multiplex on 3.07 acres. Its occupation certificate was announced in September 2024.

What is the NEO Square price per sq ft?

The developer lists food-court units at Rs 9,818 per sq ft (250 sq ft, about Rs 24.6 lakh), shops from Rs 32.70 lakh and offices from Rs 8,400 per sq ft on an older page. All exclude charges and stamp duty; ask for the carpet area.

Is NEO Square RERA registered?

Yes, as HARERA No. 109 of 2017, dated 24 August 2017, in the name of Neo Developers Pvt Ltd, with an extension certificate uploaded. The land is under DTCP licence 02 of 2008, held by Shrimaya Buildcon Pvt Ltd and others. Read the extension's end date on the HRERA Gurugram portal.

Does NEO Square offer assured return or lease guarantee?

Its pages offer an 11 per cent assured return on food-court units, paid as Rs 90 per sq ft a month, and a 9 per cent lease guarantee for 9 years on shops. Both are developer promises. Ask for the tenant lease behind them and put the terms in the agreement.

Is NEO Square Sector 109 ready to move?

Yes. NEO Developers announced the occupation certificate in September 2024. Ask to see the certificate and check that your floor and unit are covered by it.

Can I buy NEO Square office space?

Yes. The developer gives the office block as about 2.12 lakh sq ft with more than 80 units of 100 to 10,000 sq ft, on the upper floors with a separate entrance. A whole office you can let on your own is easier to value than a guaranteed food-court share.

What is the NEO Square address?

NEO Square, Sector 109, Dwarka Expressway, Gurugram, Haryana, on the expressway frontage of the sector. The developer markets it as front-facing to the expressway.

Where can I see NEO Square photos?

The developer's website has a construction-updates page and a project gallery. Better still, visit on a weekday evening and see which shops and restaurants are open and busy.

Is there an INOX at NEO Square?

The developer lists an eight-screen multiplex and shows the INOX logo, and people search for INOX Neo Square by name. Confirm the operator, the lease term and whether all screens are running before you count on its footfall.

What do NEO Square reviews say?

We found no owner reviews we could verify. The useful checks are the HRERA Gurugram record for complaints against the promoter, the signed leases in the building, and a weekday evening visit to see which units trade.