MVL iPark (MVL iTech Park) Office for Rent, Sector 15 Gurgaon

There is no building in Gurugram called MVL iTech Park. The one people are looking for when they type that is MVL iPark, Sector 15 Part II, Chandan Nagar, just off NH-8 — and office space in it is quoted at about Rs 70 per sq ft a month.

That is the first thing to fix, because a wrong project name is how a tenant ends up comparing quotes for two different buildings, or signing with an agent who is describing a third.

The rent, against the rest of NH-8

Rs 70 is not a number that means much on its own. Here is the same corridor, from the quotes published alongside it:

So iPark sits at the bottom of its own micro-market — above the cheapest tower on the highway, below the average for the junction, and at 70 per cent of what NH-8 as a whole is quoted at. That is a coherent position for the building it is, and it is the single most useful fact a tenant can carry into a negotiation: you are not being offered a discount, you are being offered the rate this address earns.

Read across the rest of this site's own research and the ladder holds. A mixed retail-and-office building on Sohna Road lets at Rs 33 to Rs 70 depending on the floor. A Grade A tower on Golf Course Extension goes for Rs 60 to Rs 80 furnished. The institutional end of the city, DLF Cyber City, sits at Rs 135 to Rs 160. Rs 70 buys you a whole building's address on the highway, not a seat in the estate that sets the city's rate.

The building, honestly

MVL iPark is an IT and ITeS building completed roughly fifteen years ago, on about 3.67 acres in Sector 15 Part II. The specification a tenant actually needs:

• Floor plate of about 23,333 sq ft, which is the number that decides whether your team fits on one level. This is real commercial floor plate, not the small irregular suites you get above a mall.
• Seven levels, described on the records as three basements plus ground plus six.
• Units from about 1,000 sq ft up to around 22,500 sq ft, so effectively anything from a single suite to a full floor.
• Total built-up area is published two ways — about 1.40 lakh sq ft on most readings, 1.60 lakh on another. Twenty thousand square feet of disagreement is roughly a whole floor, so take the leasable area from the lease plan and not from a listing.
• Power backup, covered parking, lifts, CCTV, manned security, and a cafeteria on the terrace.

A building of this age at Rs 70 is the trade being offered. You get a proper floor plate and a highway address; you do not get current-generation services, and the fit-out you inherit will be somebody else's. Walk the floor, look at the AHUs and the toilets, and ask when the lifts were last modernised — those three answers are what separates Rs 70 here from Rs 65 at the tower next door.

The landlord question nobody puts on a listing

MVL iPark was built by MVL Limited, and there is a matter of public record about that company which anybody taking space in one of its buildings should know before they hand over a deposit.

On 19 December 2014, SEBI passed an order against MVL Limited and its directors (order reference WTM/PS/57/CIS/NRO/DEC/2014). The regulator found that money solicited from the public for MVL's India Business Centre project at Gurugram — around Rs 66 crore — with returns assured to investors, amounted to a collective investment scheme run without registration. The directions were to stop collecting money, wind up the schemes, and refund investors with the returns due within three months. The order also restrained the company from disposing of or selling its assets except for the purpose of making those refunds.

Three things to be careful about here. That order concerns a different project, not iPark. It is a regulatory finding on the raising of money, not on the construction or the title of this building. And it is more than a decade old, so its current position is a question for the record rather than an assumption.

But the directions bind the company and its assets, not one project, and that is exactly why it matters to a tenant. A lease is a relationship with a landlord that runs for years, and your deposit is an unsecured amount sitting with them for all of it. So before you sign here, establish in writing who the registered owner of your floor actually is, whether it is the developer or a third party who has already bought the floor, and where your security deposit is held. Ask your lawyer to run a title search rather than accepting a photocopy. None of this is exotic diligence — it is what you would do anyway — but on this particular building it is not optional.

Getting there, and the claim to ignore

The published records disagree about the metro, and one of the readings is simply wrong.

• One listing gives Huda City Centre, about 6.4 km away. That distance is right but the station is not the useful one — it is the far end of the yellow line, on the other side of the city from this address.
• A transit app reports Sikanderpur, a six-minute walk. This is not credible. Sikanderpur is on Mehrauli-Gurgaon Road, a different corridor entirely, and nothing at Sector 15 Part II is a six-minute walk from it. Treat it as a mapping artefact.
• The station that actually serves this address is IFFCO Chowk, on the yellow line, which is what the sector's own area records name.

For a tenant this is not trivia. If a meaningful share of your staff commutes by metro, the difference between a building near IFFCO Chowk and one 6.4 km from Huda City Centre is the difference between a workable commute and a daily auto ride at both ends. Measure it from the actual gate, on a weekday morning, before you decide.

What to settle before you sign

1. Which building. Confirm in writing that the property is MVL iPark, Sector 15 Part II, Chandan Nagar. The name on your enquiry does not exist.
2. Who owns your floor. Developer or a strata buyer — it changes who you negotiate renewals with and who holds your money.
3. Chargeable versus carpet. At a quoted Rs 70, a loading factor of 35 rather than 25 per cent moves your real cost per usable foot by about eight rupees.
4. What Rs 70 includes. Establish whether common area maintenance, power backup charges and parking are inside the rate or on top. On buildings of this vintage they are usually on top.
5. Services beyond office hours. Air conditioning and lift availability at night and at weekends, and what they cost.
6. Escalation and lock-in. Fifteen per cent every three years is the market convention; anything steeper needs a reason.

Frequently asked questions

What is the office rent in MVL iTech Park, Sector 15 Gurgaon?

About Rs 70 per sq ft a month — and the building is properly called MVL iPark, at Sector 15 Part II, Chandan Nagar, off NH-8. There is no separate project called MVL iTech Park, so any quote you receive under that name is for this building or for something else entirely.

Is Rs 70 per sq ft a good rate for this location?

It is the honest rate rather than a bargain. IFFCO Tower A on the same highway is quoted at about Rs 65, office space around IFFCO Chowk at about Rs 80, and NH-8 generally at about Rs 100. MVL iPark sits near the bottom of that range, which is consistent with a building of its age. You are paying for floor plate and an address, not for current-generation specification.

How big are the floors, and what sizes can I take?

The floor plate is about 23,333 sq ft, and units are available from roughly 1,000 sq ft up to around 22,500 sq ft — so a single suite through to a whole floor. Total built-up area is published as about 1.40 lakh sq ft on most records and 1.60 lakh on one, which is a discrepancy of roughly a full floor. Take your leasable area from the lease plan.

Is there anything I should check about the developer?

Yes, and it is the thing the builder reviews online do not mention. SEBI passed an order against MVL Limited and its directors on 19 December 2014, finding that money raised from the public for the company's India Business Centre project in Gurugram — about Rs 66 crore, with returns assured — was an unregistered collective investment scheme. The company was directed to wind the schemes up, refund investors within three months, and not dispose of its assets except to fund those refunds. That order concerns a different project and is over a decade old, but it binds the company, so establish who actually owns the floor you are taking and where your deposit will be held. Ask your lawyer for a title search.

Which metro station serves the building?

The nearest useful station is IFFCO Chowk, on the yellow line. One listing names Huda City Centre as the nearest at 6.4 km, which is the wrong end of the line for this address, and a transit app reports Sikanderpur as a six-minute walk, which is not possible from Sector 15 Part II. Measure the walk from the actual gate before you commit a team to it.

What does the quoted rent leave out?

On a building of this vintage, usually common area maintenance, power backup and parking — each billed separately, and together they can add a meaningful fraction to the headline. Get all of them in the offer letter, per sq ft per month, before you compare this quote with anybody else's.