Ninex City Mart Office for Rent, Sector 49 Gurgaon

Ninex City Mart is a finished shop-and-office building on main Sohna Road in Sector 49, Gurugram, on about 2.42 acres, built by the Ninex Group. Banks and shops hold the ground floor; a bar, a spa, restaurants and small offices sit above. The row this page replaces printed about Rs 100 to Rs 150 a month for retail and said offices cost less, without a number for them. That is roughly right for retail, and the office number is still missing: no priced rent for an upper-floor office in this building was found. This page shows what the building's lets do earn, what an office should cost by comparison with the towers next door, and what to ask before signing.

What units let for, divided by the area

• A 1,295 sq ft ground-floor unit on the Sohna Road face, let to a nationalised bank at Rs 2,10,000 a month on a 15-year lease: Rs 2,10,000 over 1,295 is Rs 162 per sq ft.
• A 263 sq ft unit let to a government bank at Rs 100 per sq ft: Rs 26,300 a month.
• A furnished corner shop of 1,100 sq ft carpet at Rs 1,50,000 a month: Rs 1,50,000 over 1,100 is Rs 136 per sq ft of carpet. On a super area about a third larger, which is usual, it would be nearer Rs 100.
• A 1,380 sq ft office offered for lease, with no rent printed.

So ground-floor and bank space here lets at about Rs 100 to Rs 162 per sq ft a month. The old row's retail band of Rs 100 to Rs 150 sits inside that, a little low at the top for a bank frontage.

What an upstairs office should cost

An office on the upper floors of a shopping building does not earn a ground-floor rent. The purpose-built office towers next door let at: Spaze iTech Park about Rs 50 to Rs 63; Vatika Business Park about Rs 47 to Rs 70, bare shell near Rs 50; Universal Trade Tower about Rs 60 to Rs 65; ILD Trade Centre about Rs 50 before maintenance; and Omaxe Gurgaon Mall, another shopping building with offices, Rs 33 to Rs 70. An upstairs office in Ninex City Mart should sit in that band. If an owner quotes Rs 100 or more for an upper-floor office, he is quoting the ground floor's rent.

What a 1,000 and a 5,000 sq ft office cost a month

Using the Sohna Road band of Rs 50 to Rs 65 for an office, plus maintenance of about Rs 18 to Rs 22 that nearby towers charge (no figure for this building was found):

The arithmetic: 1,000 times Rs 50 is Rs 50,000, plus 1,000 times Rs 20 is Rs 70,000; at Rs 65 it is Rs 85,000. For 5,000 sq ft, multiply by five. Add GST at 18 per cent where the landlord is registered, and electricity and backup power on meter. A deposit of three to six months' rent is Rs 1.5 lakh to Rs 3 lakh on the 1,000 sq ft office at Rs 50. These are corridor figures applied to this building, not a quote from it.

The building

One portal gives three basements, a ground floor and three upper floors, across six blocks, with floors of about 30,000 sq ft and about 3,50,000 sq ft built up. Those numbers do not reconcile on a simple count, since four above-ground floors of 30,000 sq ft make 1,20,000 sq ft; a tenant taking a large space should measure it and read the lease plan, not the brochure. Office sizes run from about 890 sq ft on the same portal. The same portal names Corona Group alongside Ninex as the party offering space, so check who the lessor actually is.

Tenants found in directories: Scene High Bar on the third floor, a spa on the second floor, an optician in ground-floor shop number 2, and at least two bank branches. Laburnum, a builder selling floors in the sector, runs its office here. For an office tenant that means evening footfall, shared lifts and shared parking with restaurant customers; for a clinic, a training centre or a showroom it can be an advantage.

Getting there

The building is on main Sohna Road, a road-served stretch. The nearest metro, Millennium City Centre on the Yellow Line, is several kilometres north, so staff arrive by car, cab or bus. Parking sits in the basements and is shared with shoppers; ask how many slots come with the space and what an extra slot costs.

Who this suits

It suits a small business that wants a street-facing address with shops and banks below, a clinic or training centre that benefits from footfall, and a firm that wants a few hundred to a couple of thousand sq ft. It does not suit a company that wants a quiet, purpose-built office floor with a reception and dedicated lifts; those are next door in the office towers. The sector's other offices are on the Sector 49 office rent page, and the road's on the Sohna Road office page.

Before you sign

1. The rate: per sq ft of super area or carpet area, and the carpet area measured.
2. The lessor: the name on the conveyance deed, Ninex, Corona or a private owner.
3. Maintenance: the monthly charge, what it covers, and backup power billing.
4. Deposit and lock-in: months of rent held, the lock-in period, and the notice to exit.
5. Escalation: the yearly increase, commonly about 5 per cent, and when it starts.
6. Parking: slots included, and the rate for more.
7. Fit-out and hours: bare shell, warm shell or furnished, a rent-free fit-out period, and the building's hours given the bar upstairs.

Weighing a purchase instead of a lease? The Ninex City Mart sale page sets the asking prices against these rents and works out the yield a buyer would get.

Frequently asked questions

What is the rent for office space in Ninex City Mart?

No priced rent for an upper-floor office in the building was found. The rents found are for bank and shop space: Rs 100 per sq ft a month for a 263 sq ft bank unit, Rs 136 per carpet sq ft for a furnished 1,100 sq ft shop, and Rs 162 for a 1,295 sq ft ground-floor bank unit. Office towers next door on Sohna Road let at about Rs 47 to Rs 70, which is the fair test for an upstairs office here.

What does a ground-floor unit in Ninex City Mart rent for?

A 1,295 sq ft ground-floor unit facing Sohna Road is let to a nationalised bank at Rs 2,10,000 a month on a 15-year lease, which is Rs 162 per sq ft. A furnished corner shop of 1,100 sq ft carpet asks Rs 1,50,000, or Rs 136 per carpet sq ft.

What are the maintenance charges in Ninex City Mart?

No maintenance figure for this building was found. Sohna Road office towers charge about Rs 18 to Rs 22 per sq ft a month on top of rent; ask the owner for the latest maintenance bill and whether power backup and air-conditioning are billed separately.

What deposit and lock-in apply in Ninex City Mart?

No lease terms for an office in the building were found. The one long lease found is a 15-year bank lease. On Sohna Road, a deposit of three to six months' rent, a lock-in of three years and an escalation of about 5 per cent a year are common asks; each is negotiable and should be written into the lease.

Is Ninex City Mart near a metro station?

No. It sits on main Sohna Road in Sector 49; the nearest metro, Millennium City Centre on the Yellow Line, is several kilometres away, so staff arrive by road, cab or bus.

Who are the tenants in Ninex City Mart?

Directory listings place a bar on the third floor, a spa on the second floor, an optician in a ground-floor shop, and at least two bank branches. The builder Laburnum keeps its working office here.

What sizes are available for rent in Ninex City Mart?

Units found range from a 263 sq ft bank unit to a 1,380 sq ft office, and a portal gives office sizes of 890 to 30,000 sq ft. Floors are about 30,000 sq ft on one portal, so a whole-floor user is possible in principle.