Time Tower Office for Rent, MG Road Gurgaon

Time Tower is an office building of ground plus ten floors on MG Road at Sector 28, Gurugram, built by Suncity Projects and Dhoot Developers and finished in 2007 and 2008. One leasing site files it as Times Tower, which is the name this page's old row carried; it is the same building. Offices here let at about Rs 150 per sq ft a month, with small furnished suites at about Rs 165. The row printed Rs 150 to Rs 165 and that band holds: this refresh confirms it, adds the arithmetic behind it and gives the building the developer and facts the row left out.

The building

• Ground plus ten floors on about 4 to 5 acres, with floors of about 34,126 sq ft and about 3,75,381 sq ft built up.
• Built by Suncity Projects and Dhoot Developers as a joint venture; completed in June 2007 on one portal and 2008 on another.
• Occupied by foreign company offices: Blaser Swisslube, Brainlab, Bacardi, BNP Paribas Asset Management, Shimizu, Virgin Atlantic, Hitachi, Meltwater, Sennheiser, Pitney Bowes and Daiichi are among the names listed.
• About 100 m from the IFFCO Chowk metro station on one listing and 0.5 km from MG Road metro on another.

The size figures need one check, because two sources disagree. One page describes 14 storeys of about 40,000 sq ft. Another gives ground plus ten floors of 34,126 sq ft and a total of 3,75,381 sq ft. Multiply: 34,126 x 11 is 3,75,386, five square feet from the published total. The second description is internally consistent and the first is not (14 x 40,000 would be 5,60,000 sq ft, far more than any source claims), so this page uses ground plus ten.

What the listings ask, and the rate per sq ft

Two things stand out. First, a furnished 3,100 sq ft office asks the same Rs 150 as a bare 4,000 sq ft office, which means furniture is not being charged for at that size; a tenant taking bare space at Rs 150 should ask why it is not getting the furniture too, or push the bare rate down. Second, the only suite that clearly costs more is the small one: Rs 165 for 1,074 sq ft, a premium of about 10 per cent for a ready office a team can move into in a week. One quote of Rs 180 to Rs 200 turned up in an earlier check and nothing else supports it; read it as a serviced or per-seat price, not the rent for a conventional lease.

What an office here costs a month, all in

One listing gives maintenance of Rs 18 per sq ft a month. Using that and Rs 150 rent:

• 1,000 sq ft: rent 1,000 x 150 = Rs 1,50,000, maintenance 1,000 x 18 = Rs 18,000, total Rs 1,68,000 a month before GST.
• 5,000 sq ft: rent Rs 7,50,000, maintenance Rs 90,000, total Rs 8,40,000 a month before GST.
• A furnished 1,074 sq ft suite at Rs 1.77 lakh plus about Rs 19,300 maintenance comes to about Rs 1.96 lakh a month.

GST at 18 per cent is charged on the rent (Rs 27,000 a month on 1,000 sq ft); a GST-registered tenant recovers it. A company tenant deducts 10 per cent TDS from rent paid. The deposit is not printed on any listing for this building; this site's other MG Road pages treat six to ten months' rent as the local norm, which on 1,000 sq ft is Rs 9 lakh to Rs 15 lakh held by the landlord for the life of the lease. Lock-in and escalation were not published either. Leases on this road commonly run three years locked in with about 15 per cent added every three years, but get the building's actual terms in the draft.

How it compares on MG Road

Time Tower sits at the top of the road with JMD Regent Arcade. The case for paying Rs 25 to Rs 50 more than Salcon Platina or the MGF malls is a single-use office building with large floors, a tenant list of foreign company offices and a short walk to the Yellow Line. The case against is age: the building is close to twenty years old, and a tenant paying top-of-road rent should inspect the lifts, the air-conditioning plant and the washrooms on its own floor before signing. The corridor's other offices are on the MG Road office page and the wider market on the MG Road real estate page.

Buying instead of renting

Offices here also sell with tenants in place. On the Time Tower sale page, pre-leased offices of about 3,250 sq ft ask Rs 7.50 crore to Rs 8.10 crore, about Rs 23,100 to Rs 24,900 per sq ft. At Rs 150 a month that is a gross yield of 7.2 to 7.8 per cent, which is the arithmetic a landlord will have in mind when you negotiate: an owner who bought at Rs 24,000 needs about Rs 140 to earn 7 per cent, so there is room below Rs 150 but not much.

Before you sign

1. The name and the unit: the lease should say Time Tower, MG Road, Sector 28, with floor and unit number, whatever a broker called it.
2. Carpet and super area, both in writing, and which one the rent is charged on.
3. Maintenance: the current rate (one listing says Rs 18) and whether power back-up and after-hours air conditioning are extra.
4. Parking: the number of bays allotted to your unit and the charge for extras.
5. Deposit, lock-in and escalation in the draft, not in an email.
6. Owner and title: offices here are strata-sold, so the landlord may be an investor; check the name on the conveyance deed matches the lessor.
7. The occupation certificate for the building.

Frequently asked questions

What is the office rent in Time Tower, MG Road?

About Rs 150 per sq ft a month for bare or furnished space of 3,000 sq ft and more, and about Rs 165 for a small furnished suite. A 4,000 sq ft unfurnished office asks Rs 150, a 3,100 sq ft furnished office asks Rs 4.65 lakh a month (also Rs 150), and a 1,074 sq ft furnished suite asks Rs 1.77 lakh (Rs 165). One quote of Rs 180 to Rs 200 stands alone and is not the market.

Is Times Tower the same building as Time Tower?

Yes. The building on MG Road at Sector 28 is Time Tower, built by Suncity Projects and Dhoot Developers. A leasing site files it as Times Tower, and portals also call it Suncity Time Tower or Dhoot Time Tower. Make sure the lease names Time Tower, MG Road, Sector 28, and the floor and unit number.

What are the maintenance charges in Time Tower?

One listing gives Rs 18 per sq ft a month. That makes a 1,000 sq ft office about Rs 1,68,000 a month in rent and maintenance before GST. Ask the owner or the maintenance agency for the current rate and what it covers, since power back-up and air conditioning are often billed apart.

What does a 5,000 sq ft office in Time Tower cost a month?

At Rs 150 rent and Rs 18 maintenance, Rs 8,40,000 a month before GST: 5,000 x 150 is Rs 7,50,000 and 5,000 x 18 is Rs 90,000. GST at 18 per cent on the rent adds Rs 1,35,000, which a registered business claims back.

How far is Time Tower from the metro?

Close. One listing puts it about 100 m from the IFFCO Chowk metro station, another about 0.5 km from the MG Road station. Both are Yellow Line stations, so staff coming from Delhi can walk from the train either way.

Which companies have offices in Time Tower?

Tenants named on a coworking page include Blaser Swisslube, Brainlab, Bacardi, BNP Paribas Asset Management, Shimizu, Virgin Atlantic, Hitachi, Meltwater, Sennheiser, Pitney Bowes and Daiichi. It is a building of foreign company India offices, which is part of why it lets at the top of MG Road.

What office sizes can I rent in Time Tower?

Listings found offer about 1,074, 1,800, 1,950, 3,100, 4,000 and 6,500 sq ft, and floors run to about 34,000 sq ft. The smallest suites come furnished at about Rs 165; the larger spaces let at about Rs 150 bare or furnished.