Vasant Square Mall Vasant Kunj: Office Space for Rent

Office space for rent in Vasant Square Mall, Vasant Kunj is quoted at about Rs 120 per sq ft a month, and the tenant of one 1,280 sq ft unit, listed for sale with its lease, pays Rs 150. Those are premium South Delhi numbers. The question this page answers is whether the building behind them is a premium building, and the honest answer is that it is a good address with a weak mall attached — which is unusually good news for a tenant, if you know to use it.

Where Rs 120 sits in Vasant Kunj

So the asking rate sits at the ceiling of the ordinary market and in the middle of the premium one. Read across this site's own research, Rs 120 is above DLF Cyber City's lower band of Rs 135 to Rs 160 only in the sense that it is close to it, and well under Aerocity's Rs 245 for warm shell. For South Delhi with the airport fifteen minutes away, Rs 120 is not an unreasonable ask.

It is an ask, though, and the rest of this page is about why the gap between the ask and the deal is probably wider here than anywhere else in the locality.

The building, and the thing that changed

Vasant Square is a roughly 250,000 sq ft Grade A retail-and-office development by Suncity Projects, at Plot A, Sector B, Pocket V, Community Centre, Vasant Kunj. Offices occupy the upper and lower ground levels above and below the retail. The listed office occupiers are banks — IndusInd, ICICI and State Bank of India among them — which is a real covenant and a genuine point in the building's favour. Suncity's own head office sits in the building at LGF-10, which is worth something too: a landlord who occupies their own asset has a reason to maintain it.

The listings also still name Future Group among the mall's major tenants. That tenant no longer exists. Future Retail, which ran Big Bazaar and Food Bazaar, was admitted to insolvency in July 2022 owing around Rs 17,000 crore, and on 27 July 2024 the NCLT ordered the company liquidated after no resolution plan was approved in time. A liquidator was appointed.

That matters here more than it would elsewhere, because independent accounts of this mall describe it as known mainly for its Big Bazaar. The anchor that brought people through the door has been wound up. Any marketing material still listing Future Group as a tenant is describing a building that no longer exists in that form, and you should ask what has replaced it before you price the footfall into your rent.

The occupancy problem, stated plainly

Vasant Square has struggled for years. Independent accounts describe a mall that has not attracted enough occupancy or crowd, that is still not fully let after many years in business, and where the occupancy on the upper and lower ground floors — the office levels — has specifically not been good. The same accounts report broken tiles and flooring left unreplaced and washrooms where the taps and toilets do not work.

The reason is not mysterious. Three of Delhi's largest and most upmarket malls — DLF Emporio, DLF Promenade and Ambience — all sit on Nelson Mandela Marg in the same locality, together forming one of the biggest retail concentrations in the city. Vasant Square is competing with that, in the same catchment, for the same visitors. It was never going to win, and it has not.

What that means if you are the tenant

A half-empty building with an asking rate at the top of its market is a negotiation, not a price list. Work it that way:

1. Treat Rs 120 as the opening number. A landlord carrying vacancy on the office levels for years has a stronger reason to do a deal than the quote suggests. The Rs 150 an existing tenant pays on a small let unit tells you where the ceiling is, not where you should land.
2. Ask for the rent-free period in months, not as a concept. This is where vacancy actually shows up in an offer. Three months is ordinary; more is available in a building like this.
3. Get maintenance obligations written down. Given the reported state of the common areas, agree what the landlord will fix, by when, and what happens if they do not. Do not accept a maintenance charge without a defined service.
4. Walk the office floors on a weekday. Count the occupied suites. Whatever the leasing sheet says, the corridor tells you the truth.
5. Ask who the retail anchor is now. If the answer is vague, the footfall you are being sold is historical.
6. Check what the quote includes. Common area maintenance, power backup and parking are usually on top in a mall building, and in one running below capacity the CAM per square foot is spread across fewer tenants — which can make it unusually high.

The same trap catches offices above a mall everywhere. This site found it on Sohna Road too, where office suites over a retail podium let at anywhere from Rs 33 to Rs 70 depending on which level they sit on, with building services provisioned around a mall's day rather than an office's.

That last point is the one most tenants miss. In a mall running at full occupancy the common area cost is shared widely. In one that is not, the same lifts, air conditioning, security and cleaning are paid for by whoever is there. Ask for the actual CAM figure per sq ft per month before you compare this building with anything else.

Who it genuinely suits

This is not a bad place to take an office. It is a badly matched building for a mall, which is a different thing.

• It works for a firm that wants a South Delhi address, airport proximity, and bank neighbours, at a rate it can negotiate hard on.
• It works for small and mid-sized suites — the let 1,280 sq ft unit is the size most professional firms actually take.
• It works if you value parking and access over prestige signalling, since the mall's own under-use means the basement is not fighting you.
• It does not work if your business depends on the retail footfall below you. That footfall is the weakest part of the asset.
• It does not work if you cannot get the maintenance commitments in writing. The reported condition of the common areas is the single most likely source of regret.

One small thing to watch while you search: at least one leasing site files this building under Gurgaon. It is in New Delhi, on the other side of the airport. If an agent's particulars have the city wrong, check what else they have wrong.

Frequently asked questions

What is the office rent in Vasant Square Mall, Vasant Kunj?

About Rs 120 per sq ft a month is the quoted rate for office space in the building, and an existing tenant pays Rs 150 on a 1,280 sq ft unit that is listed for sale with its lease, not offered to let. For context, Vasant Kunj's internal sectors and builder floors run Rs 50 to Rs 120, and its premium zones and mall complexes Rs 90 to Rs 180. So the ask sits at the top of the ordinary market and the middle of the premium one.

Is Rs 120 per sq ft negotiable here?

It should be. Independent accounts describe a mall that has struggled with occupancy for years, with the upper and lower ground office floors specifically named as not well occupied. A landlord carrying long-term vacancy has more reason to deal than the quoted rate implies. Push on the headline rate, and push harder on the rent-free period, which is where vacancy usually shows up in an offer.

What is the condition of the building?

Mixed, and the visitor reviews are blunter than the listings. On the published accounts, The offices are occupied by banks including IndusInd, ICICI and State Bank of India, and the developer Suncity Projects keeps its own head office in the building, which gives them a reason to maintain it. But visitor accounts report broken tiles and flooring left unreplaced and washrooms where the taps and toilets do not work. Walk the floor you are being offered and the common areas serving it before you agree anything.

Is Big Bazaar still the anchor?

No, and any listing that still names Future Group among the major tenants is out of date. Future Retail, which ran Big Bazaar, was admitted to insolvency in July 2022, and on 27 July 2024 the NCLT ordered the company liquidated after no resolution plan was approved within the statutory timeline. Since independent accounts describe this mall as being known mainly for its Big Bazaar, ask what the retail anchor is now before you price footfall into your decision.

Why does the mall struggle when the location is so good?

Competition, in the same catchment. DLF Emporio, DLF Promenade and Ambience all sit on Nelson Mandela Marg in Vasant Kunj and together form one of Delhi's largest and most upmarket retail concentrations. Vasant Square is a 250,000 sq ft mall competing with that. The location is excellent and the retail proposition is not, and those two facts can be true at once.

What should I check about maintenance charges?

Get the actual common area maintenance figure per sq ft per month in writing, and treat it as part of the rent. In a mall running below capacity the same lifts, air conditioning, security and cleaning are paid for by fewer tenants, so CAM per square foot can be higher than in a fuller building. A low headline rent with a high CAM is not a saving.