Vipul Plaza Office for Rent, Sector 54 Gurgaon

Vipul Plaza is a retail-and-office block of three basements, a ground floor and five upper floors, about 2.1 lakh sq ft on about 3 acres in Suncity, Sector 54, fronting Golf Course Road. Vipul Limited finished it around 2006. Floor plates are about 36,000 sq ft, and the Sector 54 Chowk Rapid Metro station is about 300 metres away. The row this page replaces printed Rs 90 to Rs 110 a month in 492 words and nothing about who pays what. The top of the band holds; the floor was a little low.

Offices let at about Rs 97 to Rs 110 per sq ft a month. The lower figures are what sitting tenants pay; the higher one is what vacant space is offered at.

Where the Rs 97 to Rs 110 comes from

• A 1,730 sq ft suite let to a European housewares brand at Rs 98, on a nine-year lease with a three-year lock-in. Rent: 1,730 x Rs 98 = Rs 1,69,540 a month.
• A 3,000 sq ft office let at Rs 97: 3,000 x Rs 97 = Rs 2,91,000 a month.
• Leasing pages quote Rs 110 for vacant space of up to a full floor, on leases of three to ten years.
• A ground-floor shop lets at about Rs 114. That is a retail rent and is not part of the office range.

The two lease rents come from pre-leased units being offered for sale, which is why their terms are known. Our Vipul Plaza sale page sets out what those units ask and the 6.4 to 7.5 per cent gross yield they return. For a tenant, the useful reading is that sitting leases were signed Rs 12 to Rs 13 below today's quote, so Rs 110 is an opening number, not a floor.

What an office costs a month

All of this is before maintenance, which could not be tied to this building. A furnished listing summarised at Rs 95 plus Rs 21 maintenance came up in the same search, but that result mixed Vipul Plaza with Vipul Square in Sushant Lok, so it is reported here as unverified. If the real figure is near Rs 21, add Rs 21,000 plus GST to the 1,000 sq ft line, and Rs 1.05 lakh plus GST to the 5,000 sq ft line.

Lock-in, deposit and escalation

The one lease described in detail runs nine years with a three-year lock-in. That is the shape to expect: the landlord wants three years of certain rent, and the tenant gets six years of option after that. No deposit or escalation was printed. On a 5,000 sq ft office at Rs 110, each month of deposit is Rs 5.5 lakh, so six months would be Rs 33 lakh held by the landlord without interest. At 15 per cent every three years, Rs 110 becomes Rs 126.5 in year four and about Rs 145 in year seven (126.5 x 1.15 = 145.5). Put both in the term sheet.

The floor plate, and who it suits

A 36,000 sq ft plate in a six-level building is unusual on Golf Course Road, where most towers are narrower and taller. It lets a company of a few hundred people sit on one floor, which saves internal lifts, duplicate pantries and split teams. The same depth means inner desks sit far from windows, so ask to see the light at the core of the floor you are offered. Smaller units exist too: a 912 sq ft furnished office has been listed. Banks and shops take the Golf Course Road frontage.

How Vipul Plaza compares nearby

The four sit within about Rs 13 of each other. What separates them is not the rent but the building: Vipul Plaza offers the largest floor plate and the shortest walk to the Rapid Metro, and is the oldest of the set. Vatika Towers is its neighbour in the same sector. The wider corridor is on the Golf Course Road office page, and the township around the building on the Suncity township page.

Which Vipul building this is

Vipul Limited has at least six commercial buildings in Gurgaon with names that read alike. Vipul Plaza is the one in Suncity, Sector 54, on Golf Course Road. Vipul Square is in Sushant Lok 1, and Vipul Tech Square in Sector 43; listings for both are mixed into searches for this building. A mapping entry calling it "Vipul Orchid Plaza" adds to the confusion. Check the address on every quote.

The case against

• Finished around 2006: services, lifts and facade are of that age.
• No maintenance figure could be tied to the building.
• Deep plates mean inner desks are far from daylight.
• Sitting leases at Rs 97 to Rs 98 show the Rs 110 quote has room in it; a tenant who accepts it unchallenged overpays.
• Listings for three different Vipul buildings are mixed in search results.

Before you sign

1. Address: Vipul Plaza, Suncity, Sector 54, not Vipul Square or Vipul Tech Square.
2. Carpet and super area of the unit, in writing.
3. Maintenance: the rate, what it covers and air-conditioning hours.
4. Deposit, lock-in and escalation in the term sheet; three years' lock-in on nine is the pattern here.
5. Parking: bays per 1,000 sq ft in the two basement levels.
6. Rent-free fit-out months on bare space.

Frequently asked questions

What is the office rent in Vipul Plaza, Sector 54?

About Rs 97 to Rs 110 per sq ft a month. Two offices already let in the building pay Rs 97 and Rs 98, and leasing pages quote Rs 110 for vacant space of up to a full floor. The old row's band of Rs 90 to Rs 110 was close; nothing found supports Rs 90 for office space.

How much does a 1,000 sq ft office in Vipul Plaza cost a month?

At Rs 110, about Rs 1.10 lakh in rent plus Rs 19,800 of GST, so about Rs 1.30 lakh before maintenance. At the Rs 97 that a let office pays, it is Rs 97,000 plus Rs 17,460 of GST, about Rs 1.14 lakh. Maintenance was not published for this building and comes on top.

What are the maintenance charges in Vipul Plaza?

No maintenance figure could be tied to Vipul Plaza. A furnished listing summarised at Rs 95 rent plus Rs 21 maintenance turned up in the same search, but the result mixed Vipul Plaza with Vipul Square, so it is not printed as this building's rate. Ask for the CAM figure, what it covers and the air-conditioning hours.

What lock-in do leases in Vipul Plaza carry?

The one lease described in detail is nine years with a three-year lock-in, at Rs 98, on a 1,730 sq ft suite let to a European housewares brand. Leasing pages say terms run three to ten years. Deposit and escalation were not published.

How far is Vipul Plaza from the metro?

About 300 metres from the Sector 54 Chowk station of the Rapid Metro, which connects to the Yellow Line at Sikanderpur. That is one of the shortest walks to rail of any office building on Golf Course Road.

How big are the floors in Vipul Plaza?

Floor plates are about 36,000 sq ft, in a building of three basements, a ground floor and five upper floors, about 2.1 lakh sq ft in all on about 3 acres. A whole floor at Rs 110 is about Rs 39.6 lakh a month in rent. Units as small as 912 sq ft are also listed.

Is Vipul Plaza the same as Vipul Square or Vipul Tech Square?

No. Vipul Plaza is in Suncity, Sector 54, on Golf Course Road. Vipul Square is in Sushant Lok 1 and Vipul Tech Square in Sector 43. All three are Vipul Limited buildings, and search results often mix their listings, so check the address on every quote.