BPTP Park Centra Office for Sale, NH-8 Gurgaon

BPTP Park Centra is a finished IT office complex of about 11 lakh sq ft on 5.1 acres at Jal Vayu Vihar, Sector 30, on NH-48 in Gurugram, opposite the 32nd Milestone. BPTP built it and it has been operating since June 2008: three basements, ground and 11 floors, with retail and a food court. Tenants have included HT Media, Bharti Infratel, Shimizu and Verisign. The row this page replaces printed a single rate of about Rs 17,280 per sq ft; that sits inside the range, but the building has no single rate, and the page never divided a rent by a price.

Priced asks run about Rs 12,400 to Rs 20,400 per sq ft, most between Rs 14,000 and Rs 16,700, on rents of Rs 62 to Rs 100. The let units yield about 5.5 to 6.5 per cent, and three of four listings print exactly what their figures give.

What sellers ask, divided by the area

• A 4,615 sq ft office let at Rs 62, nine-year lease with a three-year lock-in, at Rs 5.72 crore: Rs 12,394 per sq ft; 6.0 per cent, as printed.
• A 900 sq ft office let to an Indian company at Rs 69, nine years, at Rs 1.36 crore: Rs 15,111; 5.5 per cent, as printed.
• A 3,556 sq ft office let to a multinational at Rs 86 at Rs 5.65 crore: Rs 15,889; 6.5 per cent, as printed.
• A 2,947 sq ft office let to a US company at Rs 93.50, Rs 2.75 lakh a month, at Rs 6 crore: Rs 20,360. The listing's headline suggests about 6 per cent; Rs 33 lakh a year over Rs 6 crore is 5.5 per cent.
• Other asks: 3,010 sq ft at Rs 4.92 crore (Rs 16,346), 4,515 sq ft at Rs 6.32 crore (Rs 13,998), 5,387 sq ft at Rs 8.99 crore (Rs 16,688) and 1,500 sq ft at Rs 2.4 crore (Rs 16,000).

So the building trades at about Rs 14,000 to Rs 16,700 for most units, with the rent deciding where a let unit falls. A band of "Rs 1.4 lakh to Rs 11.5 lakh" printed on several broker pages means nothing and should be ignored.

The one-unit page that now folds into this one

This site carried a separate page for a pre-rented office in BPTP Park Centra, with no size, a call-for-price label and a new-launch status. It now folds into this page.

Without a size or a lease it cannot be priced. Any of the priced leases above could be it; ask the seller for the area, tenant and rent, then divide.

The rent, and the yield it produces

Leases on the market pay Rs 62, Rs 69, Rs 86 and Rs 93.50 a month; furnished offices ask Rs 75 to Rs 100, a 2,965 sq ft office Rs 100 and a 3,100 sq ft one Rs 3.1 lakh a month. Maintenance runs Rs 16 to Rs 18. Leases are typically nine years with a three-year lock-in and 15 per cent step-ups every three years.

Divide, and the building's yield is about 5.5 to 6.5 per cent gross. The spread follows the rent: the Rs 62 lease is the cheapest per sq ft and yields 6, the Rs 86 lease yields 6.5, and the Rs 93.50 lease is priced so high that it yields only 5.5. A buyer who wants 6.5 per cent should look for the unit whose rent matches its price, not the dearest tenant name.

How it compares

On MG Road, ABW Tower asks about Rs 18,000 upstairs, Sewa Corporate Park Rs 20,500 to Rs 26,200 let at 5.5 per cent, and DLF Corporate Park Rs 18,400 to Rs 22,600. Emaar Capital Tower asks Rs 26,000 to Rs 30,500. Park Centra, on the highway rather than beside a metro, is cheaper per sq ft than all of them, with a similar yield. More let stock is on the pre-leased property page.

Registration and title

The complex has been operating since 2008, so no RERA number applies; a portal's "RERA approved" label has no number behind it, and one portal's possession date of 2016 is wrong. BPTP publishes no page for Park Centra that a search found; its similarly named Park Central is a housing project in Faridabad. A purchase rests on the conveyance deed, the occupation certificate and the lease.

Who this suits, and who should look elsewhere

A let unit suits an investor who wants a company tenant on a nine-year lease on NH-48 at about 5.5 to 6.5 per cent, from about Rs 1.4 crore. It does not suit a buyer who needs a metro station at the door, about 4 km away, or one who pays the dearest lease without dividing its rent by its price.

Before you pay anything

1. The tower, floor and unit, and the super area.
2. The lease: tenant, rent, start date, lock-in, deposit and step-ups.
3. The arithmetic: rent times twelve over price, against 5.5 to 6.5 per cent.
4. Maintenance: about Rs 16 to Rs 18, and who pays it.
5. The title: the conveyance deed, the occupation certificate and a charge search.

Frequently asked questions

What is the price of office space in BPTP Park Centra?

Priced asks run about Rs 12,400 to Rs 20,400 per sq ft, most between Rs 14,000 and Rs 16,700. A 900 sq ft let office asks Rs 1.36 crore, Rs 15,111; a 3,556 sq ft office let to a multinational Rs 5.65 crore, Rs 15,889; a 4,615 sq ft let office Rs 5.72 crore, Rs 12,394; and a 2,947 sq ft office let to a US company Rs 6 crore, Rs 20,360.

What rent does an office in BPTP Park Centra earn?

About Rs 62 to Rs 100 per sq ft a month, with maintenance of about Rs 16 to Rs 18 on top. Leases on the market pay Rs 62, Rs 69, Rs 86 and Rs 93.50; furnished offices ask Rs 75 to Rs 100.

What is the rental yield on a pre-leased office in BPTP Park Centra?

About 5.5 to 6.5 per cent. Three priced leases yield exactly what they print: 6.0 per cent at Rs 62 on Rs 5.72 crore, 5.5 per cent at Rs 69 on Rs 1.36 crore and 6.5 per cent at Rs 86 on Rs 5.65 crore. The US-tenant unit is quoted near 6 per cent, but Rs 2.75 lakh a month on Rs 6 crore is 5.5.

When was BPTP Park Centra built, and how big is it?

It has been operational since June 2008, on BPTP's own presentation: an IT office complex of about 11 lakh sq ft on 5.1 acres, three basements, ground and 11 floors, with retail and a food court. One portal's possession date of 2016 is wrong, and one listing's 6.4 lakh sq ft conflicts with the rest.

Which companies are in BPTP Park Centra?

Tenants named on listings include HT Media, Bharti Infratel, Shimizu, Verisign, Riya Travel and a business centre. Several leases on the market are to multinationals, including a US company and a Japanese construction firm.

Where is BPTP Park Centra, and how far is the metro?

At Jal Vayu Vihar, Sector 30, on NH-48, the old NH-8, opposite the 32nd Milestone. IFFCO Chowk metro is about 4 km away and Millennium City Centre about 4.3 km, so it is a highway building rather than a metro one.

Does BPTP Park Centra have a RERA number?

No, and none applies: it has been operating since 2008, nine years before Haryana registration began. One portal's 'RERA approved' label has no number behind it. A purchase rests on the conveyance deed, the occupation certificate and the lease.