Emaar Palm Springs Plaza Office for Sale, Sector 54 Gurgaon

Emaar Palm Springs Plaza is a finished office and retail tower on Golf Course Road in Sector 54, Gurugram, built by Emaar India when it traded as Emaar MGF. It sits beside the developer's Palm Springs homes and about 0.2 km from the Sector 53-54 Rapid Metro station. Retail of about 46,000 sq ft fills the ground and first floors; offices run from the second floor up. The row this page replaces printed about Rs 22,000 to 30,000 per sq ft. The asks found sit inside that band, at about Rs 27,200 per sq ft, and this page shows where the number comes from and what it earns.

What sellers ask, divided by the area

• A 1,100 sq ft office at Rs 2.99 crore: Rs 2,99,00,000 over 1,100 is Rs 27,182 per sq ft.
• A 1,200 sq ft office at Rs 3.26 crore: Rs 27,167 per sq ft.
• A 1,300 sq ft office at Rs 3.54 crore: Rs 27,231 per sq ft.
• A 1,405 sq ft office at Rs 3.82 crore: Rs 27,189 per sq ft.

All four land within Rs 64 of each other, which does not happen with four separate sellers. They read as one broker's rate of about Rs 27,200 multiplied across the sizes on offer. One page also says prices start from Rs 1.25 crore. At Rs 27,200 that buys about 460 sq ft, smaller than the smallest office of about 800 sq ft the building is said to have, so that figure is either a shop or an older price; it is not used. Treat about Rs 27,200 as a single asking rate and expect a real sale to be negotiated from it.

The rent, and the yield it produces

Asking rents found run from about Rs 120 to Rs 165 per sq ft a month: a 920 sq ft fully furnished office at Rs 120 on a broker listing, and a coworking directory quoting offices from Rs 165. Large blocks are on offer too, including about 18,000 sq ft on the fifteenth floor, without a printed rent. No maintenance rate was published.

Now divide. At Rs 120 a month an office earns Rs 1,440 a year per sq ft, which is 5.3 per cent of Rs 27,200. At Rs 165 it earns Rs 1,980, or 7.3 per cent. The Rs 165 figure is a coworking starting rate that usually includes furniture and services, so a bare office should be priced nearer the Rs 120 end. If the owner pays maintenance, the net is lower again.

The building

• Height: a 16-storey tower of about 2,50,000 sq ft built up on one source; three basements, a ground floor and 15 floors on another. Both are printed; the occupation certificate would settle the count.
• Retail: about 46,000 sq ft on the ground and first floors, with Airtel, Vivo, Toni and Guy, Cult and IndusInd Bank among the names on listings.
• Offices: the second to sixteenth floors, in units of about 800 to 3,500 sq ft, and whole floors of about 18,000 sq ft.
• Metro: about 0.2 km from the Sector 53-54 Rapid Metro station.
• Parking: a basement car park, two levels on one source and three on another.
• Registration: no RERA number found; the completion year could not be established.

How it compares on Golf Course Road

• Ocus Technopolis in Sector 54: about Rs 16,500 to Rs 18,000 per sq ft.
• Vatika Towers in Sector 54: about Rs 17,500 to Rs 20,000.
• Vipul Plaza in Sector 54: about Rs 15,500 to Rs 18,400 on pre-leased asks.
• Magnum Global Park in Sector 59: about Rs 18,000 vacant to Rs 27,000 pre-leased.

Palm Springs Plaza asks about Rs 7,000 to Rs 10,000 a foot more than its Sector 54 neighbours. The metro at the door, the Emaar name and a retail base with national brands explain part of that. The rest is an ask, not a sale. A buyer comparing like with like should ask the seller why the unit is worth more than a let office in Vipul Plaza or Vatika Towers, and should want a lease in hand to justify it. The road's wider market is on the Golf Course Road office page, the homes next door on Emaar Palm Springs, and the developer's other work on the Emaar India page.

Who this suits, and who should look elsewhere

It suits an owner-occupier who wants a small office on Golf Course Road beside a metro station and will pay for it, and an investor who can buy a unit with a lease already signed near Rs 120 or above. It does not suit a yield-led investor, who can find more income per rupee in Sector 54 itself, or a buyer who wants to see a registered sale price before paying Rs 27,000 a foot.

Before you pay anything

1. The title: a registered conveyance deed in the seller's name, and a charge search.
2. The occupation certificate for the building and the unit's floor.
3. The area: super and carpet, and the rate on each.
4. Maintenance: the monthly rate, what it covers, and arrears.
5. The lease, if let: tenant, rent, lock-in, escalation and deposit.
6. The arithmetic: rent times twelve over price, net of maintenance.

Looking to lease rather than buy? The Emaar Palm Springs Plaza rent page covers asking rents, maintenance, deposits and lock-ins in the building.

Frequently asked questions

What is the price of office space in Emaar Palm Springs Plaza?

About Rs 27,200 per sq ft on the asks found. A 1,100 sq ft office asks Rs 2.99 crore, 1,200 sq ft Rs 3.26 crore, 1,300 sq ft Rs 3.54 crore and 1,405 sq ft Rs 3.82 crore; each divides to between Rs 27,167 and Rs 27,231. Because all four sit on the same rate, they read as one price multiplied across sizes rather than four separate sellers.

What rent does an office in Palm Springs Plaza earn?

Asks found run from about Rs 120 to Rs 165 per sq ft a month. A 920 sq ft fully furnished office is listed at Rs 120, and a coworking directory gives offices from Rs 165. Maintenance was not published.

What is the rental yield on Palm Springs Plaza offices?

About 5.3 to 7.3 per cent gross. Twelve months of Rs 120 is Rs 1,440, which is 5.3 per cent of Rs 27,200; twelve months of Rs 165 is Rs 1,980, or 7.3 per cent. The Rs 165 figure is a starting rate on a coworking directory and probably includes fit-out, so the lower end is the safer guide for a bare office.

How far is Palm Springs Plaza from the metro?

The nearest station is Sector 53-54 on the Rapid Metro, about 0.2 km away on Golf Course Road, according to a leasing listing. That puts it among the few Golf Course Road office buildings where staff can walk from the metro.

Which companies are in Palm Springs Plaza?

Names on listings include Airtel, Vivo, Toni and Guy, Cult and IndusInd Bank, mostly in the retail floors. Office occupiers on the upper floors were not named in the sources read.

How big is Palm Springs Plaza?

One source gives a 16-storey tower of about 2,50,000 sq ft built up; another gives three basements, a ground floor and 15 floors. Retail of about 46,000 sq ft sits on the ground and first floors, with offices on the second to sixteenth floors in units of about 800 to 3,500 sq ft.

Is Palm Springs Plaza RERA registered?

No registration number was found. The building is finished and let, which is consistent with it predating Haryana's registration regime, but its completion year could not be established in this research. A buyer should rely on the conveyance deed and the occupation certificate.