JMD Megapolis Office for Sale, Sohna Road Gurgaon

JMD Megapolis is a finished IT office building on main Sohna Road in Sector 48, Gurugram, built by the JMD Group and finished around 2013 to 2015. It rises about 13 storeys, with floor plates of close to 1 lakh sq ft, and its occupiers have included Home Town, Yamaha, Pepperfry, Sirion Labs and several bank branches. The row this page replaces printed a band starting under Rs 10,000 per sq ft, without a single ask or rent behind it. The asks now run about Rs 10,100 to Rs 12,000 per sq ft for most units, and the building lets at Rs 50 to Rs 65 a month.

Divided, that is a gross yield of about 7 per cent on the let units, which is what the listings claim and, unusually, what their own figures produce. It is the cheapest office money on Sohna Road for a building of this size, and the rent is why.

What sellers ask, divided by the area

• A 1,421 sq ft furnished unit let at Rs 65 on a ten-year lease from February 2023, three-year lock-in and 15 per cent step-ups, priced at Rs 11,143 per sq ft: 1,421 times Rs 11,143 is Rs 1.58 crore. The same listing's Rs 3.38 crore is that unit plus a 1,617 sq ft one, 3,038 sq ft at the same rate.
• A let unit of about 1,391 to 1,421 sq ft at Rs 60, four-year lock-in, at Rs 1.44 crore: Rs 10,134 to Rs 10,352 per sq ft.
• A 1,000 sq ft office at Rs 1.05 crore: Rs 10,500 per sq ft. Furnished 1,000 sq ft offices ask Rs 1.14 to Rs 1.20 crore, Rs 11,400 to Rs 12,000.
• A 1,100 sq ft office at Rs 1.65 crore: Rs 15,000 per sq ft, the top of the range.
• An 820 sq ft office at Rs 1.20 crore measured on carpet area: Rs 14,634 per sq ft of carpet, which on super area would be much nearer the band.

A portal average of about Rs 14,100 per sq ft sits above most of these asks, and against about Rs 19,600 for Sector 48 as a whole. The average probably mixes carpet-area quotes and the dearer asks. On the listings with a lease attached, the building's rate is about Rs 10,100 to Rs 11,150; vacant offices run to Rs 12,000, and a few asks reach Rs 15,000.

The three one-unit pages that now fold into this one

This site carried three separate pages for offices in JMD Megapolis, all printing price of call and a new-launch status. They now fold into this page.

The 3,440 sq ft unit is very likely the pre-leased 3,442 sq ft office a broker lists in the building without a price. At the Rs 11,143 the priced lease supports, it would be about Rs 3.83 crore; its own rent will decide. The third page gave no size at all, so it cannot be priced. Ask for the area and the lease before ringing about it.

The rent, and the yield it produces

Offices let at about Rs 50 to Rs 65 per sq ft a month. A coworking operator's page quotes Rs 50; the two priced leases pay Rs 60 and Rs 65; a 978 sq ft fully furnished office asks Rs 60 with maintenance of about Rs 20, Rs 19,560 a month on that unit. The same listing prints the rent as Rs 57,680 a month, which is Rs 1,000 short of 978 times Rs 60. A furnished 1,000 sq ft office asks about Rs 58,000.

Now divide. The unit let at Rs 65 earns Rs 780 a year per sq ft: on Rs 11,143 that is 7.0 per cent, exactly what its listing says. The unit let at Rs 60 earns Rs 720: on Rs 10,134 to Rs 10,352 that is 7.0 to 7.1 per cent. A vacant 1,000 sq ft office bought at Rs 1.05 crore and let at Rs 60 would earn 6.9 per cent, and at Rs 1.20 crore 6.0 per cent. Maintenance charges of about Rs 20 are usually the tenant's, but confirm it in the lease; if the landlord pays it, the yield falls by about a third.

How to price a unit here

Price a let unit from its rent: rent divided by yield. At Rs 65 and 7 per cent an office is worth about Rs 11,140 per sq ft, which is the priced lease's ask. At Rs 60 and 7 per cent it is about Rs 10,290. An ask of Rs 15,000 needs a rent of Rs 87.50 to pay 7 per cent, well above anything the building earns, so that ask is paying for a hope rather than a lease.

Compare Sohna Road. Spaze iTech Park, Sector 49 asks about Rs 8,000 to Rs 13,000 and lets at Rs 50 to Rs 63 for about 7 per cent. Raheja Mall on Sohna Road is a retail-led building. The road's office market is on the Sohna Road office page. Megapolis trades in the same band as iTech Park, with the same yield.

How big, how tall, how old

The building's own statistics vary from listing to listing. A consultant's listing gives about 12 lakh sq ft; a data site gives about 9.57 lakh sq ft of permissible built-up area on 10.03 acres; others speak of 11 or 22 acres. Floors are 13 storeys over stilts on one listing and three basements, ground and 12 floors on another, with floor plates near 1 lakh sq ft. The completion year is 2014 on one portal, 2015 on another, and a listing records possession from January 2014. One listing also files it under IT parks and SEZs, but no SEZ notification was found, so this page does not call it one. None of this changes the rate per sq ft. It does mean a quote should name the floor and unit, because a floor here is a very large place.

The builder

JMD Group, led by Sunil Bedi, has built in Gurugram since about 1989 or 1993, the sources differ, and claims more than 3 million sq ft developed. Its other buildings include JMD Pacific Square, JMD Empire Square on MG Road, Regent Square and Regent Plaza, and JMD Galleria on Sohna Road, close to Megapolis. Figures for the group's other buildings are sometimes printed against this one, so check the name and address on every quote.

Registration and title

One data site prints a RERA application number for the project, 660 of 2017. It could not be matched to this building, and a finished office block sold unit by unit normally needs no registration, so it is not printed here as the building's. A purchase rests on the registered conveyance deed, the occupation certificate and the lease in place. One older listing recorded the occupation certificate as pending; ask to see it.

Who this suits, and who should look elsewhere

A let unit suits an investor who wants about 7 per cent gross for Rs 1 to Rs 4 crore, with an established occupier on a long lease. A vacant unit suits an occupier who wants a large floor plate on Sohna Road at a low rate. It does not suit a buyer who needs a metro at the door, or one who pays Rs 15,000 for a unit whose rent supports Rs 11,000. More let stock is on the pre-leased property page.

Before you pay anything

1. The floor and unit, and super or carpet area.
2. The lease: tenant, rent, start date, lock-in, step-ups and who pays the Rs 20 maintenance.
3. The arithmetic: rent times twelve over price, against about 7 per cent.
4. The occupation certificate, which one older listing recorded as pending.
5. The title: the conveyance deed and a charge search.

Frequently asked questions

What is the price of office space in JMD Megapolis?

Most asks run about Rs 10,100 to Rs 12,000 per sq ft. A 1,000 sq ft office asks Rs 1.05 crore, furnished ones Rs 1.14 to Rs 1.20 crore; a 1,421 sq ft unit let at Rs 65 asks Rs 11,143 per sq ft, Rs 1.58 crore; and a let unit of about 1,391 to 1,421 sq ft asks Rs 1.44 crore. A few asks reach Rs 15,000, and a carpet-area quote runs higher still.

What rent does an office in JMD Megapolis earn?

About Rs 50 to Rs 65 per sq ft a month, with maintenance of about Rs 20 on top. One let unit pays Rs 65 on a ten-year lease from February 2023 with 15 per cent step-ups; another pays Rs 60 with a four-year lock-in. A furnished 1,000 sq ft office asks about Rs 58,000 a month.

What is the rental yield on a pre-leased office in JMD Megapolis?

About 7 per cent gross. The unit let at Rs 65 and priced at Rs 11,143 per sq ft earns Rs 780 a year per sq ft, 7.0 per cent, which is what its listing claims. The unit let at Rs 60 for Rs 1.44 crore earns 7.0 to 7.1 per cent. A vacant 1,000 sq ft office at Rs 1.20 crore let at Rs 60 would yield 6.0 per cent.

Where is JMD Megapolis, and what is the nearest metro station?

On main Sohna Road in Sector 48, Gurugram; a few listings print Sector 49. The nearest metro station is Millennium City Centre, the old HUDA City Centre, about 6 to 7.5 km away on the listings' figures. There is no station within walking distance, so staff come by road.

Which companies are in JMD Megapolis?

JMD's own page names Home Town, Yamaha, Pepperfry, Sirion Labs and Bresmed among its occupiers, with branches of Axis Bank, HDFC Bank and a bank it prints as RBI Bank, most likely RBL. A tenant name on a listing is worth checking against the lease, because the building's occupiers change.

Is JMD Megapolis a new launch, and does it have a RERA number?

No. It was finished around 2013 to 2015, and has been let for about a decade. The listings differ on the year. One site prints a RERA application number, but it could not be matched to this building, and a finished office block sold unit by unit normally needs none. A purchase rests on the conveyance deed, the occupation certificate and the lease.

How big is JMD Megapolis?

Sources disagree. The largest figure is about 12 lakh sq ft on a consultant's listing; another gives about 9.57 lakh sq ft of permissible built-up area on 10.03 acres. Floors are given as 13 storeys over stilts on one listing and three basements, ground and 12 floors on another, with floor plates near 1 lakh sq ft. Name the floor and unit on any quote.