MGF Metropolitan Mall, MG Road Gurgaon: Shops and Offices for Sale

MGF Metropolitan Mall on MG Road, in Sector 25, Gurugram, was conceived in 1997 and opened in 1998 as the city's first mall. It stands beside the MG Road metro station, over four levels, with Shoppers Stop, Lifestyle, a PVR multiplex and more than 150 other stores. MGF Developments built it and MGF's mall-management business runs it. The row this page replaces sold it as offices at about Rs 18,000 to Rs 25,000 per sq ft. That is not what trades here: every priced sale listing found is a shop, and shops price on their rent, from about Rs 25,000 per sq ft on the upper levels to many times that on the ground floor.

The honest summary is short. Office space for sale in this mall is rare and was not priced anywhere. What a buyer can buy is a let shop at about 5.5 per cent.

What sellers ask, divided by the area

• A shop of 6,235 sq ft, sold in parts of 2,433 and 2,935 sq ft, let to a multinational at Rs 139 from March 2023 on a nine-year lease with a three-year lock-in and 15 per cent step-ups, offered at Rs 7.38 crore with a stated 5.5 per cent. On the 2,433 sq ft part that is Rs 30,333 per sq ft; on the 2,935 sq ft part, Rs 25,145. The 5.5 per cent only works for the 2,433 sq ft part, so that is almost certainly what the price covers.
• A ground-floor unit of 1,400 sq ft carpet at Rs 17.5 crore, let at Rs 8 lakh a month. On carpet that is Rs 1,25,000 per sq ft; the listing prints Rs 81,395, which implies a super area of about 2,150 sq ft.
• A 2,400 sq ft shop let at Rs 185, Rs 4.44 lakh a month, on a nine-year lease, with no price published.

One site lists the mall's resale range as Rs 62.5 lakh for 250 sq ft to Rs 25 crore for 10,000 sq ft. Both ends divide to exactly Rs 25,000 per sq ft, so that range is a rate multiplied by an area, not two sales. It is, though, a fair floor for an upper-level shop here.

Two more shop listings, an 855 sq ft ground-floor shop at Rs 1.71 crore and a 1,073 sq ft ground-floor shop at Rs 9 crore, are printed under this mall's name on some sites and under MGF Metropolis on others. They are left out of this page's figures until someone confirms which mall they are in.

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

This site carried two separate pages for this mall, both calling themselves offices, both printing a call-for-price label and a new-launch status. They now fold into this page.

The 6,235 sq ft unit matches the multinational-let shop above, which two brokers list in exactly that area; it was never an office. The second page gave no size and no tenant.

The rent, and the yield it produces

Upper and lower-level shops let at about Rs 139 to Rs 185 per sq ft a month, and the ground floor at several times that. A coworking page titled with this mall's name quotes Rs 110 for office space of about 50,000 sq ft, but gives Sector 28, the sector of MGF Metropolis, as its address; neither mall's page should lean on it.

Now divide. The multinational-let shop earns Rs 139 on 2,433 sq ft, Rs 3.38 lakh a month and Rs 40.6 lakh a year: 5.5 per cent on Rs 7.38 crore, as printed. The ground-floor unit earns Rs 96 lakh a year: 5.49 per cent on Rs 17.5 crore, where the listing prints 5.43. So the mall's shops trade at about 5.5 per cent gross, the ground floor included. At that yield a Rs 185 rent supports about Rs 40,000 per sq ft, and Rs 139 about Rs 30,000.

Metropolitan or Metropolis: the mix-up

MGF built two malls either side of the MG Road metro station, and the listings confuse them constantly. Metropolitan is this one: the older, opened in 1998, in Sector 25. MGF Metropolis is the larger building across the station, in Sector 28, with an office block; its offices trade at about Rs 20,500 to Rs 24,000 per sq ft on the MGF Metropolis page. A directory titles a page "Metropolitan Mall, Sector 28", a coworking page does the same, and one guide calls the whole place "MGF Mall, also called Metropolis". The address and the unit number are the only reliable test. Offices to let in this mall are on the MGF Metropolitan rent page.

How it compares on MG Road

Shop prices on MG Road run on frontage. M3M Jewel, also in Sector 25, is the newer retail comparison. For an office rather than a shop, ABW Tower at IFFCO Chowk asks about Rs 18,000 upstairs, and the road's offices are on the MG Road office page. A buyer who came here for an office should look at those; a buyer who wants a let shop beside a station at about 5.5 per cent has come to the right place.

Registration and title

The mall opened in 1998, nearly twenty years before Haryana began registering projects, so no RERA number applies. A purchase rests on the registered conveyance deed in the seller's name, the occupation certificate, the lease in place and the mall's management rules, which govern what a shop owner may do with the unit. Read all four together.

Who this suits, and who should look elsewhere

A let shop here suits an investor who wants a national or multinational retail tenant beside a metro station at about 5.5 per cent, with step-ups, for Rs 7 crore and up. It does not suit a buyer looking for an office, of which none was on sale with a price. It does not suit a buyer who cannot tell this mall from Metropolis across the road, or one who takes a listing's per sq ft without asking whether it is carpet or super area. More let stock is on the pre-leased property page.

Before you pay anything

1. The mall: Metropolitan in Sector 25, not Metropolis in Sector 28.
2. Shop or office, the level, and carpet or super area.
3. The lease: tenant, rent, start date, lock-in, deposit and step-ups.
4. The arithmetic: rent times twelve over price, against about 5.5 per cent.
5. The title: the conveyance deed, the occupation certificate and the mall's rules.

Frequently asked questions

What does space in MGF Metropolitan Mall cost?

Every priced sale listing found here is a shop, not an office. A lower-level shop let to a multinational at Rs 139 asks Rs 7.38 crore, which is about Rs 25,100 to Rs 30,300 per sq ft depending on which of its two parts the price covers. A ground-floor unit of 1,400 sq ft carpet asks Rs 17.5 crore. No office in the mall was on sale with a published price.

What rent do shops and offices in MGF Metropolitan Mall earn?

Shops let at about Rs 139 to Rs 185 per sq ft a month on the upper and lower levels, and far more on the ground floor: Rs 8 lakh a month on 1,400 sq ft of carpet. A coworking page titled with the mall's name quotes Rs 110 for offices, but gives the neighbouring mall's sector as its address, so treat that figure with care.

What is the rental yield on a pre-leased shop in MGF Metropolitan Mall?

About 5.5 per cent. The multinational-let shop at Rs 139 yields 5.5 per cent if its Rs 7.38 crore price covers its 2,433 sq ft part, as the listing's own figure implies. The ground-floor unit at Rs 8 lakh a month on Rs 17.5 crore yields 5.49 per cent; the listing prints 5.43.

When did MGF Metropolitan Mall open, and how big is it?

It was conceived in 1997 and opened in 1998 as Gurgaon's first mall. Its size is given as 5 lakh sq ft by its developer, about 4 lakh sq ft of lettable area by one mall database and about 3.5 lakh sq ft by a broker, over four levels. Shoppers Stop, Lifestyle and a PVR multiplex are among more than 150 tenants.

Is MGF Metropolitan Mall the same as MGF Metropolis Mall?

No. Metropolitan is the older mall, opened in 1998, in Sector 25 on MG Road. Metropolis is the larger MGF building across the MG Road metro station, in Sector 28. Their listings, rents and opening dates are mixed up across the portals, and two shop listings appear under both names, so check the mall on every quote.

How close is MGF Metropolitan Mall to the metro?

It stands beside the MG Road station on the Yellow Line, with DLF City Centre on the other side of the station. The station opened in 2010, twelve years after the mall, and it is a large part of why shops here still let.

Who runs MGF Metropolitan Mall?

MGF Developments built it and MGF's mall-management business still runs it. Units are owned by individual investors, so a buyer buys from an owner and should read the title chain and the lease with the mall's management rules alongside.