Ninex City Mart Office for Sale, Sector 49 Gurgaon

Ninex City Mart is a finished commercial building on main Sohna Road in Sector 49, Gurugram, on about 2.42 acres, built by the Ninex Group. It mixes shops, bank branches, restaurants and offices: the ground floor is let to banks and retailers, and the upper floors hold a bar, a spa and small offices, including the working office of the builder Laburnum. The row this page replaces printed an office band of about twelve to eighteen thousand rupees per sq ft and no evidence for it. This page could not confirm that band, and it says so.

What can be shown is narrower: portals quote offices from about Rs 85 lakh on one page and from Rs 1.15 crore on another, and the one ask with both a size and a price is a 263 sq ft unit at Rs 63 lakh, a bank-let unit at Rs 23,954 per sq ft. The rest of this page is the arithmetic on those numbers, what they cannot tell you, and how the building compares with its Sohna Road neighbours.

What sellers ask, divided by the area

• A 263 sq ft unit at Rs 63 lakh: Rs 63,00,000 over 263 is Rs 23,954 per sq ft. A leasing site lists a 263 sq ft unit let to a government bank at Rs 100 a month, and it is almost certainly the same unit. That is a let bank unit priced on its rent, not a guide to an upper-floor office.
• Offices from Rs 1.15 crore on one portal, which gives unit sizes of 890 to 30,000 sq ft. If that starting price is for the smallest 890 sq ft office, it is Rs 1,15,00,000 over 890, Rs 12,921 per sq ft. The portal does not say so.
• Options from Rs 85 lakh on another portal. On 890 sq ft that would be Rs 9,551 per sq ft; on a smaller shop it would be much more. Again, no size is attached.

So an office in Ninex City Mart is plausibly somewhere around Rs 9,500 to Rs 13,000 per sq ft, if either portal figure refers to the smallest office. That is a reading of two unlabelled starting prices, and the page does not print it as a rate. The top of the old band, Rs 18,000, matches no office figure found; only the bank-let 263 sq ft unit is above it, and that is a different kind of asset.

The rent, and what it pays

The rents found are all for ground-floor, bank or shop space:

• A 1,295 sq ft ground-floor unit facing Sohna Road, let to a nationalised bank at Rs 2,10,000 a month on a 15-year lease: Rs 2,10,000 over 1,295 is Rs 162 per sq ft.
• A 263 sq ft unit let to a government bank at Rs 100 per sq ft, Rs 26,300 a month.
• A furnished corner shop of 1,100 sq ft carpet at Rs 1,50,000 a month: Rs 136 per sq ft of carpet, and less on the larger super area.
• A 1,380 sq ft office offered for lease, with no rent printed.

Now the yield on the one pair that exists. The 263 sq ft unit earns Rs 26,300 a month, Rs 3,15,600 a year. Over Rs 63 lakh that is 5.0 per cent gross, before any maintenance the owner pays and before tax. A long bank lease is a steady tenant, and buyers pay for that steadiness with a lower yield. For an upper-floor office, no priced rent was found in this building. Nearby Sohna Road office towers let at about Rs 47 to Rs 70 a month, so an office bought at Rs 12,921 and let at Rs 60 would yield Rs 720 over Rs 12,921, about 5.6 per cent; that is an illustration using the corridor's rents, not a lease anyone has signed here.

The building: size, floors and what does not add up

One portal describes the building as three basements, a ground floor and three upper floors, across six blocks, with floors of about 30,000 sq ft and about 3,50,000 sq ft built up on the 2.42-acre plot. Those numbers do not reconcile on a simple count: four above-ground floors of 30,000 sq ft are 1,20,000 sq ft, and adding three basements of the same size gives 2,10,000 sq ft, not 3,50,000. Either the floor plate is per block or the built-up figure counts something else. The approved building plan settles it, and a buyer should ask for it along with the occupation certificate. The completion year could not be established from the sources read; the building has been occupied for years and is sold as resale.

The same portal names Corona Group alongside Ninex as the party selling space here. A buyer should check whose name is on the original conveyance and on the maintenance agreement, and which company runs the building today.

Who occupies it

Directory listings put Scene High Bar on the third floor, a spa on the second floor and an optician in ground-floor shop number 2. At least two bank branches are tenants, one on a 15-year lease. Laburnum, a builder selling floors in the sector, keeps its working office here. That mix matters: a bar and restaurants bring evening footfall, which suits shops and hurts a quiet office, and parking is shared between them.

How it compares on Sohna Road

Spaze iTech Park, also in Sector 49, asks about Rs 8,000 to Rs 13,000 per sq ft and lets at Rs 50 to Rs 63. Vatika Business Park prices let units at about Rs 10,450 to Rs 11,040. Universal Trade Tower is cheaper, at about Rs 7,600 to Rs 12,000, with a developer in insolvency. JMD Megapolis in Sector 48 asks about Rs 10,100 to Rs 15,000. Those are purpose-built office towers; Ninex City Mart is a shopping building with offices above, and its upper floors should price at or below them, not at Rs 18,000. The corridor's offices are gathered on the Sohna Road office page, and let units elsewhere on the pre-leased property page.

Who this suits, and who should look elsewhere

It suits a buyer who wants a small ground-floor unit with a bank or retail tenant already paying, and who accepts about 5 per cent gross for that tenant; and an owner-occupier who wants a small office above a busy Sohna Road frontage and can check the price against the towers nearby. It does not suit a buyer who wants a purpose-built office floor, one who needs a metro station at the door, or one who is being quoted Rs 15,000 or more for an upper-floor office: nothing found supports that. People renting rather than buying should read the Sector 49 office rent page.

Before you pay anything

1. The size: the super area and the carpet area on the deed, and the rate per sq ft of each.
2. The title: a registered conveyance deed in the seller's name, which company conveyed it, Ninex or Corona, and a charge search.
3. The plan and the certificate: the approved building plan and the occupation certificate covering the unit.
4. The lease, if let: tenant, rent, lock-in, escalation, deposit and the remaining term.
5. Maintenance and parking: the monthly charge, who pays it, and whether a parking slot comes with the unit.
6. The arithmetic: rent times twelve over price, and compare it with the 5.0 per cent the bank unit earns.

Looking to lease rather than buy? The Ninex City Mart rent page covers asking rents, maintenance, deposits and lock-ins in the building.

Frequently asked questions

What is the price of office space in Ninex City Mart?

Portals quote offices from about Rs 85 lakh on one page and from Rs 1.15 crore on another, without tying either figure to a size. The only ask found with both a size and a price is a 263 sq ft unit at Rs 63 lakh, which is Rs 23,954 per sq ft, and it looks like a small bank-let unit rather than an upper-floor office. No ask for an upper-floor office with a size was found, so a per sq ft office rate for this building could not be established.

Is the Rs 12,000 to Rs 18,000 per sq ft band right for Ninex City Mart?

It could not be confirmed. If the Rs 1.15 crore starting price refers to the smallest 890 sq ft office, it works out to Rs 12,921 per sq ft, inside that band; if the Rs 85 lakh figure refers to the same size, it is Rs 9,551, below it. Neither page says which unit it means. The top of the band, Rs 18,000, matches nothing found for an office.

What rent does a unit in Ninex City Mart earn?

Ground-floor and bank units earn the most: a 1,295 sq ft ground-floor unit let to a nationalised bank at Rs 2.1 lakh a month is Rs 162 per sq ft, and a 263 sq ft unit let to a government bank at Rs 100. A furnished 1,100 sq ft carpet shop asks Rs 1.5 lakh, or Rs 136 per carpet sq ft. No priced rent for an upper-floor office was found.

What is the rental yield on a Ninex City Mart unit?

On the one unit where both numbers exist, 263 sq ft let at Rs 100 and offered at Rs 63 lakh, the rent is Rs 26,300 a month, Rs 3,15,600 a year, which is 5.0 per cent gross. That is a bank-let unit; an upper-floor office cannot be checked the same way because no priced office pair was found.

How big is Ninex City Mart, and how many floors does it have?

One portal gives 2.42 acres, three basements, a ground floor and three upper floors, about 30,000 sq ft a floor and about 3,50,000 sq ft built up, spread across six blocks. Those figures do not reconcile with each other on a simple count, so the approved building plan is the document to read.

Who is the developer of Ninex City Mart, and is it RERA registered?

Ninex Developers Limited, the Ninex Group; one portal also names Corona Group alongside it. It is a finished, occupied building with no Haryana RERA registration number found, and none would be expected for a completed building sold as resale. A purchase rests on the conveyance deed and the occupation certificate.

Who occupies Ninex City Mart?

Directory listings place a bar on the third floor, a spa on the second floor, an optician in a ground-floor shop, and at least two bank branches. The builder Laburnum runs its working office here. It is a mixed shop-and-office building, not a pure office tower.