Pioneer Urban Square Office for Sale, Sector 62 Gurgaon

Pioneer Urban Square is a finished office and retail development on Golf Course Extension Road in Sector 62, Gurugram, built by Pioneer Urban Land and Infrastructure Ltd: four towers, A to D, of ten floors each on about 10.33 acres. Possession was offered in early 2017, according to broker pages. PepsiCo runs its main Gurgaon office here and a Spencer's hypermarket anchors the retail. Some leasing sites call it Pioneer Square; it is the same place.

The row this page replaces printed about Rs 12,000 to Rs 16,000 per sq ft. The asks found agree with it: about Rs 12,600 to Rs 15,900 per sq ft, with rents of about Rs 63 to Rs 90 a month. The row said nothing about yield, which is where this building needs care.

What sellers ask, divided by the area

• A pre-leased office at Rs 12,600 per sq ft, offered for a stated 6 per cent return. Working backwards, Rs 12,600 times 0.06 is Rs 756 a year, or Rs 63 a month per sq ft. The listing's rate and return agree with each other.
• A furnished 1,100 sq ft office on the fourth floor at Rs 1.75 crore: Rs 1,75,00,000 over 1,100 is Rs 15,909 per sq ft, and part of that pays for the furniture.
• Units from Rs 68.2 lakh on one portal, which gives carpet areas of 550 to 1,870 sq ft. If that price is for the 550 sq ft carpet unit, it is Rs 12,400 per sq ft of carpet, and less on the super area. The portal does not say which unit it is.

Broker pages add that offices run from about 1,000 sq ft to floors of almost 10,000 sq ft for a large company. On what is priced, the rate is about Rs 12,600 for a let unit and up to about Rs 15,900 for a furnished one. The old row's band holds.

The rent, and the yield it produces

A furnished 1,512 sq ft office is offered at Rs 90 per sq ft: 1,512 times Rs 90 is Rs 1,36,080 a month. The pre-leased unit implies about Rs 63 on its lease. So rents run from about Rs 63 for a let, plain office to Rs 90 for a furnished one.

Now divide:

The arithmetic: Rs 63 times 12 is Rs 756; over Rs 12,600 that is 6.0 per cent and over Rs 15,909 it is 4.8 per cent. Rs 90 times 12 is Rs 1,080; over Rs 15,909 that is 6.8 per cent. A furnished rent pays for desks and cabling that wear out, so the Rs 90 figures overstate what a plain office earns. The honest range for a let office bought today is about 5 to 6 per cent gross. Maintenance for this building could not be established; ask whether the tenant pays it, because if the owner does, the net yield falls.

What the old page got right, and what it left out

The price band was about right. What it left out was the yield, which falls below 5 per cent at the top of the band on a plain rent; the developer's full name; the building's size and age; and the fact that it is a mixed office-and-retail scheme with a hypermarket, which brings footfall and parking pressure. There is also a separate rent row for this building on the site; its Rs 63 to Rs 90 band agrees with what this page found.

How it compares in Sectors 62 to 65

Imperia MindSpace, next door in Sector 62, asks about Rs 8,700 to Rs 13,500 and lets at Rs 65 to Rs 85, but its developer has been in insolvency since August 2023. Paras Trinity in Sector 63 asks about Rs 12,000 to Rs 16,000, much the same band. Splendor Trade Tower in Sector 65 prices let units at Rs 12,500 to Rs 12,900 on a Rs 78 rent, a better yield. Magnum City Centre in Sector 63A sits higher, at about Rs 15,400 to Rs 18,000 from a Rs 90 rent. Pioneer Urban Square is mid-market for the corridor, with a stronger developer record than its nearest neighbour and a lower rent than Splendor. The sector's other offices are on the Sector 62 office page, and the road's on the Golf Course Extension Road office sale page. Pioneer's homes in the same sector are on the Pioneer Presidia page.

Getting there

The Sector 55-56 Rapid Metro station is about 1 km away on one broker page; the same station is given as about 1.6 km from Imperia MindSpace next door. Either way it is a short cab ride rather than a walk for most staff. Golf Course Extension Road gives road access north to Golf Course Road and south to Sohna Road.

Who this suits, and who should look elsewhere

It suits an investor who wants a let office of about 1,000 to 2,000 sq ft in a finished, occupied scheme from a developer with no insolvency record found, and who accepts about 5 to 6 per cent gross; and an occupier who wants to own a small office near the Rapid Metro. It does not suit a buyer chasing 8 per cent, one paying a furnished price for a plain office, or one who wants a quiet office block without retail traffic. More let stock is on the pre-leased property page.

Before you pay anything

1. The area: super area and carpet area on the deed; portals quote both.
2. The lease, if let: tenant, rent today, escalation, lock-in and deposit.
3. The arithmetic: rent times twelve over the price; about 6 per cent is the market here.
4. Furniture: if furnished, what it is worth and who owns it.
5. Maintenance: the monthly charge and who pays it.
6. The title: a registered conveyance deed, the occupation certificate and a charge search.

Frequently asked questions

What is the price of office space in Pioneer Urban Square?

About Rs 12,600 to Rs 15,900 per sq ft on the asks found. A pre-leased office is offered at Rs 12,600 per sq ft for a stated 6 per cent return, and a furnished 1,100 sq ft office on the fourth floor asks Rs 1.75 crore, which is Rs 15,909 per sq ft. One portal quotes units from Rs 68.2 lakh.

What rent does an office in Pioneer Urban Square earn?

About Rs 63 to Rs 90 per sq ft a month. A furnished 1,512 sq ft office is offered at Rs 90, which is Rs 1,36,080 a month. The pre-leased unit offered at Rs 12,600 for a 6 per cent return implies a rent of about Rs 63: 12,600 times 0.06, divided by 12.

What is the rental yield on an office in Pioneer Urban Square?

About 4.8 to 6.8 per cent gross. At Rs 63 a month, Rs 756 a year, an office bought at Rs 12,600 yields 6.0 per cent and one at Rs 15,909 yields 4.8 per cent. At Rs 90 a furnished office bought at Rs 15,909 yields 6.8 per cent, but furnished rent pays for the furniture too.

When was Pioneer Urban Square completed?

Broker pages say possession was offered in early 2017. It is a finished building of four towers, A to D, each of ten floors, on about 10.33 acres.

Which companies are in Pioneer Urban Square?

Broker pages name PepsiCo, which runs its main Gurgaon office here, and a Spencer's hypermarket. Other tenants could not be confirmed from the sources read.

How far is Pioneer Urban Square from the metro?

One broker page puts it about 1 km from the Sector 55-56 Rapid Metro station; Imperia MindSpace next door is given as about 1.6 km from the same station. Walk it or check a map before relying on either.

Who is the developer of Pioneer Urban Square, and is it RERA registered?

Pioneer Urban Land and Infrastructure Ltd, which also built Pioneer Presidia and Pioneer Araya in the same sector. No Haryana RERA number was found; possession was offered in early 2017, around when Haryana's registration rules began, and a finished building sold as resale rests on its conveyance deed and occupation certificate.