Scottish Mall Office for Sale, Sohna Road Gurgaon

Scottish Mall is a small, mainly retail building on the main Sohna Road in Gurugram, opposite an Omaxe mall. This page is about buying office space in it, and the first thing to say is that no priced unit in the building could be found. The only number is a portal's average of about Rs 14,700 per sq ft, with no unit behind it. The old row printed a band of about Rs 10,000 to Rs 15,000 and a developer called Scottish Mall; the band had no listing behind it and the developer is the building's own name. What follows sets the portal's figure against the rents and sale prices of the buildings around it, and shows what an office here is worth on the numbers.

What the records say

• Location: main Sohna Road, opposite an Omaxe mall; Omaxe Gurgaon Mall and Omaxe Celebration Mall both stand on this stretch. One directory places Scottish Mall in Sector 49 (Tatvam Villas, Dhani); a portal and a leasing reference place it in Sector 48. Both are printed; the sale deed settles it.
• Use: directories list it as a shopping centre, and one records a Volkswagen showroom opening there. Upper floors can be let as offices.
• Space on the market: a 3,865 sq ft unfurnished retail space and a 2,240 sq ft semi-furnished space, found only as listing titles, with no price.
• Portal figures: an average of about Rs 14,700 per sq ft for the building against about Rs 20,000 for Sector 48. The same portal files the building as residential and prints a three-bedroom rent line, which is an error for a commercial building and a reason to weigh its average lightly.
• Not established: the developer, the completion year, floors, total area, parking and any RERA number.

What the portal's price would mean

An average is not an ask, but it is the only number there is. At Rs 14,700 per sq ft:

Stamp duty in Gurugram is 7 per cent for a man, 5 per cent for a woman and 6 per cent jointly, plus the registration fee. These are sums on an average, not quotes, and a seller may ask well above or below them.

What the rent says the price should be

No rent for Scottish Mall is published either, so use the offices around it. Welldone Tech Park lets at Rs 55 with Rs 20 of maintenance; JMD Megapolis at Rs 50 to Rs 65; ILD Trade Centre at about Rs 50; Grade A space on this stretch at about Rs 75. An upper-floor office in a small retail building should sit in the lower half of that range.

Divide the rent by the portal's price, gross:

• Rs 50 a month is Rs 600 a year; Rs 600 over Rs 14,700 is 4.08 per cent.
• Rs 55 is Rs 660 a year; over Rs 14,700, 4.49 per cent.
• Rs 65 is Rs 780 a year; over Rs 14,700, 5.31 per cent.
• Rs 75, the Grade A rate, is Rs 900 a year; over Rs 14,700, 6.12 per cent.

Let offices on this road sell at about 7 per cent: JMD Megapolis let units at Rs 60 to Rs 65 trade at about Rs 10,100 to Rs 11,100 per sq ft. Turn the sum round. At 7 per cent, Rs 55 of rent supports a price of Rs 660 over 0.07, about Rs 9,400 per sq ft; Rs 65 supports about Rs 11,100. So the portal's Rs 14,700 is about a third above what an upper-floor office here earns its keep at. It could be right for a ground-floor shop on the main road, where frontage raises rent, but no retail rent in the building was found to test that.

How it compares nearby

Raheja Mall is the closest match in format, and it carries the warning that matters here: its second-floor shop sells for half its office, because footfall thins above the ground floor. JMD Megapolis and Welldone Tech Park are office buildings with published prices and leases. Omaxe Gurgaon Mall and Vatika Business Park are in Sector 49. The corridor as a whole is on the Sohna Road office page, and let stock across the city on the pre-leased page.

Title, registration and the unknown developer

No RERA registration for Scottish Mall surfaced, and without a completion year it is not possible to say whether one was ever required. Without a developer, there is no builder's document to check a seller's claims against. A buyer is relying entirely on the paper the seller holds: the registered conveyance deed, the chain of earlier sales back to the first allotment, the building's occupation certificate, the permitted use of the unit (shop or office), and a search for charges. If the unit is let, the lease, the tenant's deposit and the next escalation date.

Who should look, and who should not

A buyer who finds a let unit here, priced from its rent at around 7 per cent, and who wants main-road frontage opposite a larger mall, has a reason to look. So does an owner-occupier, a clinic or agency, who values the visibility more than the yield. An investor paying the portal's average for a vacant upper floor, on an expected rent of Rs 50 to Rs 65, would earn about 4 to 5 per cent before vacancy and maintenance; the neighbouring office buildings offer more, with more evidence. And with no metro on Sohna Road, the tenant pool is those who drive.

Before you pay anything

1. A written price for the specific unit, floor and area, and whether the area is super or carpet.
2. Two or three other priced units in the building, to test the portal's Rs 14,700.
3. The rent: a lease if let, or two written rent quotes if vacant; then rent times twelve over price.
4. The permitted use: shop or office, and whether the use you want is allowed.
5. The title chain, the occupation certificate and a charge search.
6. Maintenance and its arrears, which pass with the unit.
7. The sector on the deed: 48 or 49.

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

Frequently asked questions

What is the price of office space in Scottish Mall, Sohna Road?

No priced unit in Scottish Mall could be found. One portal prints an average of about Rs 14,700 per sq ft for the building, with no unit, floor or date behind it. Neighbouring let offices sell at about Rs 10,100 to Rs 11,100 per sq ft, so an upper-floor office here asking Rs 14,700 needs a reason, such as a tenant paying well above the corridor rent.

What rental yield would an office in Scottish Mall give?

At the portal's Rs 14,700 and the corridor's office rents of Rs 50 to Rs 65 a month, about 4.1 to 5.3 per cent gross. Rs 55 a month is Rs 660 a year, and Rs 660 over Rs 14,700 is 4.49 per cent. Let offices on the same road trade at about 7 per cent.

What should an office in Scottish Mall be worth?

Priced from rent at the 7 per cent that let offices on this road fetch, an office earning Rs 55 a month is worth about Rs 9,400 per sq ft, and one earning Rs 65 about Rs 11,100. A ground-floor shop with frontage can be worth more, but no retail rent for the building was found to price it.

Who built Scottish Mall and is it RERA registered?

Neither could be established. The old page gave the developer as Scottish Mall, which is the building's name. No developer website and no Haryana RERA registration surfaced. A buyer should rely on the seller's registered conveyance deed and the building's occupation certificate.

Where is Scottish Mall?

On the main Sohna Road, opposite an Omaxe mall. A business directory places it in Sector 49, at Tatvam Villas, Dhani; a portal and a leasing reference place it in Sector 48. The sale deed should settle which.

What spaces are for sale or lease in Scottish Mall?

The two found are a 3,865 sq ft unfurnished retail space and a 2,240 sq ft semi-furnished space, neither with a published price. At the portal's Rs 14,700 they would cost about Rs 5.68 crore and Rs 3.29 crore; both figures are arithmetic on an average, not asks.

Is Scottish Mall a good investment?

Only at the right price. On the evidence found, an upper-floor office here yields about 4 to 5 per cent at the portal's average, against about 7 per cent in let offices nearby, the developer is unknown and there is no metro on Sohna Road. Buy a let unit priced from its rent, or look at the neighbouring buildings.