Sewa Corporate Park Office for Sale, MG Road Gurgaon

Sewa Corporate Park is a finished office building on MG Road in Sector 25, Gurugram, about 574 metres from the IFFCO Chowk metro station. The Sewa Group built it around 2005: three basements of parking, a ground floor and five office floors of about 30,000 sq ft each, some 1.8 lakh sq ft in all. It is let largely to banks, insurers and Japanese companies. The row this page replaces printed a band that stopped short of the dearer let asks, and said nothing about rent.

The priced asks here are all let units, at about Rs 20,500 to Rs 26,200 per sq ft, on rents of Rs 94 to Rs 120 a month. Divided, both priced leases come to 5.5 per cent, and both listings say exactly that. A building whose listings do their own arithmetic correctly is rarer on this road than it should be.

What sellers ask, divided by the area

• A 2,000 sq ft office let to Air Water India, a Japanese company, at Rs 94 on a nine-year lease from February 2020 with a three-year lock-in, a five-month deposit and 15 per cent step-ups every three years, offered at Rs 4.10 crore: Rs 4,10,00,000 over 2,000 is Rs 20,500 per sq ft, as the listing prints.
• A furnished 3,440 sq ft office let to a multinational at Rs 4,12,800 a month, Rs 120 per sq ft, on a nine-year lease from February 2025, offered at Rs 9,00,65,455: Rs 26,182 per sq ft.
• A 3,378 sq ft first-floor office let at Rs 3,37,825 a month, about Rs 100 per sq ft, on a nine-year lease, with the price on request.

A broker quotes furnished offices in the building at Rs 18,000 to Rs 21,000, without a lease. So the building has two prices: about Rs 18,000 to Rs 21,000 for a vacant office, and Rs 20,500 to Rs 26,200 for a let one, with the rent deciding where in that band a unit sits.

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

This site carried two separate pages for pre-leased offices in Sewa Corporate Park, both printing price of call and a new-launch status. They now fold into this page.

The 2,000 sq ft page is very likely the Air Water India unit, which is the only 2,000 sq ft lease on the market in the building with a price. The second page gave no size. Units here run from about 2,000 to 10,000 sq ft, so at Rs 20,500 to Rs 26,200 it could be anything from about Rs 4 crore to Rs 26 crore. Ask for the area and the lease.

The rent, and the yield it produces

Offices let at about Rs 94 to Rs 120 per sq ft a month. The Air Water India lease of 2020 pays Rs 94 and will step up 15 per cent in its next three-year cycle; the 2025 lease pays Rs 120; a first-floor unit pays about Rs 100; and listings to let ask Rs 104 to Rs 105, with Rs 120 on one coworking page. No reliable maintenance figure was found.

Now divide. The Air Water India unit earns Rs 22.56 lakh a year: 5.5 per cent on Rs 4.10 crore. The 3,440 sq ft unit earns Rs 49.54 lakh: 5.5 per cent on Rs 9.01 crore. A vacant office bought at the broker's Rs 21,000 and let at Rs 100 would earn 5.7 per cent; bought at Rs 18,000 and let at Rs 120, 8.0 per cent, before the empty months and the cost of fitting it out. The lesson is in the two leases: the dearer unit is dearer because its rent is higher, and the yield is the same.

How to price a unit here

Price a let unit from its rent: rent divided by yield. At Rs 94 and 5.5 per cent, an office is worth about Rs 20,500 per sq ft. At Rs 120 and 5.5 per cent it is about Rs 26,200. Both asks in the building sit exactly on that line. After the Air Water India lease's next 15 per cent step-up, its rent rises to about Rs 108, and at 5.5 per cent the same unit would be worth about Rs 23,600 per sq ft. A buyer who pays today's price gets that rise.

Compare the road. ABW Tower at IFFCO Chowk asks about Rs 18,000 upstairs on rents of Rs 80 to Rs 130. Time Tower on MG Road asks Rs 23,100 to Rs 24,900 at about Rs 150. Emaar Capital Tower at Sikanderpur asks Rs 26,000 to Rs 30,500 at Rs 140 to Rs 170. Sewa sits in the middle on price and yields slightly less than Capital Tower, for a building close to two metro stations. The road as a whole is on the MG Road office page.

Registration and title

The building was finished around 2005, twelve years before Haryana began registering projects, so no RERA number applies. One number printed against it online matches no registration found for this building. A purchase rests on the registered conveyance deed in the seller's name, the occupation certificate and the lease in place. The developer publishes no website for this building that a search surfaced, so each unit is bought from its owner; read the title chain through to the seller and search it for charges.

Who this suits, and who should look elsewhere

A let unit suits an investor who wants a Japanese company or a bank on a long lease on MG Road, near two metro stations, at 5.5 per cent with step-ups, for about Rs 4 to Rs 9 crore. A vacant unit suits an occupier who wants a floor near IFFCO Chowk, or an investor prepared to find a tenant for a better yield. It does not suit a buyer who needs 7 per cent from the first month, or one comparing it with a new tower's finish; this is a 2005 building. More let stock is on the pre-leased property page.

Before you pay anything

1. The floor and unit, and the super area.
2. The lease: tenant, rent, start date, lock-in, deposit and the date of the next step-up.
3. The arithmetic: rent times twelve over price, against 5.5 per cent.
4. The building: the last upgrade of lifts and services in a 2005 tower.
5. The title: the conveyance deed, the occupation certificate and a charge search.

Frequently asked questions

What is the price of office space in Sewa Corporate Park, MG Road?

Priced asks run about Rs 20,500 to Rs 26,200 per sq ft, all on let units. A 2,000 sq ft office let to Air Water India at Rs 94 asks Rs 4.10 crore, Rs 20,500 per sq ft, and a furnished 3,440 sq ft office let to a multinational at Rs 120 asks about Rs 9.01 crore, Rs 26,182. One broker quotes furnished offices at Rs 18,000 to Rs 21,000.

What rent does an office in Sewa Corporate Park earn?

About Rs 94 to Rs 120 per sq ft a month. The Air Water India lease signed in 2020 pays Rs 94; a lease from February 2025 pays Rs 120; a 3,378 sq ft first-floor unit pays about Rs 100; and listings to let ask Rs 104 to Rs 105. The rent on a lease, not the building average, sets a let unit's price.

What is the rental yield on a pre-leased office in Sewa Corporate Park?

About 5.5 per cent on both priced leases, and both listings say so correctly. The 2,000 sq ft unit earns Rs 22.56 lakh a year on Rs 4.10 crore, and the 3,440 sq ft unit Rs 49.54 lakh on about Rs 9.01 crore: 5.5 per cent each. Both leases step up 15 per cent every three years.

Which metro station is nearest to Sewa Corporate Park?

IFFCO Chowk station on the Yellow Line, about 574 metres away, an eight-minute walk, and MG Road station about 635 metres away. The building is on MG Road in Sector 25, near IFFCO Chowk, which is why banks and Japanese companies keep leasing here.

Which companies are in Sewa Corporate Park?

Tenants on the listings, past and present, include HDFC ERGO, HDFC Bank, Poonawalla Fincorp, Air Water India, Sankyu India, Kawasaki Motors, Kobelco Welding, Nachi Technology, SK Lubricants, Panasonic, Omron and Aegon Life. Several are Japanese, which is typical of the IFFCO Chowk end of MG Road.

Is Sewa Corporate Park a new building?

No. It was built around 2005: three basements of parking, a ground floor and five office floors, about 1.8 lakh sq ft in all, with floors of about 30,000 sq ft. One directory says 2018, which is most likely the date it was listed. It is pre-RERA, so a purchase rests on the conveyance deed, the occupation certificate and the lease.

Who built Sewa Corporate Park?

The Sewa Group, which also built the Sewa Corporate Towers in Sector 19 near Udyog Vihar. The group publishes no website for this building that a search found, so a buyer deals with individual owners and should read each unit's title chain through to the seller.