Spaze Business Park Office for Sale, Sector 66 Gurgaon

Spaze Business Park, sold under the spelling Spaze Buziness Park as well, is a Spaze Group office and retail park of about 2,75,000 sq ft on about 2.35 acres in Sector 66, Badshahpur, on Golf Course Extension Road, Gurugram. It has two towers, retail on the ground floor and offices above, and is described by brokers as fully let. The row this page replaces printed a band of about Rs 10,000 to Rs 14,000 per sq ft.

The asks found now run Rs 13,000 to Rs 20,000 per sq ft, but they sit awkwardly beside the one rent published: Rs 55 a month. At that rent, a Rs 13,000 purchase yields about 5.1 per cent, and a Rs 20,000 one about 3.3 per cent. This page works through each figure and says which one a buyer should trust.

What sellers ask, and what it buys

• A fully furnished office offered vacant at Rs 13,000 per sq ft, for an outlay of about Rs 1.5 crore. Rs 1,50,00,000 / 13,000 is about 1,154 sq ft, close to the 1,170 sq ft module; 1,170 x 13,000 is Rs 1,52,10,000.
• Furnished pre-leased offices at Rs 18,000 to Rs 20,000 per sq ft, stated as the market price on one broker page, with no specific unit, tenant or rent attached.
• Ground-floor shops at about Rs 16,000 per sq ft.
• A unit let to Apollo Tyres at Rs 55 a month, marketed at a 7 per cent return. The price is not printed; Rs 55 x 12 = Rs 660 a year per sq ft, and Rs 660 / 0.07 is about Rs 9,430 per sq ft.

The yield that does not add up

Pre-leased offices in Gurugram rarely sell at 3.3 to 3.7 per cent. Either the Rs 18,000 to Rs 20,000 units carry much higher rents than Rs 55, which no source shows, or the figure is an aspiration rather than a price at which units change hands. The 7 per cent Apollo Tyres unit, whose rent and return are both stated, is the more reliable anchor: it puts a let office near Rs 9,400 per sq ft. The two sources conflict, and only the unit's lease and its registered sale deed settle it. A buyer should ask for both before accepting any figure above Rs 13,000.

What each module costs

These are the modules multiplied by the two defensible rates, not asks. Add stamp duty of 7 per cent for a man, 5 per cent for a woman or 6 per cent jointly, plus the registration fee.

The lease terms that come with a let unit

Broker pages describe leases of three to nine years with a 15 per cent step-up every three years. On a Rs 55 lease that is Rs 63.25 from year four and about Rs 72.7 from year seven. A buyer of a let unit should find out where in that cycle the lease is: a unit about to step up is worth more than one whose tenant can leave at the next break. Maintenance for this building was not published; on a let unit the tenant usually pays it, but confirm it in the lease.

How it compares nearby

An older mid-size park asking more than the developer's list price at AIPL Joy Central is hard to justify. The Spaze buildings on Sohna Road, Spaze iTech Park and Spaze Platinum Tower, show what the developer's let stock earns elsewhere. The sector is on the Sector 66 office page and the corridor on the Golf Course Extension Road office page. Rents in the same sector are on Vatika Professional Point, and more let stock on the pre-leased property page.

Registration and title

No RERA number was found and the completion year could not be established from the sources read. The park is listed as ready to move and let. A purchase rests on the seller's registered conveyance deed, the building's occupation certificate, and the lease; ask for all three, and for a charge search on the unit.

The case against

The price evidence contradicts itself, and the published rent does not support the higher asks. There is no completion year, no maintenance rate and no tenant list beyond one name. The towers' heights differ between sources. The metro is about 5 km away. And newer towers in the same sector sell for less per sq ft on their developers' own lists.

Before you pay anything

1. The lease: tenant, rent, start date, lock-in, step-ups left and deposit.
2. The yield: annual rent over price, tested against 7 per cent.
3. Recent registered sales in the park, to see whether Rs 18,000 to Rs 20,000 has ever been paid.
4. Maintenance: the rate and who pays it.
5. Title: conveyance deed, occupation certificate and a charge search.

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

Frequently asked questions

What is the price of office space in Spaze Business Park?

Broker pages put it at Rs 13,000 to Rs 20,000 per sq ft. A fully furnished office offered vacant is quoted at Rs 13,000 per sq ft for an outlay of about Rs 1.5 crore, which fits the 1,170 sq ft module; furnished pre-leased offices are said to trade at Rs 18,000 to Rs 20,000. Ground-floor shops ask about Rs 16,000.

What rent does an office in Spaze Business Park earn?

The one per sq ft rent published is Rs 55 a month, on a unit let to Apollo Tyres. Broker pages give rental income of Rs 55,000 to Rs 7 lakh a month across let units, without sizes. Leases run three to nine years with a 15 per cent step-up every three years.

What is the rental yield on a pre-leased office in Spaze Business Park?

It depends which price you believe. The Apollo Tyres unit is marketed at 7 per cent, and Rs 55 x 12 / 0.07 implies about Rs 9,430 per sq ft. At the Rs 18,000 to Rs 20,000 that pre-leased offices are said to trade at, the same Rs 55 rent yields only 3.3 to 3.7 per cent. The two claims cannot both be right; the lease and the sale deed settle it.

Is Spaze Business Park RERA registered?

No RERA number was found, and the building's completion year could not be established from the sources read, so whether registration ever applied is not confirmed. It is listed as ready to move and let. A buyer should rely on the seller's conveyance deed and the occupation certificate.

How big is Spaze Business Park?

The total is about 2,75,000 sq ft of office and retail on about 2.34 to 2.35 acres, in two towers. Tower A is about 1,60,000 sq ft over eight floors of about 20,000 sq ft. Sources disagree on the tower heights: ground plus five and ground plus seven on one listing, six and eight floors on another.

What unit sizes are sold in Spaze Business Park?

Modules of about 915, 950, 1,170 and 1,880 sq ft are named on one listing. At Rs 13,000 per sq ft, those would cost about Rs 1.19 crore, Rs 1.24 crore, Rs 1.52 crore and Rs 2.44 crore.

Where is Spaze Business Park, and how far is the metro?

In Sector 66, Badshahpur, listed on Golf Course Extension Road. The Sector 55-56 Rapid Metro station is about 5 km away.