Vipul Plaza Office for Sale, Suncity, Sector 54 Gurgaon

Vipul Plaza is the low, wide retail-and-office block Vipul Limited built on Golf Course Road in Suncity, Sector 54, and finished in about 2006. It has three basements, a ground floor and five upper floors, floor plates of about 36,000 sq ft and roughly 2.1 lakh sq ft in all, on a site of about 3 acres. The Sector 54 Chowk Rapid Metro station is about 300 metres away. Banks and shops take the ground floor; offices take the floors above, and most of what is sold here is sold with a tenant already paying.

This page used to price office space for sale in Vipul Plaza at Rs 16,000 to Rs 22,000 per sq ft. Divide what sellers actually ask by the areas they are selling, and the offices trade at about Rs 15,500 to Rs 18,400 per sq ft, with leases at Rs 97 to Rs 98 a month and a gross yield of 6.4 to 7.5 per cent. The old floor was close. The old ceiling was about 20 per cent too high, and on the building's best-known suite it would have had a buyer offering Rs 63 lakh more than the seller wanted.

At a glance

What sellers ask, divided by the area

Two priced office asks came back from the listings read for this page:

• A 1,730 sq ft suite let to a European housewares brand at Rs 98 a month, on a nine-year lease with a three-year lock-in, offered at Rs 3.18 crore. Rs 3.18 crore over 1,730 sq ft is Rs 18,382 per sq ft.
• A 3,000 sq ft office let at Rs 97, offered at Rs 15,520 per sq ft, which is about Rs 4.66 crore. The listing itself prints a 7.5 per cent return, and the sum checks: Rs 97 times twelve is Rs 1,164, and Rs 1,164 over Rs 15,520 is 7.5 per cent.

Two other figures came back and are kept out of the office rate. A ground-floor unit let to a bank at Rs 4.64 lakh a month is offered at Rs 46,000 per sq ft, about Rs 13.94 crore, which works out to roughly 3,030 sq ft and a rent near Rs 153. That is a bank branch on the Golf Course Road frontage, priced at a 4 per cent yield, and it tells you nothing about an office upstairs. And one portal shows a 500 sq ft unit at Rs 1 crore, or Rs 20,000 per sq ft; the identical size and price appear against Vatika Towers next door, so it cannot be pinned to this building and is not used.

The honest office band is therefore Rs 15,500 to Rs 18,400. The lease decides where a unit falls in it: a bigger space at a slightly lower rent sells at the bottom, and a smaller suite with a known brand, a fresh nine-year term and a lock-in sells at the top.

The rent, and the yield it produces

Offices in Vipul Plaza let at about Rs 97 to Rs 110 per sq ft a month on the listings read for this page. The two pre-leased units above pay Rs 97 and Rs 98; the headline asking rent on the leasing pages, for space of up to a full 36,000 sq ft floor, is Rs 110. Shops on the ground floor ask about Rs 114, and the bank unit pays about Rs 153. That office range sits beside what this site prints for Ocus Technopolis in the same sector, about Rs 110, which is what a 2006 block against a newer one should look like.

Now divide. The 1,730 sq ft suite earns Rs 1,69,540 a month, or about Rs 20.3 lakh a year, against Rs 3.18 crore: a 6.4 per cent gross yield. The 3,000 sq ft office earns about Rs 34.9 lakh a year against Rs 4.66 crore: 7.5 per cent. The bank unit, at 4.0 per cent, shows why a ground-floor frontage and an office floor must never be averaged into one rate.

How to price a let office here

A let office is priced from its rent. The sum is rent divided by yield. At Rs 100 a month, a year's rent on one sq ft is Rs 1,200. At 6.5 per cent that is worth about Rs 18,500 per sq ft; at 7 per cent, about Rs 17,100; at 7.5 per cent, Rs 16,000. So the Rs 18,382 ask on the 1,730 sq ft suite is a buyer accepting 6.4 per cent for a small ticket, a named tenant and a lock-in, and the Rs 15,520 ask is a buyer being paid 7.5 per cent for taking a larger unit.

Our view is that the 7.5 per cent trade is the better one, unless its lease is nearer its end than the listing admits. On a 2006 building with no redevelopment story, the return is the rent, and paying a full point less yield for a better-known name on the door is only worth it if that tenant's lease runs long. At the old Rs 22,000 ceiling, a Rs 98 lease would yield 5.3 per cent, which is a yield for a newer tower, not for a 2006 block. More pre-leased stock across the city is on the pre-leased property page, and city-wide rates are on the Gurgaon office price page.

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

This site also carried two separate pages for pre-leased offices in Vipul Plaza, Sector 54, of 2,604 sq ft and 1,700 sq ft, each printing price of call and nothing else. Both name the same building and the same sector, so both now fold into this page. The 1,700 sq ft page is very likely the 1,730 sq ft suite above, rounded, or a 1,710 sq ft suite another listing describes on the same floor.

At the old band the top of each row is Rs 62 lakh to Rs 94 lakh above what the researched rate supports. That gap is what a buyer walks into a meeting with if the band is taken at face value.

Which Vipul building, and which Plaza

Vipul Limited has at least six commercial buildings in Gurgaon whose names read alike: Vipul Plaza, Vipul Square, Vipul Tech Square, Vipul Agora, Vipul Trade Centre and Vipul Business Park. Only Vipul Plaza is in Sector 54. Vipul Square and Vipul Tech Square are both in Sector 43, and the rents quoted for them, near Rs 90 and Rs 100, are printed against this building on more than one listing. A search for Vipul Plaza vs Vipul Square usually means a buyer holding a quote and unsure which building it belongs to. The detail is on the Vipul Tech Square rent page. Maps of Suncity also carry the name Vipul Orchid Plaza. Whether that is this block under an old name or a separate building, name the building, the floor and the unit number in every question, and check them against the seller's deed.

The address is less confusing than the name. Listings file Vipul Plaza under Suncity, Sector 54 and Golf Course Road, and all three are right: the block sits on the Golf Course Road frontage inside the Suncity township. Other buildings on the same road are on the Golf Course Road office page.

The developer, and what it means for a finished building

Vipul Limited is a listed company whose recent record is uneven. The National Company Law Tribunal (NCLT) admitted it to insolvency in January 2020; the appellate tribunal set that aside once the company settled. In July 2021 a second petition, from the residents of Vipul Greens in Sector 48 over unrefunded deposits, was admitted. For a strata office finished around 2006, none of that changes who owns the suite: the owner does. It matters for one kind of unit only, one whose first conveyance from Vipul was never registered, because completing it needs the company's signature. Buy only where the title ends in a registered deed, and check where the 2021 case stands before relying on anything the developer must sign.

Registration

There is no RERA number, and none is needed. Vipul Plaza was finished and occupied about a decade before Haryana began registering projects in 2017. The paper that matters instead is the seller's registered sale deed, the occupation certificate for the block and the lease the tenant signed.

Who this suits, and who should look elsewhere

It suits an investor who wants a let office of 1,700 to 3,000 sq ft for about Rs 3 to Rs 5 crore, 300 metres from a metro station, at a 6.4 to 7.5 per cent gross yield. It suits a company wanting a very large single floor, up to about 36,000 sq ft, in a low building on Golf Course Road. It does not suit a buyer expecting capital growth from a 2006 block, a buyer paying bank-branch prices for an office floor, or anyone who cannot get a registered title chain back to Vipul Limited.

Before you pay anything

1. The registered conveyance deed in the seller's name, and the chain back to Vipul Limited.
2. The lease: tenant, rent, escalation, lock-in and months left. A nine-year lease in its first year and one in its eighth are different assets at the same rent.
3. The floor. A ground-floor frontage and an upper office floor are priced three times apart here.
4. The building's name: Vipul Plaza, Suncity, Sector 54, not Vipul Square or Vipul Tech Square in Sector 43.
5. Maintenance: who pays it, and the association's no-dues letter.

Frequently asked questions

What is the price of office space for sale in Vipul Plaza Gurgaon?

About Rs 15,500 to Rs 18,400 per sq ft on the office asks read for this page in September 2026. A 1,730 sq ft suite let at Rs 98 is offered at Rs 3.18 crore, which divides to Rs 18,382, and a 3,000 sq ft office let at Rs 97 at Rs 15,520, about Rs 4.66 crore. A ground-floor bank unit at Rs 46,000 per sq ft is a shop price, not an office price.

What rent does office space in Vipul Plaza earn?

About Rs 97 to Rs 110 per sq ft a month. The two pre-leased offices on sale pay Rs 97 and Rs 98, and the leasing pages quote Rs 110 for space up to a full floor of about 36,000 sq ft. Ground-floor shops ask about Rs 114, and a bank branch pays about Rs 153, which is why the frontage and the office floors are priced separately.

What is the rental yield on a pre-leased office in Vipul Plaza?

About 6.4 to 7.5 per cent gross. The 1,730 sq ft suite earns about Rs 20.3 lakh a year against Rs 3.18 crore, or 6.4 per cent, and the 3,000 sq ft office earns about Rs 34.9 lakh against Rs 4.66 crore, or 7.5 per cent. At the old Rs 22,000 ceiling a Rs 98 lease would have yielded only 5.3 per cent.

Is Vipul Plaza the same building as Vipul Square or Vipul Tech Square?

No. Vipul Plaza is the retail-and-office block on Golf Course Road in Suncity, Sector 54, with three basements, ground and five floors. Vipul Square is a ten-storey block in Sushant Lok Phase I and Vipul Tech Square a three-tower campus, both in Sector 43. Rents from those two get printed against this one, so name the building and sector in every question.

How far is Vipul Plaza from the metro?

About 300 metres from the Sector 54 Chowk station on the Rapid Metro, which is close enough for staff to walk from the train in a few minutes. The building sits on the Golf Course Road frontage inside the Suncity township, so listings file it under Suncity, Sector 54 or Golf Course Road, and all three describe the same block.

Does Vipul Plaza have a RERA number?

No, and it does not need one. The block was finished around 2006, roughly a decade before Haryana started registering real estate projects in 2017. What protects a buyer here is older paper: the seller's registered sale deed, the building's occupation certificate, and the lease the tenant signed. A portal heading that promises registration details for Vipul Plaza is filling a template.

Does Vipul Limited's insolvency history affect a buyer in Vipul Plaza?

Mostly not. An office suite sold and conveyed around 2006 is the owner's property, whatever happens to the developer. The tribunal cases against Vipul Limited, one in 2020 that was settled and one brought by Vipul Greens residents in 2021, matter only for a suite whose first transfer from Vipul was never registered. Completing that needs the company's signature, so walk away from it.