Vipul Square Office for Sale, Sushant Lok I, Sector 43 Gurgaon

Vipul Square is the ten-storey office block Vipul Limited finished in B Block, Sushant Lok Phase I, in 2003. It sits in Sector 43 on the maps and gets filed under Golf Course Road by half the listings, and it has been full of tenants for most of its life. Anyone looking for office space for sale in Vipul Square is really asking one thing: what a let suite costs, and whether the rent pays for it. This page used to answer with a rate of Rs 16,000 to Rs 22,000 per sq ft. The bottom of that band is the market. The top is not. Divide what sellers are actually asking by the areas they are selling, and Vipul Square trades at about Rs 16,000 to Rs 17,300 per sq ft, with suites let at Rs 89 to Rs 90 a month and a gross yield of 6.2 to 6.8 per cent.

The gap at the top matters. On the 1,779 sq ft suite that most of this building's pre-leased listings describe, Rs 22,000 means Rs 3.91 crore. The seller is asking Rs 3.08 crore. A buyer who opened at the old ceiling would have offered Rs 83 lakh more than the owner wanted.

At a glance

What sellers ask, divided by the area

Two priced asks came back from the listings read for this page, and they agree closely:

• A 1,779 sq ft suite let to an airline at Rs 89 a month, offered at Rs 3.08 crore. Rs 3.08 crore over 1,779 sq ft is Rs 17,313 per sq ft.
• A 4,345 sq ft part-floor let to a multinational at Rs 90 a month, offered at Rs 16,000 per sq ft. That is Rs 6.95 crore, and the rent works out to Rs 3,91,050 a month, which is exactly what the listing prints.

One portal puts the building's average at about Rs 18,900 per sq ft. That figure is not backed by a single priced unit on the listings read for this page, so it is printed here as the portal's claim and not as the rate. A 158 sq ft unit offered at Rs 48 lakh divides to about Rs 30,400 per sq ft, which is a ground-floor shop or kiosk price, not an office price, and it is left out of every calculation below.

The honest band is therefore Rs 16,000 to Rs 17,300, and the deciding document is the lease. A larger floor with a steady tenant sells at the bottom of it; a small suite with a known name on the door sells near the top.

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

This site also carried five separate pages for pre-leased offices in Vipul Square, each printing price of call and nothing else. They now fold into this page. Four name Vipul Square and Sector 43. The fifth names Vipul Square, Gurgaon, with no sector and no size; there is only one Vipul Square in the city, so it is the same building and is kept, but with no area it cannot be priced. Three of the pages give 1,779 sq ft and one gives 1,777 sq ft. Those are almost certainly one suite, the airline-let unit above, listed four times with a two-foot slip in one of them.

The table is short because the facts on those pages were short. Four listings of one suite is a broker's habit, not a sign of four units for sale. A buyer who rings about each of them will probably be quoted the same Rs 3.08 crore four times.

The rent, and the yield it produces

Vipul Square lets steadily in small and middle-sized units, which is why most of what is sold here is sold with a tenant already paying. The rents on the listings read for this page:

• A furnished 5,000 sq ft office at Rs 80 a month, the low end.
• The 1,779 sq ft suite at Rs 89, on the lease that comes with the sale.
• A 1,471 sq ft office at Rs 90, and the 4,345 sq ft part-floor at Rs 90.
• A 1,429 sq ft office at Rs 95.
• A pre-leased 1,090 sq ft suite at Rs 107, and one leasing page's headline of Rs 105.
• Furnished suites of 1,419 sq ft at Rs 115 and 1,380 sq ft at Rs 125, the top of the building.

So bare space here lets at Rs 89 to Rs 95 and furnished space at Rs 115 to Rs 125, which matches the Rs 89 to Rs 125 this site already prints for the building on its Vipul Tech Square rent page. Maintenance of around Rs 21 per sq ft is quoted on top on one listing and is normally the tenant's.

Now divide. The airline suite earns Rs 1,58,331 a month, or about Rs 19 lakh a year, against Rs 3.08 crore: a 6.2 per cent gross yield. The 4,345 sq ft floor earns Rs 46.9 lakh a year against Rs 6.95 crore: 6.75 per cent. At the portal's Rs 18,900 average, a Rs 90 rent would yield only 5.7 per cent, which is one more reason not to take that average as a price.

How to price a pre-leased suite here

A let office is priced from its rent, not from a rate on a portal. The rule is rent divided by yield. At Rs 90 a month, a year's rent on one sq ft is Rs 1,080. At 6.5 per cent that is worth about Rs 16,600 per sq ft; at 7 per cent, about Rs 15,400. So the Rs 16,000 ask on the 4,345 sq ft floor is a buyer accepting 6.75 per cent, and the Rs 17,313 on the airline suite is a buyer accepting 6.2 per cent for a smaller ticket and a better-known tenant.

The 1,090 sq ft suite let at Rs 107 is the one to watch for. No price was printed with it, but Rs 107 a month is Rs 1,284 a year, and at 7 per cent that is about Rs 18,300 per sq ft, or Rs 2.0 crore for the suite. If it is offered at the building's usual Rs 16,000 to Rs 17,300, the yield is 7.4 to 8.0 per cent, which is the best trade in the building on the figures available. Ask why the rent is that high before paying for it: a lease near its end, or furniture in the rent, would explain it.

For comparison, MPD Tower on Golf Course Road lets at about Rs 100 to Rs 105 in the same sector, and the city-wide picture is on the Gurgaon office price page. Vipul Square asks less than a Golf Course Road frontage and lets for a little less, which is what an older building one road back should do.

Which Vipul building, and which road

Vipul Limited has at least six commercial buildings in Gurgaon with names that read alike, and two are in Sector 43. Vipul Square, the subject of this page, is a single block on about 2.76 acres in B Block, Sushant Lok Phase I: two basements, a ground floor and ten upper floors, with about 1.9 to 2.0 lakh sq ft built up. Vipul Tech Square is a three-tower office campus on Golf Course Road itself, across the sector, letting at about Rs 100. A quote, a tenant or a floor plan that belongs to one is regularly printed against the other. Most searches for Vipul Square vs Vipul Tech Square come from someone who has already been quoted one building's figures for the other. Say the building's full name and the block in every question you ask, and check it against the seller's registered deed.

The address confuses people too. The listings file Vipul Square under Sushant Lok, Sector 43 and Golf Course Road interchangeably. All three are fair, since Sushant Lok Phase I sits inside Sector 43 and Golf Course Road bounds it, but the building is not on the Golf Course Road frontage. HUDA City Centre metro is about 1.5 km away. More stock in the colony is on the Sushant Lok office page.

The developer, and what it means for a finished building

Vipul Limited is a listed company with a patchy recent record. The National Company Law Tribunal (NCLT) admitted it to insolvency in January 2020, and the appellate tribunal set that aside after the company settled. In July 2021 the tribunal admitted a second petition, brought by the residents of Vipul Greens in Sector 48 over deposits the company had not refunded. A lender also took possession of land and unsold flats at another Vipul project in 2020 after a loan default.

None of that touches a strata-sold office that was finished in 2003: the suite belongs to its owner, not to the company. Where it could touch a buyer is paperwork. A suite whose conveyance from Vipul to the first buyer was never registered is the one to walk away from, because fixing it depends on a company with other problems. Check where the 2021 case stands before relying on anything that needs the developer's signature.

Registration

There is no RERA number, and none is needed. Vipul Square was finished and occupied about fourteen years before Haryana began registering projects in 2017. A sale here rests on the registered title, the occupation certificate and the lease in place. A portal page with "RERA details" in its title is a template, not a registration.

Who this suits, and who should look elsewhere

It suits an investor who wants a let office of about 1,800 sq ft for around Rs 3 crore, in a building tenants have known for twenty years, at a 6.2 to 6.8 per cent gross yield. It suits a small firm buying its own premises close to the metro. It does not suit a buyer expecting Golf Course Road growth from a 2003 building one road back, nor anyone who needs a large floor plate: the units here run from about 1,000 to 5,000 sq ft. The tenant lists the listings still print, with names that have since merged or moved, are two decades old; ask who pays rent today. More let stock across the city is on the pre-leased property page.

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, start date, lock-in, escalation and months left to run. A lease near its end is a vacancy you are buying.
3. The area basis. Divide the price by the super area on the deed, not a carpet figure on the listing.
4. The building's name. Vipul Square in Sushant Lok, not Vipul Tech Square on Golf Course Road.
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 Square Gurgaon?

About Rs 16,000 to Rs 17,300 per sq ft on the asks read for this page in September 2026. A 1,779 sq ft suite let to an airline was offered at Rs 3.08 crore, which divides to Rs 17,313, and a 4,345 sq ft part-floor at Rs 16,000, which is Rs 6.95 crore. The old top figure of Rs 22,000 per sq ft was above both asks.

What rent does office space in Vipul Square earn?

Rs 80 to Rs 125 per sq ft a month on the listings. Bare suites let at Rs 89 to Rs 95, a pre-leased 1,090 sq ft suite at Rs 107, and furnished suites of about 1,400 sq ft at Rs 115 to Rs 125. The low end was a furnished 5,000 sq ft office at Rs 80. Maintenance, quoted near Rs 21 on one listing, is normally the tenant's.

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

About 6.2 to 6.8 per cent gross. The 1,779 sq ft suite earns about Rs 19 lakh a year against Rs 3.08 crore, or 6.2 per cent, and the 4,345 sq ft floor earns Rs 46.9 lakh against Rs 6.95 crore, or 6.75 per cent. A suite let at Rs 107 and bought at Rs 17,300 would yield about 7.4 per cent.

Is Vipul Square the same building as Vipul Tech Square?

No. Both are Vipul Limited buildings in Sector 43, but Vipul Square is a single ten-storey block in B Block, Sushant Lok Phase I, finished in 2003, while Vipul Tech Square is a three-tower campus on Golf Course Road letting at about Rs 100. Tenants, rents and floor plans get printed against the wrong one, so name the building in every question.

Where exactly is Vipul Square, and how far is the metro?

In B Block, Sushant Lok Phase I, which lies inside Sector 43. Listings also file it under Golf Course Road, since that road bounds the colony, but the building is not on the Golf Course Road frontage. HUDA City Centre metro station is about 1.5 km away, close enough for staff who commute by train.

Does Vipul Square have a RERA number?

No. The building was finished and occupied in 2003, about fourteen years before Haryana began registering projects, so there is nothing to register. A purchase rests on the registered conveyance deed, the occupation certificate and the lease in place. A portal page that mentions registration details for Vipul Square is using a template, not quoting a number.

Does Vipul Limited's tribunal history affect a buyer in Vipul Square?

Mostly not, because a finished strata-sold suite belongs to its owner rather than the company. Vipul Limited was admitted to insolvency in 2020, which was set aside after a settlement, and faced a second admitted petition in 2021. The risk is a suite whose conveyance from Vipul was never registered, so buy only where the title ends in a registered deed.