Review : Investment in Elan Miracle, Dwarka Expressway, Gurugram, Loss or Profit

Project Review: The Elan Miracle, is situated in the sector 84 Gurugram/Gurgaon. This project is close to the Dwarka Expressway and NH-8. The Elan Miracle project is under developing by the Elan Limited. This project Consist of centralizes air-conditioned double height retail shops commercial office spaces, 14 Screen Multiplex, food courts, Hyper Markets, Serviced Apartments, Club House and Entertainment facilities etc. It’s a centralized air condition Mall type property.

Possession | Construction Update
The Elan Miracle project construction is not start till date. The promised date of delivery/possession of the project is in the month of, December-2020. This commercial project must be delayed for more than 4-5 years.

Elan Miracle, sector 84, gurugram, gurgaon

As per Location
The Elan Miracle Mall is a three side open corner project on the Dwarka Expressway, sector 84 Gurugram. This project is properly connected to all type of transportation facilities. The project is easily visible and walkable to nearby residents. So the location of this project is very impressive.

Drawbacks | Bad Factors
That at present the Elan Miracle commercial project construction is yet to start, and construction of the surrounding residential project is also very slow. The Layout design of this project retail market is not properly specified.

The Elan builder has the extremely poor record of completing their real estate projects in the set time frame, not even a single real estate project in the Gurugram is completed till date or in set time frame.

These are all traps by the Elan builder and public does not see anything but rosy pictures and lavish future.
In fact, there are only two successful Malls in the Gurgaon area i.e. The Ambience and Metropolitan. Both are big brands.

The Elan is just creating that facade of a good builder. His project The Elan Miracle is launched to cover the failure of the Elan Town Centre. Now Elan is rushing to complete Mercado to save its reputation in the real estate market. But the Mercado fail for sure. The Elan Town Centre is slow because it is not sold out.

These days the developer of the Elan Miracle Mall, offering many attractive schemes to customers to invest in this property, like the 12% assured return, lease guaranty, and the 35% – 65% payment plans.

Basically, the assured return & lease guaranty is nothing, the real estate developers sell their low money property at a very higher price and return your hard earned money in the name of the assured return & monthly rent to you in the form of EMI. Actually, they are making you fool.

The real estate developers sells at the prime rate. The Costing of space comes at INR Rs 2500/- per sq ft approx which is sold at an average of INR Rs 8K per sq ft.

The bank guarantee on the assured return is offered against the public deposit and that is for one year only. The developer has no stake to lose. It’s on his wish whether to complete or not or complete early or late depending on the profit and demand.

That the Elan Miracle, sector-84 Dwarka Expressway location is prime but in this prime location, several other prime location under construction and ready to move commercial properties exist like The Raheja Trinity, The Pivotal 84 Down Street, The Sapphire Eighty Three, The Ansal Hub 83, the Vatika City Center and the Vatika INXT High Street etc.

All above-said projects are within the one kilo Meter radius. And all these projects have same products. All are commercial/retail/office space/Mall type properties. After completion possession, all these commercial properties/projects will create investment competition in this location.

There is a big gap in the demand and supply. The supply is very high in comparison of demand of this same kind of commercial projects/properties in this same location. So at present time investors can face problems in leasing and selling their commercial properties in all above said commercial projects. And can face more critical condition in future.
So we advice while investing in all above said properties/project, choose carefully.

Actually, the sector 84, Gurugram has six-seven under construction or ready to move residential projects and every residential society has their own retail shop market to cater daily needs and other retail needs of their residents. So it is very much possible that the Elan Miracle Mall retail shops don’t give good returns in future after completion possession of all nearby commercial projects of the sector 84 Gurugram.

Now the question is that, what’s the logic behind all these oversupply commercial? Is there any limit? Actually, there is no proper planning and re-planning for commercial development by the concern development authorities Of Haryana government. i.e. GMDA/HUDA.

How much commercial property is needed and when it is needed the Haryana government has no planning. In fact, this is the collusion of the corrupt politician, government officers, and real estate developers. Actually, it’s a System failure and we all are the victims of this pre-planned cheating.

As we analyze that there are almost no development activities or very slow development in the entire Dwarka Expressway sectors (New Gurgaon). The development planning’s of the state government has been moving at a snail’s pace.

The Gurugram Metropolitan Development Authority GMDA/HUDA has turned this area of the Dwarka Expressway into a nuisance zone. The builders are fear free and are allowed to do all sorts of nasty things.

The Dwarka Expressway (New Gurgaon) township has been under construction/development since last 08 years, nobody knows when it will be complete.

In the Gurugram and Delhi area, all Mall or Mall type properties are not the good and safe Investment options.
The maximum investor who invested in Mall type properties is in 99% loss.

In the Gurugram and Delhi area, only a few Mall is running fine like The Ambience Mall, The DLF Mega Mall, The MGF Metropolitan Mall, and The Select City walk, Delhi, etc otherwise all other Mall type properties are the investment of 99% loss.

The construction and possession of this kind of project depend on the sale of shops/space, so the project may be the delay.

elan miracle, sector 84, gurgaon

Advantages | Good Factors
That The Elan Miracle Commercial Complex is properly visible to all passers from connecting roads of the sector 84 Gurgaon and from the Dwarka Expressway.
The ground floor commercial retail shop of this project is property visible, especially the main road facing retail shop, so the investment in the ground floor main road facing shops can give good returns.

Key Point
The Elan Miracle commercial property is best suited if you are willing to hold onto a longer term for returns as it would take more than 7 years (or even more) for completion of the property and the market to appreciate in the locality. As for the location of the property is concerned it is a prime locality with all required amenities located within 3-5 km. And this is subjected to the completion of this project on the set time frame, which seems fairly uncertain.

It is probably not the right choice of investment for those who are looking for ROI in the next year or so. Given the doubts surrounding the possession date, there may not be a real appreciation of value for resale in a year. In fact, investors who are trying to make a sale of their property in the Elan Miracle are now struggling to reach their initial investment. Despite having brought their prices down, there aren’t any takers to buy these properties.

The point to be noted that according to our experience that the investment in any retail commercial shop/project should be done only when its external structure is visible. Only just looking at the map or in the soft launch and pre-launch stage of any retail commercial project and investing in it is very risky.

Price | Lease Price
At present, the Elan Miracle retail commercial shops prices start at INR Rs 10750/- per sq ft on the lower ground floor, INR Rs. 12750/- per sq ft on the ground floor, INR Rs. 9750/- per sq ft on the first floor and INR Rs 9.5K per sq ft on the second floor plus other charges. The office space price is Rs. 11K per sq ft plus other charges.
The price slightly high for investment.

Right now the project Elan Miracle is in the pre-launch stage and construction work yet to start, so at this stage, the price should not be more than INR Rs 8K per sq ft on the ground floor. The price INR Rs 8K per sq ft is comfortable for investment at this stage.

These days the developer of the Elan Miracle Mall, offering many attractive schemes to customers to invest in this property, like the 12% assured return, lease guaranty, and the 35% – 65% payment plans.
That builder/project who offers this kind of investment offers is not in the category of secure investment, as our experience most assured return properties are the investment of loss.

The property investment is a huge step and it involves a lot of money. It is therefore important that you review the pros and cons and weigh them before reaching a decision.

After analyzing all above facts that the investments in the Elan Miracle will take more than 07 years to grow (or even more).
The ground floor front facing retail shops of The Elan Miracle Commercial complex is good for investment but overall other floors retail shops is not the wise and safe investment.
Overall The Elan Miracle Commercial project investments will take a very long time to grow so invest wisely.

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