As per Location
The Elan Miracle Mall is a 3-side open corner property on the sector 84, Dwarka Expressway Gurugram. The project is properly visible and walkable.
Indira Gandhi International Airport is just 35-minutes drive via NH-48 & Huda City Center metro station is a 30-minutes drive from the Elan Miracle.
Prominent institutions & schools are in the closest proximity such as Delhi Public School, DPS Gurugram, St. Xavier’s High School, MatriKiran High School, Indraprasth Institute Of Aeronautics, INDIAN SCHOOL OF HOSPITALITY, etc. Major hotels such as the Hyatt Regency Gurgaon, AapnoGhar are also in close proximity.
Elan Miracle is the just 10-minute drive from the NH-8. The project is properly visible and walkable for the passers of Dwarka Expressway. Overall Elan Miracle is an excellent location project.
This project is properly connected to multiple public transportation facilities. So the location of this project is very impressive.
Possession | Construction Update
The Elan Miracle project was launched in the month of May-2017. Several real estate portals and developers changed possession dates many times since the project launched. Now According to several real estate portals, the revised promised date of delivery/possession of the project is in the month of, July-2021. After RERA comes in force, the promised date of delivery is in the year of September-2023. At present construction is in the primary stage. The project may be the delay. RERA Registration No 190 OF 2017
Drawbacks | Bad Factors
It is a fact that Elan Miracle, sector-84 Dwarka Expressway is a prime location project but in this prime location, several other prime locations under construction and ready to move commercial projects also exist such as Raheja Trinity, Pivotal 84 Down Street, Sapphire Eighty-Three, Ansal Hub 83, Vatika City Center and Vatika INXT High Street, etc.
Actually, sector 84, Gurugram has six-seven under construction or ready to move residential projects and every residential society have their own retail shop market to cater to daily needs and other retail needs of their residents. So it may be possible that the Elan Miracle Mall retail shops don’t give good returns in the future after completion possession of all nearby commercial projects of the sector 84 Gurugram.
All the above-said projects are within the one kilo Meter radius. And all these projects have the same products. All are commercial/retail/office space/Mall type properties. After completion of possession, all these commercial properties/projects will create investment competition in this location.
There is a big gap in demand and supply. The supply is very high in comparison to the 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 the above said commercial projects. And can face more critical conditions in the future. So we advise while investing in all the above-said properties/project, choose carefully.
Now the question is that, what’s the logic behind all these oversupply commercials? Is there any limit? Actually, there is no proper planning and re-planning for commercial development by the concern development authorities Of the Haryana government. i.e. GMDA/HUDA.
How much commercial property is needed and when it is needed the Haryana government has no planning. Actually, it’s a System failure and we all are the victims of this pre-planned cheating.
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 other greedy 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 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.
The Dwarka Expressway (New Gurgaon) township has been under construction/development since the last 08 years, nobody knows when it will be complete.
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 Maximum Mall or Mall type properties are not the good and safe investment options in the Gurugram and Delhi area. The maximum investors who invested in Mall type properties are in 99% loss.
Actually, only a few Malls are running fine in Gurugram and Delhi area, such as Ambience Mall, DLF Mega Mall, MGF Metropolitan Mall, and Select City walk, Delhi, etc otherwise all other Mall type properties are the investment of 99% loss.
The construction and possession of the project may depend on the sale of shops/space, so the project may be the delay.
Commercial Real Estate Project Investment Criteria Table
|MUST REQUIRED FACTORS||ACTUAL FACTS-ELAN MIRACLE||GRADING|
|Urban Rich Gentry||Middle Class. Within 500-Meter Ss, Alpha, Antriksh, Spaze, Pivotal, etc||B|
|Connectivity||Nearest Metro Station 32-Minutes (Huda City Center)
International Airport-27.3Km (IGI Airport
|Layout Design||Good Layout, highly visible retail||B|
|Visibility||Highly visible, corner property||A|
|High-Density population||Within a radius of 500-meter more than 10-Thousand Flats and 25-Thousand urban rich people and can denser more in upcoming years.||A|
|Public Security||Police Station -15-Minute
Fire Station 15-Minute
|Industrial Area||within 3-Km||A|
|Urban/Civic Facilities||Maximum facilities available||B|
|Price Comparison||Competitive price||A|
|Competitors||Several competitors within a radius of 500-Meter||C|
|Expected ROI||May takes long time||C|
Key Point | Advice
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 couple of 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.
Products & Developer
The Elan Miracle commercial project is under developing by the Elan group builders (Elan Buildcon Private Limited). This project consists of centralizes air-conditioned double-height retail shops commercial office spaces, a 14-screen multiplex, food courts, hypermarkets, serviced apartments, Club House and Entertainment facilities, etc. It’s a centralized air condition Mall type property.
Builder Profile | Track Record
|KEY PEOPLE||Ravish Kapoor, Akash Kapoor|
|COMPANY | PROMOTERS||Elan|
|PRODUCTS||Commercial Offices, Shopping Malls, Retail, Hotel, Lesure & Hospitality|
|AREA SERVED||Delhi, Gurgaon|
|PROJECTS ONGOING||Elan Mercado, Elan Town Centre, Elan Miracle, Elan Epic|
|DELIVERY TRACK RECORD||Very Poor, delay possession|
|RISK||delay possession, long wait, investment can be stuck|
|LITIGATION||Facing corruption charges|
|OFFICE ADDRESS||Golf View Corporate Tower, 3rd Floor Golf Course Road, Sector 42, Gurgaon, Haryana 122001. Phone: +91 124 410 1100|
Price | Lease Price
Elan Miracle retail shops & serviced apartments price start from approx:-
|Lower Ground||Retail Shop||10,750|
|Ground Floor||Retail Shop||13,750|
|First Floor||Retail Shop||9750|
|Second Floor||Food Court||10,500|
|Third Floor||Serviced Apartment||8250|
Other Charges Extra*
Elan Miracle possession date has been changed many times since the launch. Project possession date is doubtful. The project has a long way to go for completion. Our Advice, at this stage, investment may be risky. So invest carefully.
NOTE: BEFORE INVESTING DO YOUR OWN RESEARCH