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

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CPR Ratings

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 public transportation facilities. The project is properly visible and walkable to nearby residents. So the location of this project is very impressive.

Possession | Construction Update
The Elan Miracle project was launched in the year of May-2017. The promised date of delivery/possession of the project is in the month of, December-2020. The construction work was started in the year of May 2018.  At present construction is in the primary stage.  The Elan Miracle project may be the delay.

Elan Miracle, sector 84, gurugram, gurgaon


Drawbacks | Bad Factors
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 sell 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.

It is fact that the 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 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 the 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 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 advise 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 may be 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.  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.

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 is running fine in Gurugram and Delhi area, 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 the project may depend on the sale of shops/space, so the project may be the delay.

elan miracle, sector 84, gurgaon

Products & Developer
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.

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

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.

Also Read :  Review : Investment in Elan Mercado, Sector 80, Gurugram, Loss or Profit

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 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.

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 the above facts that the investments in the Elan Miracle may take a long time to grow.
The ground floor front facing retail shops of Elan Miracle can be good for investment but overall other floors retail shops may not wise and safe investment.

CPR Ratings



  1. This is really very strange, Current Screen / multiplex in the main Gurgaon

    Metropolitian – 5 Screen
    City Centre – 3 Screen
    Sahara Mall – 2 Screen
    Ambiance Mall – 7 Screen
    Ansal Plaza – 3 Screen
    Inox Gurgaon Dreamz- 2 Screen
    Omaxe Mall – 3 Screen
    Raheja Mall – 3 Screen
    SRS Omaxe celebration Mall – 3 screen

    Total Screen in Gurgaon – 31 Now

    lets come to New Gurgaon PVR Vatika INXT – 14 Screen
    PVR ELAN – 20 Screen 
    Total Screen /multiolex n New Gurgaon – 34
    And can uocomming many more

    Cant Understand the logic here.. 34 Screen for a new under developing area with hardly 5k families staying in next 3 years.

    There is no planing or re-planning for commercial development in the new Gurgoan area by the government or can say the failure of the government

    Actually I think, politicians and builders pre-planned to loot our hard earned money in the name of investment and growth.

  2. I made a list of launched/soft-launched /Re-Launched commercials in new Gurgaon/Gurugram Area.
    Some exist on paper only and people should do their due-diligence on authenticity and status.

    Sector 80 (Highway based),
    Baani Center Point (next to Akme Raaga)
    Elan Mercado (infront of legend heights)- Mixed retail and service appartments
    Legend Heights – includes Hyatt hotel???

    Sector 78 (Highway based. Next to Sector 80)
    Spaze Arrow
    Sector 81-A(Highway based. Opposite to Sector 80/ Entrance of New Gugaon
    Bestech City Gate

    Sector 82-A (Highway based. Along with Sector 81-A/ Entrance of New GGN)
    Orris business square sector 82A
    – 1 million square feet
    Vatika INXT Town Square Sector 82A
    -9.6 million square feet and 11 acres site. This might be biggest commercial project as of now
    Vatika INXT Urban Center Sector 82A

    Sector 83 (Highway based. No -A division for highway side I think)
    ABW Business Bay Sector 83 – Corporate Hub
    Cosmos group /BOITL Sector 83
    Orris Floreal towers Sector 83
    – 0.5 million square feet
    Uppal’s CIEL SQUARE Sector 83
    Vatika INXT City Center Sector 83

    Sector 83 (Off highway)
    Ansal Hub I & II – (exact location uncertain)
    Ameya Sapphire 83
    VSR 83 Avenue (Also called Oodles Skywalk)

    Sector 84 (Off highway)
    Rajeha Trinity
    Vatika INXT Market Place – SCO Plots

    Sector 85
    Iris Broadway (location is in 85 but builder says 85-86).
    VSR 85 Avenue

    Sector 86
    SS Group (Galleria type)

    Sector 88 (Biggest commercial sector in terms of land zone but dependant on NPR)
    Silverglades Merchant Plaza

    Sector 90
    Ameya Sapphire 90
    Orris City Square

    Sector 91, DLF Galleria-2
    It is too much, its oversupply , these real estate developers and the government making fool to us
    Is there is any limit…. ? Is there is any planning ?….

  3. The Elan Builder has Extremely POOR record of completing their projects in the Gurgaon area.
    not even a single project of theirs is complete.

    Actually this is not the right time for investment in any under construction property, in the New Gurgaon area

    The Elan builder just making money by creating hype

  4. Elan is a fraud builder…. all his projects are in air

  5. Very nice reviews.
    Please write about AIPL JOYCENTRAL and JMS commercial property in Gurgaon.

  6. Hi,
    Very well advised. Never saw such genuine advice for real estate. Normally its builder who always appreciate their project avoiding drawbacks. Kudos to the writer.

    Ground rule.. no under construction. Put the money in bank FD and buy after 7-8 years…when this project gets fully operational…that too if you like the finished project. Not basis the brochure which costs 300 rupees in any case.

    All these assured return means that they are taking money from your pocket and giving back to you.

    None of the builder is keeping the assured return promise intact, cheques stopped after some time.
    This becomes a civil matter in the court. And may take 20 years to resolve, the buyer cant do anything but stay at the mercy of builder, even after investing lakhs/crores and builders know the LAW.
    If we don’t know the law as a buyer. That’s our problem. saving yourself is your problem not his.

  7. Is there any completed project by Elan group ?

  8. The builder starts new project without complete old one. Like started Town centre but before it finish, forget finish even half done, it started Mercado. Now Mecado is late and it started Miracle. In 8 months since start they have not laid even a single brick. Just digging and going slow. In UAE they would build 40 floor building in this time. No intrest in comleting project. just start new. now I am getting calls from people selling elan to invest in another new project in sector70. They have no name of project, no plans approved, no other information other than buy now at low price we will sell later for higher price. they make comission 2 time and poor people get fooled.

    • Mr. Alam, Thank you for this valuable information. Sir can you please send me contact no?

  9. I want to know more review for Elan mircle project

  10. Need more idea/review about elan miracle

  11. Any body can provide Elan Epic review. I am Planning to invest in this property but need expert views


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