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 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 developer 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 come 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

Elan Miracle, sector 84, gurugram, gurgaon

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.

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 future after completion possession of all nearby commercial projects of the sector 84 Gurugram.

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 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 above said commercial projects. And can face more critical condition in 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 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.

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 is 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.

elan miracle, sector 84, gurgaon

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

Products & Developer
The Elan Miracle commercial project is under developing by the Elan group builders (Elan Buildcon Private Limited). This project Consist 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
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.

Price | Lease Price
Elan Miracle retail shops & serviced apartments price start from approx:-

FLOOR CATEGORY PRICE (PSF)
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*

Conclusion
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.

CPR Ratings

NOTE: BEFORE INVESTING DO YOUR OWN RESEARCH

12 Comments

  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.

    Reply
  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 ?….

    Reply
  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

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

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

    Reply
  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.

    Reply
  7. Is there any completed project by Elan group ?

    Reply
  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.

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

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

    Reply
  10. Need more idea/review about elan miracle

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

    Reply

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