SERVICED APARTMENTS COMPARATIVE INVESTMENT REPORT

🏢 1. HEAD-TO-HEAD SPECIFICATIONS & METRICS COMPARISON

• Sobha Strada (Sector 106, SOBHA Downtown, Dwarka Expressway):
  • Developer & Status: Sobha Limited (NSE/BSE listed); Under construction, RERA dated 17 Nov 2025 (RC/REP/HARERA/GGM/1010/742/2025/113); RERA possession December 2032.
  • Configuration & Scale: 2.03-acre site; 4B+G+31 structure; 251 one-bedroom serviced residences (floors 6–31) spanning 856.87 to 1,026.37 sq ft.
  • Indicative Pricing & All-In Underwriting: Starting ₹1.99–2.50 Cr (Underwriting: ₹2.25–2.55 Cr).
  • Modelled Stabilised Gross Yield: 6.0%–8.0% (Hospitality model post-stabilisation).
  • Base Pre-Tax Equity IRR to 2035: 11.5%–13.5% (Modelled 2035 base exit value: ₹4.0–4.8 Cr).
• Max Terraces @ Estate 361 (Sector 36A, Dwarka Expressway):
  • Developer & Status: Max Estates Ltd (BSE listed; Max Group ecosystem; ICRA A+); Launched May 2026 (HARERA RC/REP/HARERA/GGM/1012/744/2025/115).
  • Configuration & Scale: Phase 1 covers 120 residences (GDV ₹1,200 Cr) inside the 18.23-acre Estate 361 township (GDV ₹9,000 Cr); 1.5 BHK (~1,144 sq ft super / ~595 sq ft carpet), 2 BHK, and duplex lofts.
  • Indicative Pricing & All-In Underwriting: Starting ₹2.40–2.75 Cr+ (Underwriting: ₹2.65–3.05 Cr).
  • Modelled Stabilised Gross Yield: 4.2%–5.8% (Managed residential model).
  • Base Pre-Tax Equity IRR to 2035: 11.0%–13.0% (Modelled 2035 base exit value: ₹4.8–5.8 Cr).
• Elan Miracle Serviced Apartments (Sector 84, Dwarka Expressway / NH-48):
  • Developer & Status: Elan Group; Ready property (OC received July 2021; HRERA 190 of 2017).
  • Configuration & Scale: ~7-acre mixed-use development with high-street retail, food court, multiplex, and operational 91-key Ramada Encore by Wyndham hotel.
  • Indicative Pricing & All-In Underwriting: Negotiated secondary purchase; ₹1.10–1.80 Cr all-in depending on unit floor and condition.
  • Modelled Stabilised Gross Yield: 5.5%–8.0% (If acquired at clean secondary valuation, not launch hype).
  • Base Pre-Tax Equity IRR to 2035: 9.0%–11.5% (Modelled 2035 base exit value: ₹1.6–2.6 Cr).
• Smartworld Lofts / Compact Format (Dwarka Expressway / Sector 113 Ecosystem):
  • Developer & Status: Smartworld Developers (Private; founded 2021); Analyzed via One DXP compact 2.5 BHK (1,350 sq ft from ₹2.45 Cr) and compact loft formats.
  • Indicative Pricing & All-In Underwriting: Indicative compact ticket ₹2.0–2.8 Cr (Underwriting: ₹2.40–2.90 Cr).
  • Modelled Stabilised Gross Yield: 4.5%–6.5% (Compact residential format).
  • Base Pre-Tax Equity IRR to 2035: 10.5%–12.8% (Modelled 2035 base exit value: ₹4.2–5.2 Cr).

🧭 2. SPONSOR BRAND SCORECARD & EXECUTION DNA

Brand equity is treated as a direct financial proxy for completion risk, build quality, and post-handover operator continuity:

• Sobha Limited (Brand Score: 8.6/10): Rare backward-integrated in-house EPC construction model and institutional disclosure discipline. While Sobha maintains a strong delivery track record across South India and NCR residential communities, Strada represents their first commercial/serviced hospitality format in NCR.
• Max Estates (Brand Score: 8.4/10): Backed by the Max Group ecosystem (Life, Healthcare) with an ICRA A+ corporate rating. Proven commercial leasing track record commanding micro-market rent premiums; managed living forms a core pillar of their LiveWell development philosophy.
• Elan Group (Brand Score: 6.2/10): Private regional commercial developer. Scores high on operational proof as the only live, cash-flowing hospitality asset in the set (Ramada Encore), but lacks public corporate reporting disclosures.
• Smartworld Developers (Brand Score: 7.6/10): Exceptional primary market sales velocity and flexible payment structures (such as 25:75 or 10:90). However, compact loft secondary market liquidity remains unproven relative to standard 3 BHK residential formats.

⚖️ 3. VALUE INVESTING VS. COMMON MARKETING TRAPS

• The Assured-Return Illusion: Fixed 8%–12% coupons historically offered on commercial/studio developments are often paid out of investor collections rather than underlying operational leasing cash flows. When coupons expire, asset values face sharp downward re-pricing.
• Super Area vs. Usable Carpet PSF: Quoted super areas frequently create an optical pricing discount. On compact units where carpet area ranges between 48% and 55% of super area, effective carpet-area cost is 1.8x to 2.1x higher than brochure headline numbers.
• The Six-Year Construction Discount: Marketing pitches claiming immediate 7%–9% yields on under-construction projects ignore the 5–7 year construction lock-in. Discounting future 2033 rental streams back to present value reduces real lifetime equity returns.
• Operator Marketing vs. Signed Agreements: Unsubstantiated claims of 5-star hotel tie-ups must not be underwritten as hotel Average Daily Rates (ADR) unless a formal Hotel Management Agreement (HMA) with audited revenue-sharing terms is verified.

🎯 4. CORRIDOR DEMAND GENERATORS TO 2035

The long-term performance of these assets depends on four primary occupational engines:

• Aerocity & IGI Airport: Generates short-stay corporate demand from airline crews, expatriates, and management consultants within a 15–20 minute drive. Grade-A office rents in Aerocity (₹235–260/sq ft/month) support overflow demand into Sector 106 (Strada) and Sector 113 (Smartworld).
• Global City (~1,000+ Acres, Sectors 36/36B/37/37B): HSIIDC’s flagship mixed-use business district directly anchors the long-term cap-rate compression for Max Terraces in Sector 36A.
• Delhi–Alwar / SNB Regional Rapid Transit System (RRTS): With public civil works initiating in August 2026 and commercial operations targeted for November 2031, station proximity will drive tenant retention more than highway frontage.
• Yashobhoomi (IICC, Dwarka Sector 25): Asia’s major convention venue drives peak MICE event overflow for short-to-medium stays.

💼 5. BUYER SUITABILITY PROFILES

• NRIs / OCIs Seeking a Dual-Purpose Landing Pad: Max Terraces (1.5 BHK in an integrated township) or Sobha Strada (provided a 2032 completion timeline aligns with capital plans).
• Corporate CXOs & Aviation Professionals: Sobha Strada and Sector 113 compact formats offer fast transit times to IGI Airport terminals, Aerocity, and Cyber City.
• Immediate Cash-Flow Yield Seekers: Elan Miracle Serviced Apartments acquired strictly via negotiated secondary market entry below replacement cost.

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⚖️ IMPORTANT LEGAL DISCLAIMER

This comparative research brief is prepared strictly for educational and general informational purposes by SS Estate Analytica. It does not constitute an offer to sell, a solicitation to buy, an appraisal, a formal valuation, or financial/investment advice. All financial models, projected yields, occupancy rates, and IRR calculations represent hypothetical projections based on publicly reported August 2026 data and market assumptions. Infrastructure projects (RRTS, Global City, Metro) remain subject to public policy and scheduling changes. Buyers and investors must conduct independent legal, title, and RERA due diligence before making capital commitments.

SS ESTATE ANALYTICA

Independent PropTech Research & Advisory | NCR Market Expertise

📞 Phone: +91 97181 11251

🌐 Website: www.ssestateanalytica.com

📍 Focus Geography: Gurugram • Dwarka Expressway • Global City • Delhi-NCR