Air India leases 6.2 lakh sq ft commercial real estate space in Gurugram at an annual rent of ₹90 crore for 21 years

The airline, acquired by the Tata group in January 2022, has taken up blocks B, C and E spread across an area of 3.61 lakh sq ft.

Published on: Dec 10, 2023, 17:55:14 IST

By Vandana Ramnani

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Air India has taken up blocks in E-Novation Centre, Sector 75, Gurugram from the landlord, Innovative Techno Park Pvt Ltd.

Air India has signed a lease agreement to take up commercial space spread across an area of 6.2 lakh sq ft in E-Innovation Centre in Gurgaon, Sector 75, at an annual rent of over ₹90 crore for 21 years, documents accessed by CRE Matrix, a real estate data analytics firm showed.

The airline, acquired by the Tata group in January 2022, has taken up blocks B, C and E spread across an area of 3.61 lakh sq ft, at an average rent of ₹2.40 crore per month and an average rent of ₹43.29 crore per annum, E-Novation Centre, Sector 75, Gurugram from the landlord, Innovative Techno Park Pvt Ltd.

The starting monthly rent is ₹2.40 lakh and the security deposit paid is ₹14.40 crore. A stamp duty of ₹3.89 crore was paid for the deal, the documents showed.

The lease deed was registered on October 18

The airline has also taken an area of 2.66 lakh at a monthly rent of ₹2.85 crore per month and ₹48.04 crore per annum. It has paid a security deposit of ₹17.10 crore for the deal. The lease was registered on October 18, 2023 for which a stamp duty of ₹4.32 crore has been paid.

The property comes with 450 car parking spots.

The deal comes with a rent escalation provision of 4 percent at the end of each year, the documents showed

Air India refused to comment.

Also Read: Air India leases seven floors in Gurugram business hub at ₹24 Cr annual rent

The Air India Ltd had earlier signed an agreement to commercially lease seven floors spread across 1.80 lakh sq ft in Vatika One on One in Gurugram Sector 16 for five years at an annual rent of ₹24.05 crore.

ABOUT THE AUTHOR
Vandana Ramnani
Vandana Ramnani leads the real estate vertical at Hindustan Times Digital, bringing over two decades of journalism experience across real estate, education, human resources, and foreign affairs. She specialises in India’s real estate sector, covering residential and commercial markets in Delhi-NCR, Mumbai, and Bengaluru, with in-depth reporting on regulatory developments, urban policy, housing trends, and interviews with industry leaders. Her work has also appeared in the Hindustan Times newspaper and HT Estates. Earlier, Vandana played a key role in establishing the real estate vertical at Moneycontrol (NW18 Group), shaping its editorial direction and market coverage. She has also written extensively on international education for HT Education, tracking global study destinations, policy changes, and student mobility trends, earning the Singapore Education Award 2009 for Best Media Coverage (Print). Her reporting portfolio includes human resources and employment trends for HT ShineJobs and PowerJobs, as well as lifestyle and interior design features for HT Premium Homes. Vandana began her career with the Press Trust of India, gaining strong editorial and reporting expertise. She was also selected for a prestigious fellowship at Fondation Journalistes en Europe in Paris, where she wrote for EuroMag. One of her notable reporting assignments included covering Germany’s capital relocation from Bonn to Berlin. Outside of journalism, Vandana is a passionate traveller, constantly seeking out charming hideaways across India and the lesser-known, offbeat corners of Southeast Asia.Read More