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

Dec 10, 2023 05:55 PM IST

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.

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

Air India (REUTERS)
Air India (REUTERS)

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.

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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.

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  • ABOUT THE AUTHOR
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    Vandana Ramnani is editor, real estate, HT Digital. She has reported extensively on residential and commercial real estate. She can be reached at vandana.ramnani@htdigital.in

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