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.

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 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.

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.