Air India leases 6.2 lakh sq.ft commercial real estate in Gurugram

By Bricksnwall | 2023-12-10

Air India has a 21-year lease on 6.2 lakh square feet of commercial real estate in Gurugram for a cost of Rs 90 crore per year.

The airline, which was purchased by the Tata Group in January 2022, is presently housed in blocks B, C, and E, totaling 3.61 lakh square feet.

Innovative Techno Park Pvt. Ltd. has leased blocks in E-Novation Centre, Sector 75, Gurugram, to Air India.

According to documents obtained by real estate data analytics firm CRE Matrix, Air India has inked a leasing agreement to rent commercial property spanning 6.2 lakh sq ft in Gurgaon's Sector 75 for 21 years at an annual price of about 90 crore.

The airline, which was acquired by the Tata Group in January 2022, is paying Innovative Techno Park Pvt Ltd an average of ?2.40 crore per month and ?43.29 crore annually to lease blocks B, C, and E at E-Novation Centre, Sector 75, Gurugram. The blocks cover 3.61 lakh square feet in total.

A security deposit of ?14.40 crore is included in the rent, which starts at ?2.40 lakh per month. According to the documentation, ?3.89 crore in stamp duty was paid for the sale.

The lease deed was registered on October 18.

A 2.66 lakh square foot area has also been leased by the airline for ?2.85 crore a month and ?48.04 crore a year. It has paid a security deposit of ?17.10 crore for the deal. The lease was recorded on October 18, 2023, and stamp duty of ?4.32 crore was paid.

There are 450 parking spaces on the property.

The deal includes a 4 percent rent escalation clause that kicks in at the end of each year, according to the records.

HT Digital has sent an email request to Air India. Once we have an update from them, we will update the story.

Air India Ltd. previously signed a deal to commercially lease Vatika One-on-One, a seven-story, 1.80 lakh-square-foot building in Gurugram Sector 16, for five years at an annual rate of ?24.05 crore.