Air India leases 6.2 lakh sq ft commercial space in Gurugram at rs 90 crore annually for 21 years

Recently, an airbase company was acquired by the Tata Group in January 2022. The company has taken up blocks B, C and E spread across an area of 3.61 lakh sq ft. 

Now, Air India has taken up the block in E-Novation Centre, in 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 the E-innovation Centre in Gurgaon, Sector 75 at an annual rent of over rs 90 crore for 21 years. The documents have already been accessed by CRE Matrix, a real estate data analytics firm. 

The airline was acquired by Tata Group in January 2022. Since then, the company has taken Block B, C and E spread across an area of 3.61 sq ft at an average rent of 2.40 crore per month and an average rent of rs 43.29 crore per annum, E-Novation Centre, sector 75, Gurugram from the landlord Innovative Techno Park Pvt Ltd. 

The monthly rent is somewhere around 2.40 lakhs, which comes with a security deposit of rs 14,40 crore. A stamp duty of rs 3.89 crore has already been paid for the deal and the document has also been seen. 

The lease deed was also registered on Oct 18, 2023

The airline has also taken an area of 2.66 lakh at a monthly rent of rs 2.85 crore per month and 48.04 crore per annum. It has also been paid a security deposit of rs 17.10 crore for the deal. even, the lease was also registered on Oct 19, 2023 for which the stamp duty of rs 4.32 crore has also been paid. 

The property comes with 450 car parking spots. 

The deal has also come with a rent escalation provision of 4 percent at the end of each year, the document has already been shown. 

Air India Ltd has also signed an agreement to commercially lease seven floors spread across rs 1,80 lakh sq ft in Vatika One-on-One in Gurgaon sector 16 for five years at an annual rent of rs 24.05 crore.