Air India Leases 6.2 Lakh Sq Ft Commercial Space in Gurugram at ₹90 Crore Annual Rent

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    Air India, now owned by the Tata group since January 2022, has rented commercial space in Gurugram’s Sector 75. The leased area spans 6.2 lakh sq ft across blocks B, C, and E in the E-Innovation Centre from Innovative Techno Park Pvt Ltd.

    Here are the main details

    • Air India signed a 21-year lease agreement for the space, paying an annual rent of over ₹90 crore, according to CRE Matrix, a real estate data analytics firm.
    • Blocks B, C, and E cover 3.61 lakh sq ft, rented at an average of ₹2.40 crore per month and ₹43.29 crore per annum.
    • The initial monthly rent starts at ₹2.40 lakh with a security deposit of ₹14.40 crore. A stamp duty of ₹3.89 crore was paid during the deal registered on October 18.
    • Additionally, the airline rented 2.66 lakh sq ft at ₹2.85 crore per month and ₹48.04 crore per annum, with a security deposit of ₹17.10 crore. This lease was also registered on October 18, 2023, with a stamp duty of ₹4.32 crore.
    • The property includes 450 parking spots and has a rent escalation provision of 4 percent annually.
    • Earlier, Air India had leased seven floors spanning 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.

    This move adds to Air India’s strategic real estate acquisitions, securing significant commercial space in Gurugram.

    Also read: UP-RERA’s Guidelines: Ensuring Transparency in Real Estate Project Funds Management

    (Source: Hindustan Times)

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