Tata’s Air India Leases 7 Floors in Gurugram Building for 5-Year at Rs 24 Crore Annually

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    Air India, now part of the Tata Group, has recently inked a significant lease agreement in Gurugram. The deal spans five years and involves the leasing of seven floors, comprising a total of 180,750 square feet, in Block 5 of Vatika One on One. The annual rent for this extensive space is set at Rs 24.05 crore, equivalent to a monthly rent of Rs 1.89 crore.

    This lease agreement, officially recorded in September, designates the office space from the ground floor to the sixth floor in Vatika One on One. This strategic location is situated in Gurugram’s Sector 16, with close proximity to National Highway 48, and just a six-kilometer distance from the Indira Gandhi International Airport. Vatika One on One is an expansive complex with six towers, all facing a central piazza, making it a well-connected and dynamic workspace.

    Air India has provided a substantial interest-free refundable security deposit of Rs 11.34 crore as part of this agreement. In return, the lessor has granted Air India access to 180 parking spots for cars, in addition to 18 spaces in Block 5.

    The lease officially commenced on September 29, 2023, with rent payments scheduled to commence six months from the commencement date. Notably, the agreement includes a rent-free fit-out period, allowing time for preparations until the rental period formally begins in March 2024. Furthermore, it’s important to highlight that the agreement stipulates a 15 percent annual rent increase after the initial three years.

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