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Air India Setting Feet In Gurgaon, A big breaking in the Real Estate Market

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Air India

Air India is Leasing a huge commercial space in Gurgaon, Yearly Rent is 90 crores upto 21 years.
A Major push for the commercial real estate sector of Gurugram, Air India Office At Gurugram.
Air India was acquired by Tata group in the beginning of 2022. After a long rounds of talks and negotiations the decision finally came to surface. The subsidiary of Tata has leased 3 blocks i.e. B, C and E amounting to a total area of 361000 sq ft.

The leased area is located at, E- Novation Centre Sector 75, Gurugram. The owner of the land is registered as Innovative Techno Park Pvt. Ltd.
A lease agreement has been signed by Air India to rent commercial space as much as 6.2 lakh Sq ft located at E- Novation Centre in Gurgaon, Sector 75. The annual is fixed over Rs 90 crore, these insights are revealed by a Real Estate Analysis company.

This subsidiary of Tata group, which was acquired in 2022, is in the news for acquiring 3 blocks in Sector 75 of Gurgaon. The blocks B, C and E expand over an area of 3.61 lakh sq ft, the average monthly rent of the property will be Rs 2.4 crore, average yearly rent of the property will be Rs 43.29 crore. Located at the E-Novation Centre and owned by Innovative Techno Park pvt ltd.
The initial monthly rent is set at ₹2.40 lakh, with a security deposit of ₹14.40 crore. According to the documents, a stamp duty of ₹3.89 crore was paid for this transaction.
The date of the lease is 18th of October, 2023
The Air India has also leased 2.66 lakh sq ft area at a monthly rent of ₹2.85 crore and an annual cost of ₹48.04 crore. They made a security deposit of ₹17.10 crore for the lease, which includes a stamp duty of ₹4.32 crore. The property offers 450 car parking spaces. The lease features a 4 percent annual rent increase, as indicated in the documents. Air India chose not to comment on the matter. Previously, Air India Ltd had agreed to lease seven floors, totaling 1.80 lakh sq ft, in Vatika One on One in Gurugram Sector 16. This five-year lease is set at an annual rent of ₹24.05 crore.

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