December 29, 2023

Air India Expands Presence: Leases 6.3 Lacs Sq. Ft in Gurgaon’s E-Innovation Centre

The flag carrier airline of India, Air India, that serves domestic and international destinations via an impressive fleet of planes, has recently signed a lease agreement with the E-Innovation Centre in Gurgaon, Sector 75. Registered on October 18, 2023, the lease agreement states the leasing period to be 21 years for an area covering 6.3 lacs sq. ft., with the annual rent amounting to Rs 90 crore.

Located in the institutional area of Sector 75, Gurgaon, the E-Innovation Centre is an under-construction commercial project dedicated to innovation, research, and development. Spanning 12 acres, the development is proposed to be LEED Gold certified, ascertaining its dedication to environmental sustainability.

Since its acquisition by TATA Group in January 2022, the airline has secured Blocks B, C, and E, spanning 3.61 lacs sq. ft. of the commercial project belonging to Innovative Techno Park Pvt Ltd. According to Hindustan Times, the average monthly rent for this space would be approximately Rs 2.40 crore, with the annual rent averaging to be Rs 43.29 crore. According to sources, the starting monthly rent to be paid by the airline for this space is Rs 2.40 crore, with a stamp duty of Rs 3.89 crore and a security deposit of Rs 14.40 crore already paid.

The lease agreement for the extra 2.66 lac sq. ft. area was signed in October, for which the monthly rental is agreed to be Rs 2.85 Cr, with the annual rent amounting to Rs 48.04 Cr. A security deposit of Rs 17.10 crore was submitted to seal this agreement, along with a stamp duty of Rs 4.32 crore. The agreement also includes parking space for 450 cars as well as a provision for escalation of rent by 4 percent at the conclusion of each year.

Sources also reveal that the commercial space leased by Air India will be used for training purposes. As per trusted insiders, the project will be built by the developer as per specifications detailed by Air India and will include housing stimulators for pilot training.

 

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