GURUGRAM- Tata-owned Air India (AI) has secured spaces in the E-Novation Centre in Sector 75, Gurugram, from the landlord, Innovative Techno Park Pvt Ltd.
e-Novation Centre, a cutting-edge facility in India dedicated solely to corporate innovation, research and development (R&D), and training, is under construction in the institutional area of Sector 75, Gurugram. Spanning 12 acres, this corporate innovation hub, developed by RSP Developers, is designed to achieve a LEED Gold rating.
Air India Gurugram Property
The lease agreement entails a commercial area spanning 6.2 lakh sq ft in the E-Innovation Centre in Gurgaon’s Sector 75, with an annual rent exceeding ₹90 crore for a duration of 21 years, as revealed by documents accessed by CRE Matrix, a real estate data analytics firm and reported by Hindustan Times (HT).
Since its acquisition by the Tata Group in January 2022, the airline has secured spaces in blocks B, C, and E, covering an area of 3.61 lakh sq ft at the E-Novation Centre in Sector 75, Gurugram.
The average monthly rent for the space is ₹2.40 crore, with an annual average of ₹43.29 crore. The lease agreement commenced with a starting monthly rent of ₹2.40 lakh, accompanied by a security deposit of ₹14.40 crore.
Additionally, the documents indicated the payment of a stamp duty amounting to ₹3.89 crore for the transaction.
Parking Space for 450 Cars
The lease agreement for an additional area of 2.66 lakh sq ft was officially registered on October 18. The monthly rent for this space is ₹2.85 crore, translating to an annual cost of ₹48.04 crore. To secure this agreement, Air India submitted a security deposit of ₹17.10 crore.
The registration of the lease on October 18, 2023, was accompanied by the payment of a stamp duty amounting to ₹4.32 crore.
Included in this property arrangement are 450 car parking spaces. According to the documents, the deal features a rent escalation provision of 4 percent at the conclusion of each year.
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