In a significant move, Air India, now under the ownership of the Tata Group since January 2022, has entered into a lease agreement for extensive commercial space covering 6.2 lakh sq ft in the E-Innovation Centre, Sector 75, Gurugram. The annual rent for this expansive space is set at over ₹90 crore, with a lease term of 21 years, as per documents accessed by CRE Matrix, a real estate data analytics firm.
The leased space includes blocks B, C, and E within the E-Novation Centre, spanning a total area of 3.61 lakh sq ft. The average rent is calculated at ₹2.40 crore per month, resulting in an annual rent of ₹43.29 crore. The lease deed was officially registered on October 18, 2023, and the starting monthly rent is ₹2.40 lakh. Additionally, a security deposit of ₹14.40 crore and a stamp duty of ₹3.89 crore were paid for the transaction.
Air India has also secured an additional area of 2.66 lakh sq ft within the same E-Novation Centre, with a monthly rent of ₹2.85 crore and an annual rent of ₹48.04 crore. The lease for this space was registered on October 18, 2023, and involved a security deposit of ₹17.10 crore, along with a stamp duty of ₹4.32 crore. The entire property comes with 450 car parking spots.
The lease agreement incorporates a rent escalation provision of 4 percent at the end of each year, as outlined in the documents. Air India declined to comment on the matter.
This move follows Air India’s previous agreement to lease seven floors, covering 1.80 lakh sq ft, in Vatika One on One, Gurugram Sector 16, at an annual rent of ₹24.05 crore for five years.
