The Air India Ltd has signed an agreement to commercially lease seven floors spread across 1.80 lakh sq ft in Vatika One on One in Gurugram Sector 16 for five years at an annual rent of ₹24.05 crore.
Vatika One on One is an office complex located on National Highway 48 on a 12-acre campus comprising six independent towers facing a piazza. The complex offers a signal free connectivity from the Indira Gandhi International airport, six kms away.
The lease deed between Vatika One on One Pvt Ltd and Air India Ltd was registered in September. The airline, acquired by the Tata group in January 2022, will lease 1,80,750 sq ft of office space from ground floor to sixth floor in Block 5 of Vatika One on One for a monthly rent of ₹1.89 crore, according to registration documents accessed and shared by Propstack.com.
The airline, which is rapidly expanding after privatisation, paid an lnterest Free Refundable Security Deposit of ₹11.34 crore as part of the deal, which allows the lessor 180 car parking space and 18 additional parking spaces in Block 5, according to the documents.
The lease commenced from September 29, 2023 and the lease rent will start six months from the commencement date. The lessor has been given a rent-free fit out period till the commencement of rent in March 2024. The annual rent will see a 15% escalation after three years as per a clause in the agreement, according to the document.