Air India leases seven floors of Gurugram building for annual rent of ₹24.05 crore: report

The Tata Group-owned Air India Ltd has leased seven floors spread across 1.80 lakh sq ft in Vatika One on One in Gurugram for five years at an annual rent of ₹24.05 crore, said a report by Hindustan Times.

The lease deed between Vatika One on One Pvt Ltd and Air India Ltd was registered in September.

Air India 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, said the HT report citing Propstack.com that has accessed registration documents.

Vatika One on One, an office complex located on National Highway 48 on a 12-acre campus in Gurugram’s Sector 16. It comprises six independent towers facing a piazza and offers a signal free connectivity from the Indira Gandhi International airport, six kms away.

As part of the deal, the airline paid an lnterest free refundable security deposit of ₹11.34 crore which allows it 180 car parking space and 18 additional parking spaces in Block 5.

As per a clause in the agreement, after three years the annual rent will see a 15% escalation.

On November 3, Air India said that it expects to induct more than 30 new planes, add over 400 weekly services and operate to four new international destinations in the next six months.

The airline said that international expansion is planned in North America, Europe, and Southeast Asia.

“Between now and March 2024, Air India expects to induct over 30 wide body and narrow body aircraft to its fleet, including six A350s, four B777s and 20 A320 neos,” it said in a release. 

“While modernising our fleet and introducing new products and services is a top priority in Air India's ongoing transformation journey, we are equally focused on densifying and expanding our route network to capture the rapidly growing demand in the market,” Air India CEO and MD Campbell Wilson said. 

Earlier this year, Air India placed orders for 470 aircraft with Airbus and Boeing.