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The Tata Group company Air India has leased seven floors totaling 1.80 lakh square feet at Vatika One on One in Gurugram for a period of five years at an annual rate of Rs 24.05 crore.
A lease agreement was registered in September between Vatika One on One Pvt Ltd and Air India Ltd. According to registration records viewed by Propstack.com, Air India is to lease 1,80,750 square feet of office space in Block 5 of Vatika One on One, extending from the ground floor to the sixth floor, for a monthly rent of Rs 1.89 crore.
Situated on NH-48 in Sector 16 in Gurugram, Vatika One on One is a 12-acre office complex. It features six distinct towers facing a piazza and is located six kilometers from the Indira Gandhi International Airport. Signal-free connectivity is offered by it.
Air India’s Private Growth And Lease Agreement Details
Records show that as part of the arrangement, the airline has experienced rapid growth since going private and paid an interest-free refundable security deposit of Rs 11.34 crore. This amount grants the lessor 180 car parking spaces and an additional 18 spaces in Block 5.
The rent is due six months from the start date of the lease, which is September 29, 2023. The lessor has been given until the beginning of the rent period in March 2024 to complete the fit-out without paying rent. The agreement stipulates that the annual rent will increase by fifteen percent after three years.
Air India CEO and MD Campbell Wilson stated, “We are equally focused on densifying and expanding our route network to capture the rapidly growing demand in the market, while modernising our fleet and introducing new products and services is a top priority in our ongoing transformation journey.” Air India ordered 470 aircraft from Airbus and Boeing earlier this year.
Air India Leases Four Lakh Square Feet Space In Gurugram
A deal to lease almost four lakh square feet of office space at Vatika’s office complex in Gurugram, Haryana, is currently in talks for Air India.
A letter of intent (LoI) for roughly two lakh square feet of office space has already been signed by the Tata Group, with the possibility to double the area later.
All of the airline’s offices will relocate to this structure. Vistara and AirAsia, two more Tata airlines, might move into the same building in the future.
At an investment of Rs 1,200 crore, the 2.2 million square foot One on One Vatika project on NH-8 is being developed in two phases.
30 New Aircraft Will Be Introduced By Air India In The Next Six Months
Over the next six months, Indian airline Air India aims to add over 30 additional aircraft and launch services to four new overseas locations, the company said on Friday.
As part of its winter timetable, which runs from October 29 to March 30, 2024, the Tata-owned airline plans to add more than 400 weekly flights to its domestic and international route network, as well as expand its routes to North America, Europe, and Southeast Asia.
The airline is expanding its routes since it anticipates receiving new aircraft deliveries within the next six months. Air India ordered a total of 470 aircrafts from Airbus and Boeing in the year 2023.
Air India continues to evolve and adapt to the ever-changing aviation industry, one thing remains constant as its commitment to progress and excellence. The airline’s success story serves as an inspiration to other airlines around the world, showing that with determination and innovation.
Air India’s journey is a tribute to the spirit of resilience and growth. With its private ownership, tactical agreements, and visionary leadership, the airline is set to continue its skyward curve in the aviation industry, make sure that it remains a key player on the global stage. Air India’s success story is an example of what can be attained when passion and loyalty meet the limitless skies of opportunity.
Source-ET
