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Air India has leased the land for a term of 21 years, and it will pay an annual rate of around Rs 60 crore, according to the close sources.
The training center of Tata-owned Air India is located in Sector 75 in Gurgaon, and it occupies around 620,000 square feet.
They stated the developer will build the structure, called the E-novation Centre, in accordance with the guidelines provided by the airline.
Documents obtained from floorTap(d0t)com, a commercial real estate marketplace, indicate that Innovative Techno Park Ltd. will lease the building.
“Air India has leased office space from Vatika and is searching for a plot of land on which to erect a structure that meets its requirements. One of the people, who wished to remain anonymous, stated, “The building will have to be constructed keeping in mind that the training center will come up with a simulator for pilots.”
The area, which is around ten acres, has already seen the construction of four blocks, and some of it has already been leased. There have been some high-profile office space deals recently in the Delhi-National Capital Region (NCR).
In one of the largest managed workspace transactions in the nation, Swedish telecom equipment manufacturer Ericsson was recently revealed by ET to be in negotiations to lease over 500,000 square feet at the Vatika One-on-One facility in Gurgaon with managed workspace provider Skootr.
The business has agreed to lease around 325,000 square feet for immediate use, but it has the option to reject an additional 200,000 square feet.
According to ratings agency CRISIL, net leasing of commercial office space in India would remain stagnant at 32–34 million square feet this fiscal year as major tenant categories grow cautious due to global concerns.
Nonetheless, it stated that over the medium term, demand should increase due to the natural strengths of the Indian market and the growing trend of people returning to their offices, maintaining the stability of office asset owners’ credit profiles.
Technology businesses dominate India’s commercial office space; 42–45% of the operating stock is occupied by IT and IT-enabled services organizations.