Air India's Major Lease Deal with Vatika One on One Pvt Ltd in Gurugram

Air India, now under the ownership of the Tata Group, has entered into a significant commercial lease agreement with Vatika One on One Pvt Ltd. Under this arrangement, Air India will lease seven floors spanning a substantial 1.80 lakh sq ft within Vatika One on One, located in Gurugram Sector 16. The lease is set for a duration of five years, with an annual rent of ₹24.05 crore.

Vatika One on One stands as an impressive office complex situated on National Highway 48, encompassing a 12-acre campus with six independent towers overlooking a vibrant piazza. Notably, this complex offers seamless connectivity to the Indira Gandhi International Airport, located just six kilometers away.

The formal lease agreement between Vatika One on One Pvt Ltd and Air India Ltd was officially registered in September. Air India, now part of the Tata Group, will occupy 1,80,750 sq ft of office space, spanning from the ground floor to the sixth floor in Block 5 of Vatika One on One. The monthly rent for this space is ₹1.89 crore, as confirmed by registration documents accessed and shared by Propstack.com.

As part of this significant lease agreement, Air India, in its expansion phase post-privatization, has disbursed an Interest-Free Refundable Security Deposit amounting to ₹11.34 crore. This deal also provides the lessor with access to 180 car parking spaces and an additional 18 parking spaces within Block 5, in accordance with the documents.

The lease officially commenced on September 29, 2023, with the lease rent scheduled to begin six months after this commencement date. Additionally, the lessor has been granted a rent-free fit-out period until rent commencement in March 2024. The agreement also stipulates a 15% annual rent escalation after three years, further reinforcing the terms of this significant lease agreement.