Air India leases 620,000 square feet in Gurgaon for training centre

Air India leases 620,000 square feet in Gurgaon for training centre

Tata-owned Air India has leased about 620,000 square feet space in Gurgaon’s Sector 75 for its training centre.

The airline will pay an annual rental of about Rs 60 crore, and it has leased the property for a period of 21 years, said people close to the development.

They said the developer will construct the building, named E-novation Centre, as per the specifications laid out by the airline.

According to documents accessed through floorTap.com, a marketplace for commercial properties, the building will be leased by Innovative Techno Park Ltd.

“Air India has taken office space with Vatika and is on the lookout for a land parcel where a building can be constructed as per its specifications. Since the training centre will come up with a simulator for pilots, the building will have to be constructed keeping that in mind,” said one of the persons, who did not wish to be identified.

Air India did not respond to ET’s emailed queries.

Four blocks have already been built on the land, which is around 10 acres, and some of it has also been leased.

Delhi-National Capital Region (NCR) has recently seen some big-ticket office space deals.

Recently, ET reported that Swedish telecom gear maker Ericsson was in talks to lease about 500,000 sq ft with managed workspace provider Skootr at the Vatika One-on-One building in Gurgaon, in one of the biggest managed workspace deals in the country.

The company has signed an agreement to lease about 325,000 square feet for immediate occupancy and has kept the right to refuse another 200,000 square feet.

Net leasing of commercial office space in India will stagnate in this financial year at 32-34 million sq ft, according to ratings firm Crisil, with global uncertainties brewing caution among key tenant categories.

However, it said, the inherent strengths of the Indian market and the increasing shift to return to office should help demand pick up over the medium term, keeping the credit profiles of office asset owners stable.

India’s commercial office space is dominated by technology companies, with information technology and IT-enabled services companies occupying 42-45% of the operational stock.

Source : ET

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