Air India Leases 6.3 Lakh Square Feet Space In Gurgaon For Training
Air India, which is owned by Tata, has leased 620,000 square feet of space in Gurgaon's Sector 75 for its training centre. The airline will pay an annual rental of approximately Rs 60 crore for a period of 21 years.
The developer will construct the building, called E-novation Centre, according to the specifications provided by the airline. Innovative Techno Park Ltd. will lease the building.
The training centre will include a simulator for pilots, so the building's design will take this into account. Four blocks have already been built on the 10-acre land, and some of it has been leased.
Additionally, the airlines is also looking for a land parcel where a building can be constructed to its specifications. Recently, Delhi-National Capital Region (NCR) has witnessed several significant office space deals. Ericsson, the Swedish telecom gear maker, was in talks to lease 500,000 sq ft with Skootr, a managed workspace provider, at Vatika One-on-One building in Gurgaon.
The company has signed an agreement to lease 325,000 square feet for immediate possession and has reserved the right to refuse another 200,000 square feet.
According to Crisil, a ratings firm, net leasing of commercial office space in India will stagnate at 32-34 million sq ft this fiscal year due to global uncertainties.
However, the intrinsic strengths of the Indian market, coupled with the increasing shift to return to the office, should aid demand pick-up over the medium term, keeping the credit profiles of office asset owners stable. IT and IT-enabled services firms occupy 42-45 per cent of India's operational stock of commercial office space.
