State-owned Air India has started the process to lease out around 159,000 sq ft of space in its iconic head quarters Air India Building at Nariman Point in south Mumbai. The airline announced last week it would move its headquarters to New Delhi from Mumbai making way for monetising this landmark property.
On Friday, Air India invited bids for leasing out a total 12 of its 23 floors in the sea-facing tower with November 3 being the last date for submission of interest. Each applicant will have to pay an earnest money deposit of a minimum of Rs 50 lakh per floor subject to a maximum of Rs 1 crore.
Bidders will have to quote for a minimum of one entire floor. The airline company has stated that preference will be given for those who intend to occupy more number of vacant floors. Although Air India did not mention the base rental for the property, it noted that higher floors will attract a floor price rise of Rs 5 per sq ft.
19/10/12 Kailash Babar & Manisha Singhal/Economic Times
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On Friday, Air India invited bids for leasing out a total 12 of its 23 floors in the sea-facing tower with November 3 being the last date for submission of interest. Each applicant will have to pay an earnest money deposit of a minimum of Rs 50 lakh per floor subject to a maximum of Rs 1 crore.
Bidders will have to quote for a minimum of one entire floor. The airline company has stated that preference will be given for those who intend to occupy more number of vacant floors. Although Air India did not mention the base rental for the property, it noted that higher floors will attract a floor price rise of Rs 5 per sq ft.
19/10/12 Kailash Babar & Manisha Singhal/Economic Times
