City builders give landing to Airbus

Ahmedabad-based developers HN Safal and Goyal & Co. have secured a significant deal with Airbus, leasing the European aerospace corporation 6.2 lakh sq ft of office space in Bengaluru for 10 years at a cost of Rs 500 crore.

Ahmedabad-based developers HN Safal and Goyal & Co. have secured a significant deal with Airbus, leasing the European aerospace corporation 6.2 lakh sq ft of office space in Bengaluru for 10 years at a cost of Rs 500 crore.

Under the lease agreement, Airbus will pay a minimum of Rs 500 crore in rent over 10 years, with an annual rental of Rs 50 crore for the property in Titanium Tech Park in Whitefield. The rental value will increase with a clause of 15 percent increment every three years.

Sources reveal that HN Safal and Goyal Group have formed a company called 'Whitefield Developers' specifically for Titanium Tech Park (TTP) in Whitefield, which has executed the agreement with Airbus. "The European company is likely to add another 1.5-2.8 lakh sq ft in the same building, which has a total area of around 8.8 lakh sq ft," the source added.