No renters for Air India's tower

When Air India announced that it will rent out space in most of the 23 floors of the iconic Mumbai’s Nariman Point building; it didn’t expect to have much trouble finding buyers for the same.

For the company’s financial restructuring, Air India needs to raise Rs.5000 crore over the next years through asset monetization and of course, there is nothing more prestigious than its famed 23 storied sea-facing tower. The airlines will rent out properties in cities such as Mumbai, Delhi, Kolkata, Chennai and some overseas locations. For the Nariman Point tower, the airlines has set a base rental of Rs.350 per square feet, per month and this for a space in a heritage, sea facing building in one of the richest parts of the city yet, there are no takers at this price.

In a city where people pay crores for a club membership, exorbitant sums of money for 500-1000 square feet home; why aren’t there any takers for leasing out space in one of the historical buildings of the city? Call it bad luck, jinx or sheer superstition; maybe people feel that like Air India, the space renters too will come crashing down!