Zomato, the big player in India’s food-tech scene, just locked in a major office leasing deal. Eternal Ltd, the parent company of Zomato, has taken seven floors on lease at Intellion Park in Gurugram, and they grabbed about 2.7 lakh square feet of top-tier office space.
Raja Sitaraman, co-founder of Propstack, said, "Zomato leasing 2.7 lakh sq ft of space at Intellian Park is a major step forward for the NCR office market.
While most of the recent growth in office utilization has been driven by Global Capability Centers (GCCs), a homegrown giant like Zomato consolidating and expanding on such a large scale signals strong confidence in the domestic tech ecosystem.
The company is paying a rent of ₹84 per square foot per month, and the market sees this move as a clear signal of the company’s long-term plan for its physical office setup.
The food delivery has taken the space at Intellion Park (TRIL IT City) in Sector 59, Gurgaon, and the leased premises comprise the ground floor with floors four to nine, with a total chargeable area of 278,249 sq ft.
The lease term is four years and 11 months, with a rent escalation of 15 percent after three years, and the lease will include a 3-year lock-in agreement. In this agreement, neither the tenant nor the landlord can terminate the contract, the document showed.
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Additionally, the Zomato lease provides a rent-free fit-out period of six months and 14 days. The document showed that the tenant is allowing time to customize and prepare the office space before rental payments commence.
In this transaction, including 371 car parking spaces, is calculated at one parking space per 750 square feet. The list of questions has been sent to Zomato and Mikado Realtors, and the story will be updated if a response is received.
Earlier, Zomato Hyperpure, the B2B supply arm of food delivery platform Zomato, had leased a large warehouse of 5.53 lakh sq ft in Bhiwandi in Thane district near Mumbai for around Rs 1.7 crore per month.
The warehouse was leased for a period of 4 years and 7 months to Zuijin Developers Pvt. Ltd. As per the lease agreement, the transfer was to take place on September 1, 2025, after which the tenant was to be given a rent-free fit-out period of 150 days to set up and commission the facility.
Last year, the company leased 84,157 square feet of commercial office space in Andheri, Mumbai, for a total of ₹85 crore for five years. According to the agreement, the monthly rent is set at ₹1.34 crore for the first three years and will increase to ₹1.54 crore for the remaining 24 months.
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