Eternal Ltd, parent company of Zomato, has leased 2.78 lakh sq ft of Grade-A office space at Intellion Park, Gurugram, at a monthly rent of ₹2.33 crore. The long-term deal highlights strong confidence in NCR’s office market and Gurugram’s growing appeal for large tech occupiers.
Eternal Ltd, the parent company of Zomato, has signed one of the largest office leasing transactions by a homegrown technology firm in the National Capital Region. The company has leased 2,78,249 square feet of office space across seven floors at Intellion Park in Sector 59, Gurugram. The deal involves a monthly rental outgo of approximately ₹2.33 crore, translating to around ₹84 per square foot, and reflects a clear long-term commitment to the region.
The tenancy commenced in October 2025 and runs for close to five years, with a three-year lock-in period. In a market where Global Capability Centers have driven much of the recent absorption, this transaction stands out as a strong vote of confidence from a domestic digital major.
Commercial Terms and Scale of the Lease
The leased premises include the ground floor and floors four through nine of the building, owned by Mikado Realtors Private Limited. Eternal Ltd has provided a security deposit equivalent to six months’ rent, with a 15 percent rent escalation built in after three years. The agreement also includes 371 dedicated car parking spaces, underlining the scale of the operation.
As is common in large-format Grade-A office deals, the lease offers a six-month rent-free fit-out period, along with an additional 14 days for workspace customization. These terms allow the company to design and operationalize the office before full rental payments begin.
Industry Voices See Strong Market Signal
Commenting on the transaction, Raja Seetharaman, Co-founder of Propstack, said, “Zomato’s 2.7 lac sft lease at Intellion Park is a big move for the NCR office market. While much of the recent office absorption has been driven by Global Capability Centers (GCCs), seeing a homegrown giant like Zomato consolidate and expand on such a massive scale signals robust confidence in the domestic tech ecosystem.”
He further added, “For Gurugram, specifically the Golf Course Extension Road corridor, this validates the area as a premier hub for top-tier talent and corporate headquarters.”
Rentals, Demand, and Market Context
According to Robin Pahuja, Co-founder and Director at ElitePro Infra, “In 2025, Grade-A office rentals across Gurgram’s best micro-markets generally range from ₹140 to ₹170 per sq ft per month, with specific premium pockets now touching the ₹200–₹250 per sq ft mark.” This places Gurugram closer to Delhi’s CBD rental benchmarks, reinforcing its positioning as a high-value office destination.
Market data supports this momentum. Cushman & Wakefield’s Q4 2025 MarketBeat report notes that Delhi-NCR recorded 2.1 million sq ft of gross leasing in the quarter, with IT-BPM firms leading demand. Gurugram alone accounted for 54 percent of total leasing activity.
Long-Term Strategy Beyond Corporate Offices
Mr. Sandeep Chhillar, Founder and Chairman of Landmark Group, observed, “Gurugram continues to anchor NCR’s office market with its infrastructure, talent access, and corporate ecosystems.” He added that occupiers are now committing earlier and for longer durations, signaling a shift toward strategic space planning.
The Gurugram lease follows other major real estate moves by Zomato entities, including a 5.5 lakh sq ft warehouse lease in Bhiwandi for HyperPure and an 84,000 sq ft office lease in Andheri. Together, these deals reflect a broader strategy to strengthen both corporate and supply chain infrastructure as the company scales its businesses.
