Eternal Ltd’s Zomato has secured a lease for 270,000 sq ft at Tata Realty and Infrastructure’s Intellion Park in Gurugram to expand its office space in the area, according to two sources familiar with the situation.
The food delivery service is also in advanced discussions to lease around 1 million sq ft more in Gurugram, with the potential to double this space, which could become one of the largest office leasing agreements in the country.
Zomato already occupies a significant office space in the Pioneer Group building within the same vicinity.
Details regarding the monthly rent remain undisclosed.
Both Zomato and Tata Realty have not responded to email inquiries.
A consultant, speaking on condition of anonymity, noted, “Much of the space in the (Intellion Park) SEZ is being denotified, paving the way for new opportunities for corporations. Tata also has a substantial portfolio under SEZ that is getting denotified.”
This agreement highlights the sustained demand for office space in India’s major cities, driven by the establishment of new Global Capability Centres (GCCs), the growing presence of flexible workspace providers, the rise of unicorn startups, and the ongoing expansion of large tech companies, according to industry experts.
Previously, Ciena, a US-based networking systems and services company, leased 135,000 sq ft at the Intellion Park, which is also home to Google and IBM.
The Delhi-National Capital Region recorded a gross leasing volume of 5.1 million sq ft in the September quarter, reflecting a 10% increase quarter-on-quarter and a 56% rise year-on-year, as reported by realty consultancy Cushman & Wakefield. Gurugram accounted for 72% of this leasing, with Noida and Delhi submarkets following at 24% and 4%, respectively.
In the quarter, nearly 3.2 million sq ft of new supply was introduced in Delhi NCR, while the vacancy rate dropped by 83 basis points compared to the previous quarter.
