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Eternal Ltd, formerly known as Zomato, has leased 84,157 sq ft of office space in Andheri (East), Mumbai from Histyle Retail Pvt Ltd for a period of five years. According to CRE Matrix, the monthly rent is set at INR 160 per sq ft, amounting to approximately INR 1.34 crore. The rental agreement, which was registered last week, includes a 15% rental escalation after three years. Demand for office spaces has surged over the past two years, driven by domestic and foreign corporations, with 2024 witnessing a record-breaking year in gross office leasing activities. Zomato officially rebranded itself as 'Eternal Ltd' on the stock exchanges last month.
Data analytics firm CRE Matrix has revealed that Eternal Ltd., formerly known as Zomato, has leased a sizable office space in Andheri (East), Mumbai. The company has taken on lease 84,157 sq ft of office space from Histyle Retail Pvt Ltd under a five-year agreement. As per CRE Matrix, which reviewed the registration documents, the monthly rental rate is set at INR 160 per sq ft, amounting to a total monthly outlay of INR 1.34 crore. The agreement was officially registered earlier this week, and it includes a provision for a 15% rental escalation after three years. Advertisement
This lease comes at a time when demand for office spaces in Mumbai has been experiencing a substantial upswing. Over the past two years, domestic and foreign corporates have been actively expanding their office footprints, leading to record-breaking gross office leasing activity in 2024. The uptick in leasing volumes is reflective of a broader trend of increased corporate investment in prime business districts across major cities.
Last month, food and grocery delivery platform Zomato announced a significant rebranding move by officially changing its name to 'Eternal Ltd' on the stock exchanges. The rebranding is perceived as a strategic shift, aligning with the company's broader ambitions to expand its business horizons beyond food delivery. This latest office lease acquisition further underscores the company's intent to establish a stronger physical presence in key commercial hubs.
The move aligns with the broader market trend, as demand for commercial office spaces continues to surge, driven by increased corporate expansions and investments. As Eternal Ltd forges ahead under its new brand identity, its approach to real estate acquisitions could play a pivotal role in shaping its operational strategies and market positioning.
Source - PTI
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