Eternal Ltd—formerly operating as Zomato—has made a major real estate move by securing 84,157 sq ft of premium office space in Mumbai’s Andheri for a total lease value of ₹85 crore over five years.
This signals a deepening commitment by the tech firm to Mumbai’s dynamic commercial landscape, particularly as the city continues to position itself as a magnet for digital, financial, and consumer-driven enterprises. The agreement, formalised in early May, outlines a three-year lock-in period and a phased rent escalation. For the initial three years, the monthly rental stands at ₹1.34 crore, rising to ₹1.54 crore for the final 24 months. The lease also includes a substantial security deposit of ₹8.07 crore and comes with 57 designated car parking spaces—highlighting the scale and operational intent behind the move. The premises, housed on the 7th floor of R Square, a commercial tower developed by Runwal Realty arm Histyle Retail Pvt Ltd, will commence tenancy from May 1, 2025.
Andheri’s growing reputation as a central business hub is reflected in the calibre of recent leases. The suburb is benefitting from robust infrastructure, including the metro rail expansion, airport proximity, new residential clusters, and increased hospitality footprints. These elements have attracted several new-age companies and banking giants, transforming the area into a mixed-use urban nucleus that integrates work, life, and commute. This lease by Eternal represents more than just a geographic shift—it underscores a strategic realignment for the company. With Blinkit now emerging as a strong revenue engine, CEO Deepinder Goyal announced the rebranding earlier this year to “Eternal,” a name meant to reflect the group’s diversified business outlook. The move into Mumbai, India’s financial and corporate capital, appears aligned with this new vision of growth beyond its original food-tech domain.
Real estate analysts suggest that Eternal’s commitment to a long-term, high-value lease at R Square is indicative of larger trends: technology-driven firms are increasingly looking at Mumbai for not just brand presence, but for operations, leadership hiring, and investor proximity. Moreover, green-building certifications and efficient floor planning are making such commercial developments more attractive to companies with ESG commitments. Interestingly, this is not the only high-profile leasing at R Square in recent months. Earlier this year, HDFC Bank entered into a long-term lease for 2.72 lakh sq ft in the same building, spanning multiple floors. The agreement, reportedly worth over ₹77 crore annually, was executed through three separate contracts—marking R Square as one of the largest consolidated corporate spaces in the city’s western corridor.
While some concerns remain over commercial real estate supply and traffic bottlenecks, the state’s infrastructure push and the area’s evolving ecosystem seem to be winning over top-tier tenants. If executed with sustainability at its core, this wave of development could redefine Mumbai’s traditionally centralised business landscape—distributing economic opportunities while reducing urban stress in the city’s core districts. Eternal’s choice of Andheri not only signals a corporate shift but also hints at the wider movement towards building inclusive, decentralised, and environmentally conscious urban workspaces—an ethos that India’s cities must increasingly embrace.
Zomato Secures Andheri Office for ₹85 Crore
