Food delivery company Zomato is in advanced discussions to lease about 1 million sq ft in Gurugram with an option to add another 1 million sq ft, in one of the largest office space transactions in the country, two people aware of the development said.
Zomato, which currently occupies more than 300,000 sq ft of office space developed by ASF and the Pioneer Group in Gurugram, is in talks with the same developers for built-to-suit assets.
“The demand for Grade-A office spaces will continue to remain strong in 2025. This deal highlights the robust demand Indian corporates will generate this year,” said Peush Jain, managing director – commercial leasing and advisory, at real estate consultancy Anarock Group. “Institutional-owned and campus-sized developments are preferred, as they provide growth opportunities along with numerous common amenities for occupiers.”
Recently, Zomato leased around 750 seats with Smartworks, which operates 450,000 sq ft of office at ASF’s Insignia Campusin Gurugram.
The ASF Insignia Campus is primarily a special economic zone, and the company is in the process of de-notifying certain areas to lease to non-IT tenants.
Last year, Hines, one of the world’s largest privately held real estate investors and developers, signed an agreement with property developer Pioneer Group to develop 1.25 million sq ft of office space along Golf Course Extension Road in Gurugram.
Zomato currently occupies a large office complex in a Pioneer Group building in the same area.
“Zomato is looking to consolidate its office space and, in the future, wants to have a single office campus in the NCR (National Capital Region). It is exploring both options. ASF has the advantage of lower rental costs,” said a person aware of the deal.
While the majority of the ASF’s campus is developed, the builder has the capacity to develop an additional 2 million sq ft. ASF has delivered over 5 million sq ft of commercial real estate projects.
