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Zomato (Now Eternal Ltd) Leases Office Space in Mumbai’s Andheri for ₹85 Crore

Zomato Leases Office Space in Andheri

In a major commercial leasing transaction, Eternal Ltd, formerly known as Zomato, has signed a five-year lease for 84,157 sq. ft. of prime office space in Andheri, Mumbai. The deal is valued at ₹85 crore, as per documents accessed by CRE Matrix.

The lease deal was registered on May 9, 2025, and the new workspace is located on the 7th floor of R Square, a commercial building owned by Histyle Retail Pvt Ltd (Runwal Realty). The leased premises include six units and 57 car parking spaces, offering a significant footprint in one of Mumbai’s busiest commercial hubs.

The lease agreement begins on May 1, 2025, and includes a 60-month lock-in period for the licensor and 36 months for the licensee. As per documents accessed by CRE Matrix, the monthly rent is set at ₹1.34 crore for the initial 36 months, after which it will increase to ₹1.54 crore for the remaining two years, reflecting a 15% escalation. The effective rent works out to approximately ₹160 per sq. ft.

This move aligns with Eternal’s evolving corporate vision. In February 2025, Zomato officially rebranded itself as Eternal Ltd. This was a shift in focus beyond its core food delivery business. Founder and CEO Deepinder Goyal shared that the rebranding reflects the company’s broader ambitions, particularly with the growing impact of Blinkit, Zomato’s quick-commerce arm.

Commenting on the strategic location, Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com, said that Andheri is emerging as a prominent office market due to factors such as increasing annual leasing activity, ongoing housing developments, enhanced metro, airport, and highway connectivity, as well as robust hospitality infrastructure. He added that these advantages are driving many established brands to set up their base in Andheri.

Recent Transactions

Mumbai’s commercial real estate market continues to witness robust activity, with several high-value office space transactions recently finalized. Growing demand from diverse industries and improving infrastructure are driving companies to secure prime locations across key business districts in the city.

In a significant recent transaction within R Square, the same building mentioned earlier, HDFC Bank secured a lease agreement valued at ₹1,020 crore for a sprawling 4.5 lakh sq ft of premium office space. In another transaction, Amazon renewed its lease for over 94,000 sq ft of office space at Godrej Two in Vikhroli for a five-year term, with a monthly rent of ₹1.73 crore.

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Amazon Renews ₹1.73 Crore Monthly Lease With Godrej Green Homes in Mumbai’s Vikhroli

Amazon Renews ₹1.73 Crore Monthly Lease

In a notable reaffirmation of Mumbai’s commercial real estate potential, Amazon has renewed its lease for over 94,000 sq ft of office space at Godrej Two in Vikhroli for a five-year term, with a monthly rent of ₹1.73 crore. Located along the Eastern Express Highway, this Grade-A office development continues to attract top-tier tenants, with Amazon maintaining a significant presence through four of its group companies.

According to documents sourced from CRE Matrix, the leased premises span the 7th floor of Godrej Two and cover over 58,000 sq ft of carpet area. The lease includes 60 parking spaces, 20 of which are paid at a monthly fee of ₹8,508 per space, and is secured with a 48-month lock-in period.

As per the property registration documents, the first lease transaction involved portions of units 701, 702, and 703, comprising over 42,000 sq ft of leasable area, which was taken up by Amazon Seller Services Pvt Ltd at a monthly rent of more than ₹78 lakh. The second transaction included parts of units 701, 702, 703, and 704, totaling approximately 19,926 sq ft, leased to Amazon Development Centre India Pvt Ltd for over ₹36 lakh per month.

In the third transaction, Amazon Data Services India Pvt Ltd leased portions of units 701 and 704, spanning 16,447 sq ft, at a monthly rent exceeding ₹30 lakh. The fourth lease, involving unit 703 and measuring 15,181 sq ft, was secured by Amazon Smart Commerce Solutions Pvt Ltd for a monthly rent of over ₹27 lakh.

Karan Bolaria, MD & CEO of Godrej Fund Management, commented, “Amazon has renewed its lease for office space on the 7th floor of Godrej Two, located along the Eastern Express Highway in Vikhroli, Mumbai. As one of the building’s original tenants, Amazon’s continued presence reaffirms the enduring appeal of Godrej Two as a premium commercial address.”

Launched in March 2021, Godrej Two is LEED Platinum certified and fully leased, reflecting the high demand for premium office spaces across sectors such as BFSI, IT, logistics, engineering, pharmaceuticals, and manufacturing. Amazon’s renewal further cements Vikhroli’s rising stature as a thriving business hub in the city.

Recent Transactions

Mumbai’s commercial real estate market continues to show resilience with major office space lease renewal transactions. Corporate giants are reinforcing their long-term presence in the city’s premium business hubs. This reflects strong demand for Grade-A office spaces, strategic locations, and top-tier infrastructure across key micro-markets like Vikhroli. 

In a recent transaction, HDFC Bank leased 4.5 Lakh sq ft of office space in Mumbai’s Andheri for ₹1,020 crore. 

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Princeton Digital Leases 1 Million Sq Ft at Airoli Knowledge Park near Mumbai for Flagship Data Centre Campus

Princeton Digital Leases 1 Million Sq Ft at Airoli Knowledge Park

In a major commercial deal, Princeton Digital Group (PDG) has signed a landmark lease agreement with Mindspace Business Parks REIT, acquiring 1 million sq ft of space at Airoli Knowledge Park. The transaction, registered on April 1, 2025, is valued at ₹10.42 crore in monthly rent and involves three buildings owned by Gigaplex Estate Pvt Ltd, a Mindspace REIT entity.

According to property registration documents accessed by CRE Matrix, the lease spans both 20-year and 40-year terms, with a 15-year lock-in. It also includes a rent escalation clause—4% annually for the first 15 years and 5% thereafter. Additionally, PDG has secured 81 car parking spaces as part of the agreement.

The leased space, totaling one million sq ft, is distributed across three separate agreements. Princeton Digital has leased 3.15 lakh sq ft at a monthly rent of ₹3.10 crore, 2.52 lakh sq ft for ₹2.48 crore per month, and 4.91 lakh sq ft at ₹4.83 crore per month.

This deal marks a pivotal step in PDG’s expansion in India. Mindspace REIT had earlier announced, on September 25, 2024, a strategic partnership with PDG to develop its flagship and largest data centre campus in the country at Mindspace Airoli West.

As per the agreement, Mindspace will construct three built-to-suit data centres for PDG, adding to the two already developed, which span 0.63 million sq ft. Once complete, the campus will include five buildings and a total footprint of 1.65 million sq ft, making it one of the largest data centre developments in India. The facilities will form part of a 15-acre development within Mindspace Airoli West’s expansive 50-acre business ecosystem.

This agreement highlights the increasing significance in the digital infrastructure landscape in addition to the growing need for hyperscale data centers in India.

Recent Transactions

Commercial transactions for setting up data centers are rapidly increasing in India, especially near Mumbai. The region’s strategic connectivity and robust infrastructure make it a preferred destination for hyperscale and colocation data center investments.

In a recent transaction, Equinix India Pvt Ltd, a US-based data center company, paid ₹155 crore for 5,597 sq m of land in the Chandivali neighborhood of Mumbai. The company intends to establish a new data centre, marking its third such facility in Mumbai. 

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Manoj Bajpayee Leases Mumbai Office Space for ₹11 Lakh Monthly Rent for Five Years

Manoj Bajpyee leases office space

Bollywood star Manoj Bajpayee and his wife Shabana Bajpayee have leased two commercial properties in Mumbai’s Andheri West for a monthly rent of ₹10.9 lakh for the next five years, as per property documents accessed by CRE Matrix, a real estate data analytics firm.

The office is located in the Lotus Signature building on Veer Desai Road. Each unit offers 1,905 sq ft of RERA carpet area, totalling 3,810 sq ft. The deal was officially registered on April 3, 2025.

Barcode Influencer Marketing Pvt Ltd has leased the property and has paid a security deposit of ₹43.7 lakh. The lease also includes a 5% rent increase, which means the monthly rent will reach ₹13.3 lakh by the fifth year. The lease provides six designated parking spaces and a fit-out period of 75 days for renovation and refurbishment.

Abhishek Kiran Gupta, the CEO and co-founder of CRE Matrix, highlighted that this deal, totalling ₹7.26 crore in rent over the license period, shows how important Andheri West has become as a commercial hotspot in Mumbai.

He added that certain Grade A commercial developments might fetch a significant premium over other projects in the same region, even if location is still a major determinant of the per square foot rate. He believes that in the future, project significance will take precedence over location.

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Mumbai Khadi & Village Industries Association Sells 3.84-Acre Borivali Land Parcel for ₹539 Crore

Mumbai Khadi & Village Industries Association Sells 3.84-Acre Borivali Land Parcel

In a notable land deal in Mumbai’s western suburbs, the Mumbai Khadi & Village Industries Association (MKVIA) has sold a 3.84-acre land parcel in Borivali West for over ₹539.25 crore. The buyer, a local real estate developer, secured the land through a competitive bidding process and has already made an upfront payment of ₹52.25 crore, with the remaining ₹487 crore to be paid in tranches linked to construction milestones.

This transaction follows MKVIA’s strategic move to convert the land from Occupancy Class-II (a restricted tenure requiring government approvals for transfer) to freehold status. The conversion, completed in April and May 2024, involved a premium payment of ₹51.7 crore to the government, granting the trust full ownership rights and enabling the sale.

According to documents accessed via real estate data analytics firm CRE Matrix, the final payment under the agreement is due upon receipt of the full occupation certificate or within 1,620 days from the registration of the conveyance deed – whichever is earlier. Flexibility for revising timelines has also been built into the contract.

The deal was finalized after receiving clearance from the Charity Commissioner under the Maharashtra Public Trusts Act, with approvals granted through four separate orders dated January 8, 2025.

This transaction reflects a broader trend of large-scale land acquisitions in Mumbai as developers aggressively pursue redevelopment and mixed-use opportunities in high-potential urban zones. With sustained demand for both residential and commercial spaces, land parcels in key localities like Borivali are attracting significant investor interest.

India’s land market is witnessing strong momentum across metro cities like Mumbai, Delhi-NCR, and Bengaluru, where developers are focusing on luxury housing and mixed-use formats. Tier-2 cities are also emerging as hotspots for residential, plotted, and warehousing projects, driven by infrastructure development and evolving urban needs.

Recent Land Transactions in Mumbai

Mumbai’s real estate market continues to witness high-value land transactions. Recent deals, especially in prime suburbs, highlight the growing demand for residential and commercial projects. Developers are actively acquiring land parcels to capitalise on redevelopment opportunities and create mixed-use developments that cater to evolving urban needs.

In a recent land deal, the Adani Group acquired a premium land parcel of more than 1.1 acres in South Mumbai’s ultra-affluent Carmichael Road for over ₹170 crore. In another transaction, Landmark Developers and Sobha Ltd. acquired a 2.11-acre land parcel in Parel, Mumbai, for ₹423.38 crore.

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IndoSpace Leases Over 700,000 Sq Ft Warehousing Space to RenewSys India

IndoSpace Leases Over 700,000 Sq Ft Warehousing Space

In a landmark development for India’s logistics and warehousing industry, IndoSpace has leased out more than 700,000 sq ft of Grade-A warehousing space to solar PV modules manufacturer RenewSys India Pvt Ltd. The facility is located in Khalapur, near Mumbai. This deal marks the largest logistics transaction of the year so far.

This long-term lease, exceeding 10 years, signals an increasing demand for high-quality logistics infrastructure from India’s green energy sector. To accommodate operational customization, the facility was handed over for fit-outs on March 25, with four months allotted for interior modifications. According to documents accessed through CRE Matrix, the rent commencement date, including a three-month rent-free window, is set for November 25, 2025.

RenewSys India, a leading integrated solar PV modules manufacturer, will pay an initial rental of ₹1.44 crore per month for the facility. The lease agreement includes structured rental escalations – a 15% hike after the first 36 months, followed by a 5% annual increase for the remaining term.

The lease also incorporates a five-year lock-in for IndoSpace and a full-term lock-in for RenewSys. This highlights a strong mutual commitment and operational continuity.

Common area maintenance (CAM) charges have been set at ₹1.06 per sq ft per month, with an annual escalation of 5%. During the fit-out phase, CAM charges are significantly lower, at just ₹0.25 per sq ft per month.

This leasing deal is not just about space – it’s about strategic expansion. RenewSys will use the Khalapur facility as a key logistics hub to support its manufacturing units in Hyderabad, Bengaluru, and Panvel. The company continues to scale its operations to meet both domestic and international solar energy demands.

The deal underlines the growing popularity of India’s warehousing and logistics sector. With industries like renewable energy, e-commerce, manufacturing, and 3PL driving demand, long-term leasing has become more common. This reflects tenant confidence and market evolution.

Backed by favorable government policies, infrastructure upgrades, and a robust consumption-driven economy, India’s logistics sector is now aligning with global standards – ready to power the next wave of industrial growth.

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Adani Group Buys Premium Land on South Mumbai’s Carmichael Road

Adani Group Buys Land Parcel

In a significant real estate transaction, the Adani Group has acquired a premium land parcel spanning more than 1.1 acres in South Mumbai’s ultra-affluent Carmichael Road, nestled in the prestigious Malabar Hill locality. According to the documents accessed by CRE Matrix, the deal, valued at over ₹170 crore, was executed through the Group’s subsidiary, Mah-Hill Properties. 

The plot currently hosts an old residential cottage with a built-up area of 2,760 sq ft. Located in a highly sought-after area, the plot is one of the last few sizeable freehold properties available. The transaction was registered on March 27, with the buyer paying a stamp duty exceeding ₹10.46 crore.

While it remains unclear whether the Adani Group intends to develop a high-rise or a luxury bungalow on the site, the strategic value of the location is undeniable. The property was previously tied up in legal disputes, which have now been resolved through court-accepted consent terms – clearing the path for a clean acquisition.

Carmichael Road in Malabar Hill symbolizes legacy, wealth, and elite status. Home to influential business families and top corporate leaders, the area is known for its heritage bungalows, breathtaking views of the Arabian Sea, and proximity to key financial districts. With property prices among the highest in India, any development on this rare parcel is bound to attract attention from the high-profile buyers and investors.

This acquisition further solidifies Adani Group’s position in India’s high-value real estate landscape. It reflects the Group’s growing interest beyond infrastructure and industry, extending into strategic urban development.

Recent Transactions

Mumbai’s real estate market has seen a surge in significant land transactions lately. This highlights strong investor confidence and the city’s continued appeal. The dynamic pace of urban growth and the rising demand for premium land parcels are reflected in these high-value transactions.

In a recent transaction, Landmark Developers and Sobha Ltd. acquired a 2.11-acre land parcel on Jerbai Wadia Road, Parel, for ₹423.38 crore. In another transaction, K Raheja Corp acquired a 5.75-acre parcel of land in the eastern district of Kandivali, Mumbai, for approximately ₹466 crore.

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Puravankara Chairman Acquires Office space in Andheri, Mumbai, for Rs 242 Crore

puravankara chairman acquires office space

Mumbai’s commercial real estate market has witnessed a significant transaction, with Ravi Puravankara, founder and chairman of Puravankara Ltd, acquiring over 104,000 sq ft of office space in Andheri for Rs 242.1 crore. According to documents obtained through CRE Matrix, the purchase was made from Rockfort Estate Developers, an HLV Group promoter company. With the acquisition, Puravankara now has exclusive use of over 135 parking spaces in the business complex.

The agreement, which was finalized on Wednesday, includes twelve commercial apartments located on the 7th, 8th, and 9th floors of Business Park 2, a prestigious business complex in Marol, Andheri. The stamp duty of about Rs 14.5 crore, paid to complete the registration, demonstrates the size of this investment.

Puravankara, who previously focused on South Indian real estate markets like Bengaluru and Chennai, is making a calculated move with this acquisition. Nonetheless, the business has been aggressively growing its footprint in Mumbai’s real estate market in recent years by making well-thought-out investments in residential and commercial real estate.

Though the exact purpose of the recently gained space is yet unknown, there are several conjectures regarding its possible usage. Given that the agreement was concluded in Ravi Puravankara’s personal capacity, it is unclear if the space will be leased to high-end tenants, converted into a larger corporate office, or utilized to launch a new company segment.

The deal highlights the increasing trust that investors have in Mumbai’s commercial real estate market. High-net-worth individuals seeking to diversify their investment portfolios continue to be drawn to the city due to its steady rental yields and optimistic economic outlook.

Bollywood stars and sports figures, as well as developers and industrialists, have been actively purchasing commercial buildings in Mumbai, utilizing them as profitable investment opportunities. The trend reflects the general belief that real estate is still one of the safest and most lucrative asset classes for preserving and increasing wealth.

Ravi Puravankara’s most recent acquisition further strengthens Mumbai’s need for upscale office space. Industry insiders predict additional high-value deals in the upcoming months as the city’s commercial real estate sector continues to flourish, solidifying Mumbai’s position as one of India’s most vibrant real estate marketplaces.

Recent Transactions

A rise in high-value office space transactions in Mumbai’s commercial real estate market is indicative of strong investor confidence. Developers, investors, and high-net-worth individuals have made significant purchases in recent years. Steady rental profits and strategic expansion have driven this growth.

In a recent transaction, Tata Investment Corporation acquired two office properties totaling 42,743 sq ft in Mumbai’s Wadala area for nearly Rs 150 crore. In another transaction, HDFC Bank secured 4.50 lakh sq ft of space at an annual rental cost of more than Rs1,020 crore in Mumbai’s Andheri. 

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Landmark Developers & Sobha Ltd Acquires 2.11 Acre Land Worth ₹423 Crore in Parel, Mumbai

Landmark Developers & Sobha Ltd Acquires 2.11 Acre Land

In a major real estate transaction, Landmark Developers and Sobha Ltd. have acquired a 2.11-acre land parcel on Jerbai Wadia Road for ₹423.38 crore, according to property registration documents accessed by CRE Matrix. The deal was registered on January 23, 2025, paving the way for new luxury residential and commercial spaces.

The total agreement value for the land acquisition was ₹212.06 crore, along with a stamp duty payment of ₹10.60 crore. The sale was a partnership, with each developer receiving a share of the project’s free-sale component. Sobha Ltd. secured a larger portion of the free-sale component, 21,621.24 sq. mtr for ₹211.32 crore, while Landmark Developers acquired 10,953 sq. mtr for ₹212.05 crore. 

Landmark Developers and Sobha Ltd.’s Parel land acquisition is expected to significantly contribute to the area’s high-end real estate landscape, potentially delivering luxury housing, retail spaces, and commercial offices. Their collaboration highlights the dynamic changes shaping Mumbai’s Central Business District.

This Parel land deal, according to industry experts, points to strong developer interest in prime Mumbai sites, especially for large redevelopment projects aimed at optimizing land use in the city.

Recent land transactions in Mumbai 

Mumbai’s real estate market is experiencing exponential growth in land transactions, driven by several key factors. Firstly, the city’s limited land availability and high demand for housing and commercial spaces make redevelopment projects crucial. Developers are increasingly focusing on these projects to maximize space utilization and cater to the growing population. Additionally, the ongoing infrastructure development in the city, including new transportation networks and commercial hubs, is further adding to the demand for land in strategic locations.

In a recent land transaction, K Raheja Corp shelled out Rs 466 crore for 5.7 acres in Mumbai’s Kandivali.  In another transaction, Equinix India bought 5,597 sq m of land in Mumbai’s Chandivali for ₹155 crore. 

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Kalpataru Secures 7.5-Acre Redevelopment Projects in Mumbai Worth Rs 2,000 Crore Revenue

Kalpataru Secures 7.5-Acre Redevelopment Projects in Mumbai

Kalpataru, a prominent real estate developer, has signed contracts for two sizable housing society projects in Chembur and Goregaon in Mumbai. With a combined development area of more than 1.5 million square feet, these projects have a potential revenue of more than ₹2,000 crore. It is anticipated that the projects will be finished 42 months after construction begins.

Kalpataru has signed individual agreements and obtained approvals from current members for the redevelopment of two important housing societies: The five-acre Suman Nagar Housing Society in Chembur will replace ten existing residential buildings with six contemporary towers, providing about 350 new flats and a saleable carpet area share of more than 4.20 lakh sq ft. 

Located close to Link Road and the Bangur Nagar Metro station, the 2.5-acre Goregaon Housing Society consists of the conversion of eight residential structures into three towers with 18 habitable stories. With a saleable carpet area of over 2 lakh square feet, the project can house 200 units. According to documents accessed by CRE Matrix, Kalpataru has already paid roughly ₹27.60 crore in stamp duty to register these agreements.

Since its founding in 1988, Kalpataru has established a solid reputation in Mumbai’s redevelopment industry. The company has completed eight projects in desirable neighborhoods like Byculla, Sion, Bandra, Juhu, Andheri, and Santacruz. The company now oversees four rehabilitation projects in Santacruz, Bandra, and Matunga, and three more are planned for Juhu, Borivali, and Andheri.

The renovation of old housing societies is an important aspect of Mumbai’s real estate market because of the city’s land limits. The Maharashtra government has actively supported such initiatives by introducing policies to ease the financial burden on residents. In 2023, the state government decided that members of housing societies getting redeveloped would only have to pay a small stamp duty of Rs 100 for the permanent housing they were given, while the conveyance laws would charge the principal agreement between the developer and society.

Recent Transactions

Kalpataru’s latest redevelopment ventures in Chembur and Goregaon mark another milestone in Mumbai’s real estate sector. As redevelopment continues to be a driving force in Mumbai’s property market, projects like these pave the way for a more modern and sustainable urban landscape.

In a recent transaction, Kanakia Spaces Realty Pvt Ltd acquired development rights for two old buildings in Borivali, Mumbai, worth ₹208.53 crore.
 
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