Zomato Leases 1.5 Lakh Sq Ft Office Space in Bengaluru — What It Signals for India's Commercial Real Estate Market

Eternal Ltd (parent of Zomato) signed a 10-year lease for 1,49,700 sq ft of Grade-A office space at Vaishnavi BVS Senate, Bannerghatta Road, Bengaluru, committing to a total rent of approximately ₹200 crore.

This deal, registered in early 2026, positions Zomato's operational presence firmly in South Bengaluru one of the city's fastest-growing commercial corridors and reflects the accelerating appetite of India's tech and consumer-internet companies for large-format, premium workspaces.

TL;DR — Key Deal Facts at a Glance

What Is This Deal? The Core Facts

Eternal Ltd the publicly listed parent company that operates Zomato (food delivery), Blinkit (quick commerce), Hyperpure (B2B restaurant supply), and District (events and ticketing) leased three full floors at the Vaishnavi BVS Senate commercial tower in Bilekahalli, Bengaluru.

The chargeable area stands at 1,49,700 sq ft while the usable carpet area is approximately 1,22,710 sq ft. The deal values are derived from property registration documents accessed by real estate data platforms, offering a verified, data-backed view of the transaction.

Eternal Ltd pays a monthly rent of approximately ₹1.39 crore at a rate of ₹93 per sq ft. Over the full 10-year tenure, total rent outflow amounts to approximately ₹200 crore, a significant financial commitment that underscores the company's long-term growth confidence in Bengaluru.

Key triples:

• Eternal Ltd leased 1,49,700 sq ft at Vaishnavi BVS Senate, Bengaluru.

• The 10-year lease carries a total rent obligation of ₹200 crore.

• Rent escalates by 15% every three years under the agreement.

Where Is Vaishnavi BVS Senate? Location Context

Vaishnavi BVS Senate is a Grade-A commercial office tower developed by Vaishnavi Infrastructure Pvt Ltd on Bannerghatta Road, in the Bilekahalli micro-market of South Bengaluru.

Bannerghatta Road has emerged as one of the city's high-demand office corridors, connecting the electronic city tech belt with the central business district. The area hosts campuses of multinational corporations, IT parks, and new-age tech companies seeking proximity to Bengaluru's large talent pool.

Zomato occupies the 7th, 8th, and 9th floors of the tower, a contiguous block that allows the company to build integrated workspaces for engineering, product, operations, and supply-chain teams under one roof.

Key triples:

• Vaishnavi BVS Senate sits on Bannerghatta Road in Bilekahalli, South Bengaluru.

• Zomato occupies three contiguous floors (7th, 8th, 9th) in the tower.

• Bannerghatta Road connects Bengaluru's electronic city tech belt with the CBD.

Why Bengaluru? Eternal Ltd's Strategic Rationale

Bengaluru is home to India's deepest technology talent pool, making it the natural operations and engineering hub for Eternal Ltd's four business verticals. Zomato's food delivery platform, Blinkit's quick-commerce operations, Hyperpure's B2B supply chain, and District's events business each require large engineering and product teams, all functions where Bengaluru provides unmatched recruitment depth.

This is not Eternal Ltd's first large commercial lease in 2026. The company also signed a lease for over 270,000 sq ft at Tata Realty's Intellion Park in Gurugram in January 2026, at a monthly rent of ₹2.33 crore (₹84/sq ft). In May 2025, Eternal Ltd leased 84,157 sq ft at the R Square building in Andheri East, Mumbai, at ₹1.34 crore per month.

Viewed together, these transactions point to a deliberate multi-city workspace strategy: Gurugram for corporate headquarters functions, Mumbai for financial and media market proximity, and Bengaluru for deep technology and engineering talent.

Key triples:

• Eternal Ltd operates four subsidiaries Zomato, Blinkit, Hyperpure, and District.

• The company signed a Gurugram lease for 270,000 sq ft in January 2026 at ₹84/sq ft.

• Eternal Ltd's workspace expansion spans Bengaluru, Gurugram, and Mumbai in 2025–2026.

The Financial Structure: Rent, Escalation, and Security Deposit

Understanding the financial architecture of this deal matters for investors, real estate analysts, and competing tenants evaluating Bengaluru's Grade-A market.

Monthly Rent and Rate: The ₹93 per sq ft monthly rate on chargeable area translates to approximately ₹1.39 crore per month. This rate is consistent with prevailing Grade-A rents on Bannerghatta Road and Outer Ring Road in Bengaluru, which range between ₹85–₹110 per sq ft for large-format, high-floor offices as of early 2026.

Rent-Free Period: The lease commenced on January 5, 2026, but rent payment begins only in July 2026. This built-in six-month rent-free window — a standard fit-out concession in large commercial leases — allows Eternal Ltd to undertake interior design and infrastructure setup without cash outflow.

Escalation Clause: Rent escalates by 15% every three years — a significant protection for Vaishnavi Infrastructure against inflation and rising market rates. For Eternal Ltd, this predictable structure allows accurate long-term financial modeling of occupancy costs.

Security Deposit: The ₹8.35 crore security deposit equals roughly six months of rent, a standard provision for transactions of this size.

Key triples:

• The rent-free period runs from January to June 2026, with payments starting July 2026.

• Rent escalates at 15% every three years throughout the 10-year lease.

• The security deposit of ₹8.35 crore equals approximately six months of rent.

Bengaluru's Office Market: The Larger Trend

This Zomato deal is one transaction in a broader wave of large commercial leases reshaping Bengaluru's office market. Several marquee deals have closed in the city in 2025–2026, signaling sustained occupier demand for Grade-A space.

NVIDIA — 7.6 lakh sq ft at Bagmane Capital's Memphis South Tower: NVIDIA Graphics Private Limited leased 7.6 lakh sq ft in one of the largest single-tenant transactions in Bengaluru's recent history, reflecting the city's emergence as a global AI and semiconductor hub.

Intuit — 6.3 lakh sq ft at Embassy Tech Village: The American financial technology company signed a ₹915 crore lease for 6,30,000 sq ft across 11 floors in Embassy Tech Village, one of Bengaluru's premium integrated business parks.

KRT (Knowledge Realty Trust) — ₹700 crore investment: KRT committed ₹700 crore over the next three years to develop 1.4 million sq ft of new office space in Bengaluru, betting on continued occupier demand.

ICICI Prudential Alternatives — Grade-A acquisitions: ICICI Prudential Alternatives acquired two Grade-A office assets from the RMZ group in Bengaluru and Pune, indicating strong institutional investor appetite for high-quality commercial assets.

Key triples:

• NVIDIA leased 7.6 lakh sq ft at Bagmane Capital's Memphis South Tower in Bengaluru.

• Intuit signed a ₹915 crore, 6.3 lakh sq ft lease at Embassy Tech Village.

• KRT plans ₹700 crore investment to develop 1.4 million sq ft of new Bengaluru office space.

What This Means for Bengaluru's Commercial Real Estate Outlook

Bengaluru's office market has demonstrated a consistent ability to attract large-scale leases from technology companies, consumer-internet firms, global capability centres (GCCs), and financial services companies. The concentration of deals on corridors like Bannerghatta Road, Outer Ring Road, and Sarjapur Road reflects a structural demand-supply dynamic that continues to favour landlords.

Grade-A supply tightening: Premium, amenity-rich buildings with large floor plates, high efficiency ratios (carpet-to-chargeable), and strong parking ratios attract the highest-quality tenants and command premium rents. Vaishnavi BVS Senate's 82% carpet efficiency (1,22,710 sq ft carpet on 1,49,700 sq ft chargeable) falls within the acceptable range for Grade-A assets.

10-year leases signal confidence: Long-tenure leases are increasingly common among India's tech unicorns and listed tech companies. A 10-year commitment eliminates relocation risk, enables deep customisation, and anchors team culture — particularly important for companies managing high-growth operations across multiple business units.

South Bengaluru's rising profile: Bannerghatta Road and Bilekahalli have transitioned from secondary commercial corridors to primary destinations as Outer Ring Road saturation has pushed tenants to explore alternative locations. Rental rates on this corridor have increased materially in the 2024–2026 period, driven by limited Grade-A supply and growing demand from new-economy companies.

Key triples:

• Bengaluru's Grade-A office corridors include Bannerghatta Road, Outer Ring Road, and Sarjapur Road.

• Vaishnavi BVS Senate achieves 82% carpet efficiency on chargeable area.

• Long-tenure leases of 10 years are increasingly common among India's listed tech companies.

Eternal Ltd: Corporate Profile and Growth Context

Understanding who Eternal Ltd is — and why it is expanding aggressively — is essential context for interpreting this lease.

Eternal Ltd (NSE: ETERNAL; BSE: 543320) was formerly known as Zomato Ltd until 2025, when the company renamed itself to reflect its evolution into a multi-vertical technology conglomerate. The company's subsidiaries are:

• Zomato — India's leading food delivery platform, operating in hundreds of cities

• Blinkit — A rapidly expanding quick-commerce platform delivering groceries and daily essentials in 10 minutes

• Hyperpure — A B2B supply chain service supplying fresh produce, packaged goods, and ingredients to restaurants

• District — A ticketing and events discovery application, acquired from Paytm in 2024

For FY 2025, Eternal Ltd reported revenue of ₹20,243 crore (approximately $2.4 billion), operating income of ₹697 crore, and net income of ₹527 crore. Total assets stood at ₹35,623 crore. The company is a constituent of both the NSE Nifty 50 and BSE Sensex indices.

The company's current CEO is Albinder Dhindsa, who succeeded Deepinder Goyal (founder) in the role in 2026. Deepinder Goyal remains associated with the company as founder.

With four distinct operating businesses food delivery, quick commerce, B2B supply, and events Eternal Ltd requires large, modern workspaces that can house diverse, fast-growing teams. The Bengaluru lease directly supports this operational scale.

Key triples:

• Eternal Ltd reported ₹20,243 crore in revenue for FY 2025.

• Eternal Ltd is a constituent of the NSE Nifty 50 and BSE Sensex indices.

• Eternal Ltd operates four subsidiaries: Zomato, Blinkit, Hyperpure, and District.

Investor and Market Implications

For investors tracking Indian commercial real estate, this transaction offers several actionable signals.

Vaishnavi Infrastructure's credibility boost: Securing Eternal Ltd, a Nifty 50 company as a 10-year anchor tenant on Bannerghatta Road validates Vaishnavi Infrastructure's positioning in the Grade-A developer segment. The ₹200 crore total rent represents predictable, long-duration cash flow that typically commands premium valuations from institutional buyers or REIT structures.

Bengaluru's resilience as a primary office market: Despite global uncertainty about return-to-office policies in Western markets, Indian technology companies are doubling down on physical workspace. Eternal Ltd's simultaneous leasing activity in Bengaluru, Gurugram, and Mumbai reflects a "workspace as competitive advantage" philosophy that contrasts with tech sector office reductions in the United States and Europe.

Rising rent benchmarks: The ₹93/sq ft rate on Bannerghatta Road establishes a current market benchmark for comparable assets. Investors evaluating office assets on this corridor can use this transaction as a mark-to-market reference for portfolio valuation.

Key triples:

• Vaishnavi Infrastructure secured Eternal Ltd as a 10-year anchor tenant at Bannerghatta Road.

• Indian tech companies are expanding office footprints while Western peers reduce them.

• The ₹93/sq ft rate sets a current Grade-A market benchmark on Bannerghatta Road.

Comparing Eternal Ltd's 2025–2026 Lease Activity

To understand the scale of Eternal Ltd's workspace expansion, here is a comparison of its recent major lease transactions:

This table reveals a nuanced strategy: Mumbai commands the highest per-sq-ft rate (reflecting the city's premium rental market) while Bengaluru delivers the largest quantum of space at a competitive rate. Gurugram provides the highest absolute monthly rent given its larger area, despite a lower per-sq-ft rate than Bengaluru.

Combined, these three transactions add over 5.1 lakh sq ft of net new workspace to Eternal Ltd's portfolio in approximately 12–18 months — a clear indicator of aggressive headcount and operational expansion.

Key Takeaway

Eternal Ltd's 10-year, ₹200 crore lease of 1.5 lakh sq ft at Vaishnavi BVS Senate in Bengaluru is one of the most significant tech-sector office transactions in South Bengaluru in 2026. It validates Bannerghatta Road's emergence as a Grade-A commercial corridor, reinforces Bengaluru's role as Eternal Ltd's primary technology and operations hub, and signals continued confidence in India's office real estate fundamentals despite global headwinds.

For investors, developers, and commercial real estate professionals, this transaction is a benchmark one that will inform rent pricing, asset valuations, and development pipelines across South Bengaluru's office micro-markets for the near term