Why are leading corporations like Zomato Planning to relocate?
Many top corporations are deciding to surrender notable property areas because of the heavy price tag that comes along with them.
While the big names in the industry are looking for ways to consolidate their operations through measures like cooptation, small firms are moving towards a better economic option of co-working spaces to lower costs and increase flexibility.
Many startups are also opting for cost-cutting real estate options. One such name, in the list, is Zomato, an online restaurant listing startup.
Planning to move out from a highly expensive DLF owned property area in Gurgaon, the firm is relocating to Vipul Tech Square, situated on the Golf Course Road. This space has become a choice of establishment due to its considerable low price.
Zomato is sharing the property area with other prominent names including Dell, Religare, Fareportal, etc.
Deepender Goyal, founder and chief executive officer of Zomato, confirmed that the company has leased the space but refrained from disclosing the rent being paid. He further stated,
“In this space, we are planning to accommodate about 750 people that we are going to hire. We wanted that much space and couldn’t find any for a while. We only had three or four options and this is the best option.”
Zomato acquired 1 lakh sq ft of space spread across three floors, and plans to celebrate the New Year in its newly established corporate office. The rent for the building is estimated to be around Rs 1.6 crore a month.