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                                                                   Exhibit 10.23

                               AGREEMENT TO LEASE

This Agreement to Lease together with its annexures (hereafter the 'AGREEMENT')
is made and executed at Gurgaon on this 3rd day of March 2004

                                     BETWEEN

(1) M/S UNITECH BUSINESS PARKS LIMITED, a Company, incorporated under the
provisions of the Companies Act, 1956, and having its registered office at 6,
Community Centre, Saket, New Delhi-17, and Corporate Office in South City I,
Gurgaon, Haryana (hereinafter referred to as the `LESSOR'), which expression
shall, unless it be repugnant to the context or meaning thereof, be deemed to
include its administrators, executors, successors and assigns), through its
Authorized Signatories, (i) Mr. Ramkrishna Sharma (ii)Mr. Jogy P Thomas ,
appointed vide board resolution/s dated May 26, 2003; the Party of the FIRST
PART .

                                       AND

(2) M/S GREENFIELD ONLINE PVT. LTD. a Company registered under the Indian
Companies Act, 1956, having its registered office at E-11, Rajouri Gardens, New
Delhi (hereinafter referred to as the 'LESSEE'), which expression shall mean and
include, unless it be repugnant to the context or meaning thereof, its
administrators, executors, successors and assigns, through its authorized
signatory, Mr. C K Taneja, appointed vide board resolution dated February 10,
2002; the Party of the SECOND PART.

The LESSOR AND the LESSEE are hereinafter collectively referred to as the
'PARTIES'

WHEREAS

(A)    The Lessor is the absolute owner of a plot of land admeasuring 4.39 acres
       in Sushant Lok, Gurgaon, Haryana-122001.

(B)    The Lessor has developed the said plot of land admeasuring 4.39 acres in
       Sushant Lok, Gurgaon, Haryana by constructing thereon a multi-storied
       commercial complex under the name & style of `Unitech Trade Centre'
       (hereinafter referred to as the `SAID COMPLEX') in accordance with the
       Building Plans approved and sanctioned by the Director, Town and Country
       Planning, Haryana, Chandigarh.

(C)    The Lessee has approached the Lessor to take on lease office space on the
       First Floor of the Complex, admeasuring 19,253 sq. ft. as more
       particularly marked in the Annexure I hereto (hereinafter referred to as
       the "Premises").


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(D)    The Lessee has represented and warranted to the Lessor that it has the
       power and authority to take on lease the Premises and to enter into and
       perform this Agreement.

(E)    The Lessor has represented that it has the power and authority to grant
       the lease and has accepted the proposal of the Lessee to give it on lease
       the Premises together with the right to use 19 car parking slots, in the
       upper/lower basement of the complex for a period of three years to
       coincide with the term of the Lease Agreement.

NOW THEREFORE, THIS AGREEMENT WITNESSETH AS UNDER:

                                    ARTICLE 1
                                      LEASE

1.1    The Lessor hereby agrees to give on lease to the Lessee and the Lessee
       hereby agrees to take on lease from the Lessor the premises i.e. the
       office space admeasuring 19,253 sq. ft. of super built - up area on the
       First floor, Unitech Trade Centre, Sushant Lok, Tehsil and District
       Gurgaon, Haryana-122001, as detailed and marked in the Annexure I hereto,
       subject to the mutual rights and obligations as contained in this
       Agreement.

1.2    The Lessor further agrees to allot and give the right to Lessee to use
       car-parking space for 19 cars earmarked in the basement during the term
       of this lease free of cost. The Lessor also agrees to give the undivided
       rights to use to the Lessee of all the common areas in the Complex along
       with other occupants of the Said Complex.

                                    ARTICLE 2
                              TERM OF THE AGREEMENT

2.1    The Agreement shall commence from the date of signing of this
       Agreement("Lease Commencement Date") and which, shall continue to be in
       force and binding between the Parties for a initial period of three years
       (hereafter referred to as the 'LEASE PERIOD'). The same can be renewed
       for another two term of three years each at the Lessee's discretion by
       providing Lessor with notice of its intention to renew the Lease, 90 days
       prior to expiration of the then existing Term. Each renewal will be on
       the same terms and conditions as contained in this lease with an
       escalation in Rent and Security Deposits by 12%. A fresh lease agreement
       shall be executed upon every such renewal.

2.2    It is agreed between the Parties that the said Lease Period of 3 (three)
       years shall be regarded as the lock-in-period, wherein the lease cannot
       be terminated by the either Party before the expiry of three years,
       subject however to Lessor's right and remedies as provided in Article 11.
       If the Lessee surrenders


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       the Premises before the expiry of initial 3 (three) years from the date
       of commencement of the lease, the Lessee shall be liable to pay rental
       for the entire lock-in period of 3 (three) years. In the event the Lessee
       wishes to discontinue / terminate the lease anytime beyond the first
       three-year period, the Lessee shall be at liberty to do so. However, any
       such termination by the Lessee during any renewed term of Lease shall be
       upon serving three months' written notice to the Lessor.

                                    ARTICLE 3
                                RENT AND SECURITY

3.1    In consideration of the Lessor agreeing to lease out to the Lessee the
       Premises, the Lessee shall pay the Lessor rent @ Rs. 38/- per sq. ft. per
       month) on the super area i.e. Rs. 7,31,614/- (Rupees Seven Lacs Thirty
       One Thousand Six Hundred and Fourteen Only) per month for the initial
       period of three years in respect of the Premises. It is clarified that
       the above rental shall include the cost of doing false ceiling, false
       ceiling lighting, a/c ducting , fire sprinkler and cement screeding,
       subject to a maximum expense cap of Rs.225/- per sq. ft. on the super
       area, which shall be provided by the Lessor in the Premises.

3.2    The rent for the Premises shall commence from July 01, 2004.

3.3    In the event the lease is extended for a further period of three years,
       the increase in the Rent and Security Deposits shall be 12% (Twelve
       percent) over the rent of the preceding term.

3.4    The rent and the other charges in respect of the Premises as specified in
       this Agreement shall be paid monthly in advance on or before the 7th of
       each calendar month in respect of the month for which the rent is due.
       Any delay in payment of rent by the due date shall attract levy of
       interest @ 18% p.a. for the period of delay, which shall also be payable
       by the Lessee to the Lessors.

3.5    In addition to the monthly rent payable, the Lessee agrees to pay and
       shall always maintain with the Lessor as Interest Free Refundable
       Security Deposit (herein referred to as the `Security Deposit'), an
       amount that shall always be equivalent to 6 (six) months rent of the said
       Premises. The Security Deposit payable by the Lessee to the Lessor for
       the Lese Period shall be a sum of Rs.43,89,684 /- (Rupees Forty Three
       Lacs Eighty Nine Thousand Six Hundred Eighty Four Only).

3.6    That the Lessee has paid unto the Lessor a sum of Rs. 21,94,842/-,
       equivalent to three months of Rent towards part of the Security Deposit
       and the balance of the Security Deposit, equivalent to Rs. 21,94,842/-
       shall be payable at the time of signing and execution of this Agreement.

3.7    Upon increase in rent by 12% in the renewed periods, the aforesaid
       Security Deposit shall automatically stand increased from the first month
       of renewed period so as to be always equal to Six months of the
       corresponding rent. The


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       Lessee along with the rent shall pay the increased amount of Security
       Deposit upon each renewal of Lease.

3.8    The entire amount of Security Deposit paid by the Lessee during the lease
       period shall be kept by the Lessor which shall be refunded by the Lessor
       to the Lessee without any interest upon the Lessee surrendering peaceful,
       vacant and physical possession of said premises, free from all
       encumbrances, upon expiry or earlier termination of this Lease, subject
       to adjustment of arrears of rent and any other sums due and payable under
       this Agreement, if any.

3.9    The rent payable by the Lessee to the Lessor shall also be subject to
       statutory deductions.

3.10   If the Lessee vacates the Premises upon termination or expiry of this
       Agreement after serving the due notice as prescribed, and the Lessor
       fails to refund the Security Deposit to the Lessee simultaneously with
       the Lessee handing over the vacant possession of the Premises to the
       Lessor, the Lessor shall, on the unpaid Deposit, pay to the Lessee an
       interest @ 18% per annum from the date on which the Security Deposit
       becomes due for refund till the date of actual payment.

                                    ARTICLE 4
                                   MAINTENANCE

       The Lessee hereby agrees that it shall simultaneously enter into a
       separate Maintenance Agreement with the maintenance agency for the
       maintenance of the Premises and the Common Areas of the Said Complex. In
       the event the Maintenance Agreement is not signed within one week of
       signing of the Agreement; the Lessor shall have the right to terminate
       the Agreement in terms of clause 11 of the Agreement. The said
       Maintenance Agreement shall form part of the Agreement and is annexed
       hereto as Annexure `II', and the Lessee hereby undertakes to abide with
       all the terms and conditions stipulated therein

                                    ARTICLE 5
                     REPRESENTATION AND OBLIGATION OF LESSOR

5.1    That the Lessor is the absolute owner of the Premises and is in peaceful
       possession of the same, free from all encumbrances and direct litigation
       on the Premises.

5.2    That the Lessor has the power and authority to grant the lease.

5.3    That the Premises can be used for office purposes.

5.4    That the Premises have been constructed in accordance in accordance with
       the approved building Plans and that the Lessor is not in breach of any
       statutory / municipal regulation with respect to the Premises.


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5.5    That the Lessor shall not hold the Lessee responsible for any previous
       dues, taxes, levy, etc., if any due upon the Lessor prior to the
       execution of this Agreement.

5.6    For the purposes of this Lease, the Lessee may take possession of the
       Premises immediately upon the execution of this Agreement to Lease by
       both parties.

5.7    The Lessor shall permit the Lessee to carry out at the cost of the
       Lessee, but without in any way damaging the main structure of the
       Premises, internal partitions and other internal alterations and
       additions which are not visible from outside, as may be necessary for the
       business of the Lessee provided that such internal alterations or
       additions shall not be in violation of any local laws, bye laws or
       regulations.

                                    ARTICLE 6
                               TITLE AND OWNERSHIP

6.1    Save as otherwise provided in this Agreement, no right, title or interest
       in the Premises shall pass to the Lessee by virtue of these presents. The
       Lessee shall at no time contest or challenge the Lessor's sole and
       exclusive right, title and interest in the Premises.

6.2    The Lessee also agrees and undertakes not to sell, assign or sublet the
       Premises or otherwise encumber or suffer a lien thereon without the prior
       consent of the Lessor in writing. However, the Lessee has the right to
       sublet the Premises in full thereof to a party, who would be bound under
       the same terms and conditions as stated in this Lease. A written
       permission shall be obtained before the subletting the premises and the
       Lessor shall not withhold such permission unreasonably. The Lessee shall,
       however, remain solely responsible for the rental payments, title and
       session to the Lessor.

6.3    Conditional upon the Lessee's compliance with and fulfillment of the term
       and conditions of this Agreement, the Lessee shall have the right to have
       exclusive peaceful possession of the Premises for the full term of the
       Agreement.

                                    ARTCLE 7
                    REPRESENTATIONS AND OBLIGATIONS OF LESSEE

7.1    The Lessee shall pay to the Lessor rent and all other sums payable under
       this Agreement not later than the 7th day in advance. In the event of any
       delay the Lessee shall be liable to pay interest @18% per annum on all
       amounts due and payable by the Lessee under this Agreement.

7.2    It is clearly understood by the Parties that currently there are no
       municipal taxes or levies payable with respect to the said Premises. If
       any municipal taxes or levies are levied by local or state authorities
       with respect to the said Premises the same shall be borne by the Lessee.
       However liability of the Lessee to pay such tax or levy shall be from the
       Lease Commencement Date.


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7.3    To pay by the due date meter, hire and electricity charges as recorded in
       the meter and water charges pertaining to the aforesaid premises. In the
       event of there being common meter for common services the Lessee shall
       jointly with other occupants of the Said Complex shall pay within 7
       (seven) days from the date of the bill to the Lessors the proportionate
       cost of water and electricity charges calculated on the super built-up
       area of the Premises.

7.4    To carry out day-to day maintenance of the internal of the Premises at
       its own cost.

7.5    To permit the Lessors and their representative at all reasonable hours,
       after prior notice of 24 hours to enter into the Premises for the purpose
       of inspection or maintenance of services or for any other purpose.

7.6    The insurance of the interiors of the Premises shall be the
       responsibility of the Lessee and the Lessor shall not in any case be
       liable for any damage or loss occurred to the interiors or articles
       within the premises.

7.7    To use the Premises for office purposes only and not to carry on or
       permit to be carried on in the Premises or in any part thereof any
       activities which shall be or are likely to be unlawful, obnoxious or of
       nuisance, annoyance or disturbance to other tenants/ occupants in the
       Complex.

7.8    It is agreed by the Lessee not to keep or store any goods of hazardous or
       combustible nature or otherwise so as to affect the construction or the
       structure of the Complex.

7.9    To display name and address of its office only at such place(s) at
       designate places and in the manner as may be permitted by the Maintenance
       Agency and not to do any act in this respect, which is contrary to the
       terms and condition of the maintenance agreement.

7.10   The Premises shall be used only by the Lessee for its own, associates,
       subsidiaries, group companies and affiliates office purposes and the
       Lessee undertakes that it shall not assign, transfer, mortgage, sublet or
       grant leave and license or transfer or part with or share possession in
       any manner whatsoever, of any portion of the Premises, with any other
       party without the prior written consent of the Lessor, and further
       undertakes to produce relevant documents to substantiate the group
       companies, subsidiaries etc.

7.11   The Lessee shall not make any structural additions or alterations in the
       Premises unless specifically allowed by the Lessor, and if any structural
       addition or alteration are permitted then the Lessee shall make sure that
       upon vacating the premises, the Lessee shall remove all such fittings and
       alterations and restore the Premises in its original condition except
       reasonable wear and tear.


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                                    ARTICLE 8
                                    INDEMNITY

       The Lessee acknowledges that the Lessor shall not be liable to the Lessee
       for any special, consequential or indirect loss arising out of this
       Agreement and undertakes to indemnify and hold harmless the Lessor
       against any such loss. The Lessee shall indemnify the Lessor against all
       arrears of rent and any other sum due and payable by the Lessee if the
       total sum of such arrears and dues of the Lessee is in excess of the
       amount deposited as the Security Deposit.

                                    ARTICLE 9
                                   INSPECTION

9.1    The Lessor or its designated representative shall have the right from
       time to time during the normal business hours on any working day with
       prior notice of atleast 24 hours in writing to the Lessee, except in
       cases of emergency, to enter upon the Premises for the purpose of
       inspecting the service and maintenance in the Premises.

9.2    The Lessee shall permit the Lessor or its authorized representative to
       enter into the Premises with prior notice of atleast 24 hours in writing
       to the Lessee, except in cases of emergency to check for the compliance
       with the Agreement.

                                   ARTICLE 10
                                     GENERAL

10.1   STAMP DUTY

       The Agreement for the Premises shall be registered and the charges
       pertaining to the stamp duty shall be borne by the Lessee.

10.2   ASSIGNMENT/ SALE

       The Lessor shall have the right to sell or transfer the Premises, in part
       or in full, during the period of lease to any third party(s). However,
       the Lessor shall ensure that the third party(s) shall be bound by and
       adhere to the terms and conditions of the Agreement to ensure
       uninterrupted and peaceful enjoyment of the Premises by the Lessee for
       the period of lease and any renewal periods.

10.3   FORCE MAJEURE

       The Parties shall not be held responsible for any consequences or
       liabilities under this Agreement by reason of restrictive Governmental
       Laws or Regulations, riots, insurrection, terrorist action, natural
       calamity, and acts of God etc. Subject to what is stated hereinafter in
       this Clause, the term of this lease shall automatically stand extended
       during the operation, occurrence or continuance of Force majeure
       circumstance(s), provided however,that if, on account of Force Majeure as
       aforementioned the Lessee is unable to fully use or enjoy the Premises
       herein demised for a continuous period of 90 days, then the Lessee may in
       its sole discretion terminate or continue with this lease. No


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       rental, maintenance shall be due during any period where Lessee cannot
       fully use or enjoy the Premises due to a Force Majeure. However inability
       to pay rents, for any reason whatsoever, shall not constitute an event of
       Force Majeure.

10.4   ENTIRE AGREEMENT

       This Agreement constitutes the entire agreement between the Parties and
       revokes and supersedes all previous agreements between the Parties, if
       any, concerning the matters covered herein whether written oral or
       implied. The terms and condition of this Agreement shall not be changed
       or modified except by written amendments duly agreed between the Parties.

                                    ARTICLE 11
                                   TERMINATION

11.1   The Parties may terminate this Agreement in the following manner:

11.1.1 By the Lessor upon happening of Events of Default of Lessee

11.1.2 By either Party upon the other committing any material breach of the
       terms and conditions of this Agreement, which breach remains uncured for
       more than 30 days after proper notice from such Party.

11.1.3 The execution or performance of this Agreement, by the Lessor or the
       Lessee, is contrary to applicable law.

11.2   EVENTS OF DEFAULT:

       An event of default by Lessee shall occur hereunder if:

11.2.1 The Lessee fails to pay any of the lease rentals or part thereof or other
       payment required hereunder when due and such failure continues for a
       period of 30 days after written notice is sent to the Lessee;

11.2.2 Upon Lessee committing any material breach of the terms and conditions of
       this Agreement, which breach remains uncured for more than 30 days after
       proper notice from the Lessor.

11.2.3 The Lessee fails to pay any of the maintenance charges or part thereof or
       other payment required in the maintenance agreement when due and such
       failure is not cured by the Lessee as provided therein. It is also agreed
       between the Parties that termination of the maintenance agreement shall
       be simultaneous with this Agreement and in accordance with the terms and
       conditions stipulated therein.

11.2.4 The Lessee omit to perform, observe any covenant or condition to be
       observed and performed of this Agreement and shall continue to do so or
       does not remedy the breach within thirty (30) days after written notice
       received in respect thereof;


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11.2.5 The Lessee transfers or part with possession or sublets, without the
       permission of the Lessor as provided for in Section 6.2, or encumbers or
       creates any lien or endangers the Premises;

11.2.6 The Lessee becomes insolvent or bankrupt or makes an assignment for the
       benefit of creditors, with regard to the said Premises;

11.2.7 Shall be in default under any other agreement executed with the Lessor
       and / or such default is continuing and not cured.

11.3   REMEDIES

       Upon the occurrence of any Event of Default and at any time thereafter,
       in addition to the right available to the Lessor in the Agreement here in
       above, the Lessor shall declare all sums due and to become due hereunder
       for the full term of the lease, immediately due and payable by the Lessee
       and upon the Lessee failing to make the said payment within 30 days
       thereof, Lessor may, at its sole discretion to do the following:

11.3.1 The Lessor may forthwith re-enter upon the Premises or any part thereof
       and this Agreement shall thereupon stand determined but without prejudice
       to any claim, which the Lessor may have against the Lessee in respect of
       any breach, non-performance or non- observance of the covenants or
       conditions herein contained.

11.3.2 The Lessor may adjust all moneys including unadjusted advance rentals
       deposited by the Lessee under this Agreement against all sums due to the
       Lessor including interest, damages, etc. However, if the arrears of rent
       and any other sum due and payable by the Lessee exceed the amount
       deposited as security, then the Lessee shall pay / indemnify the Lessor
       as per the clause 8 of the Agreement.

                                   ARTICLE 12
                                      COSTS

       The Lessee shall be liable for all legal fee and other cost and expenses,
       as determined by the Arbitrator / Courts, resulting from the foregoing
       defaults of the Lessee as mentioned in the clause 7 above.

                                   ARTICLE 13
                                     WAIVER

       Any expressed or implied waiver by the Lessor of any default shall not
       constitute a waiver of any other default by the Lessee or a waiver of any
       of the Lessor's right. All original rights and powers of the Lessor under
       this Agreement will remain in full force, notwithstanding any neglects,
       forbearance or delay in the enforcement thereof by the Lessor, and the
       Lessor shall not be deemed to have waived any of the Lessor's rights or
       any provision


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       of this Agreement or any notice given hereunder unless such waiver be
       provided in writing by Lessor and any waiver by the Lessor of any breach
       by the Lessee of the Agreement shall not be deemed a waiver of any
       continuing or recurring breach by the Lessee of the Agreement.

                                   ARTICLE 14
                         APPLICABLE LAW AND JURISDICTION

16.1   This Agreement shall be construed and the legal relations between the
       Parties hereto shall be determined and governed according to the laws of
       India.

16.2   That the Civil Courts at Gurgaon and Punjab & Haryana High Court at
       Chandigarh alone shall have jurisdiction in all matters arising out of
       and/or concerning this transaction.

                                    ARTICLE 15
                                   ARBITRATION

15.1   All disputes, difference or disagreement arising out of, in connection
       with or in relation to this Agreement shall be mutually discussed and
       settled between the Parties.

15.2   All disputes, difference or disagreement arising out of, in connection
       with or in relation to this Agreement, which cannot be amicably settled,
       shall be finally decided by arbitration to be held in accordance with the
       provisions of the Arbitration and Conciliation Act, 1996. Any arbitration
       pursuant hereunder shall be a domestic arbitration under the Applicable
       Law.

15.3   The venue of arbitration shall be Gurgaon or such other place as may be
       mutually agreed between the Parties and the language of arbitration shall
       be English.

15.4   The arbitration shall take place before three arbitrators, one to be
       appointed by each Party and a presiding arbitrator to be appointed by the
       said two Arbitrators, within thirty days of the invocation of the
       arbitration. The award shall be rendered in English Language.

                                   ARTICLE 16
                              NO PARTNERSHIP/AGENCY

       Nothing in this Agreement shall be construed as creating a partnership or
       joint venture between the Lessee and the Lessor. Neither party will be
       deemed to be an agent of the other party as a result of any act under or
       related to this Agreement, and will not in any way pledge the other
       Party's credit or incur any obligation on behalf of the other Party.

                                   ARTICLE 17
                                     NOTICE


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       Any notice to be served on either of the Parties by the other shall be
       sent by prepaid recorded delivery or registered post or by fax at the
       address shown at recital of the Agreement and shall be deemed to have
       been received by the addressee within 72 hours of posting or 24 hours if
       sent by fax or by electronic mail.

IN WITNESS WHEREOF, THE PARTIES HERETO HAVE SET THEIR HANDS AND SEAL TO THESE
PRESENTS ON THE DAY, MONTH AND YEAR FIRST ABOVE WRITTEN IN THE PRESENCE OF THE
FOLLOWING WITNESSES :

SIGNED, SEALED & DELIVERED
For & on behalf of

LESSEE /                                        LESSOR /
SECOND PARTY                                    FIRST PARTY




AUTHORISED SIGNATORY                            AUTHORISED SIGNATORY

Witnesses :