In a move that depicts India’s growing e-commerce sector, Flipkart just sealed a deal to acquire India’s single largest office space so far. Spanning 2 million square feet, the custom built office will be set up in Bengaluru and will assist in expanding operations and manpower.
Flipkart had been in negotiations with Bengaluru-based builder Embassy Group for a lease of 3 million square feet. The 20-year deal now stands at 2 million square feet at around Rs.50 a month per square feet. According to an insider involved, the office space will be able to provide seating space for over 20,000 people.
The company now plans to merge all its offices in different parts of the city to one location in the newly acquired space. According to Bhhavesh Kamdar, head of leasing at Embassy Office Parks, the area will be leased out in two phases. The first phase consists of 1.5 million square feet and will be handed over in the next two years.
“With the current supply-demand dynamics in Bengaluru, large occupiers who have better visibility of their business will find locking space in advance” as the way forward, said Juggy Marwaha, managing director for south India at JLL, which was Flipkart’s adviser in the transaction.
