India’s biggest e-commerce company Flipkart has doubled its demand for office space to 3 million sqft, barely two-months after approaching top developers to lease 1.5 million sqft. Embassy Office Parks, the equal joint venture between Blackstone and Embassy Group, is said to bag this lease deal which is pegged to be the largest office space transaction in India in at least a decade.
The deal, at Rs 52 per sqft, is likely to be inked as early as this week. Flipkart plans to absorb the entire office space in two phases, but in a record four to five years. The e-commerce poster boy had short-listed Bangalore-based Bagmane Group and Embassy in a process advised by real estate consulting firm JLL.
Senior officials at Embassy Office Parks declined comment.
Flipkart, which is sitting on about $1.5 billion in cash, has already said that by the end of this financial year its employee strength would be increased to 25,000 from 12,000 at the beginning of the year. In real estate parlance, 3-million sqft of office space could seat around 30,000 to 50,000 employees.