Amazon leases around 4 lakh sq ft of space for three years for about Rs 3 crore per month in Chennai

Amazon believes that India is a key market for its future growth and a strategic location for Amazon's global operations.

Despite news of the e-commerce giant planning to lay off at least 500 employees across verticals in India as part of the second round of mass job cuts announced earlier this year, Amazon Development Centre India Private Limited has leased around 3.38 lakh square feet of space for a period of three years at a rent of close to Rs 3 crore per month in separate deals in Chennai, documents accessed by Propstack showed.

The deals were registered on May 9, 2023. It has renewed the space in Global Infocity Park by Airoli ITP Development Private Limited in Perungudi, Chennai

It has leased 55,646 sq ft of space (super built-up) in Chennai at a rent of Rs 59.51 lakh per month for three years.

It has also leased 2.03 lakh sq ft (super built-up) from the same developer in the same building for three years. The rent is Rs 1.86 crore per month.

It has taken up another 62,442 sq ft (super built-up) in the same building at a rent of Rs 49.54 lakh per month.

The company has also leased 17,735 sq ft (super built-up) space in the same building at a rent of Rs 15.01 lakh per month.

Emails sent to Amazon remain unanswered.

Amazon announced its second round of layoffs in March, in which 9,000 jobs are to be cut. In a memo to employees on March 20, Amazon CEO Andy Jassy said it was a “difficult decision” taken for the long-term benefit of the company. These layoffs come over and above the 18,000 roles that were eliminated just a few months ago.

The e-commerce giant is in the process of laying off at least 500 employees across verticals in India as part of the second round of mass job cuts. The layoffs are affecting various departments, including Amazon Web Services (AWS), and human resources and support functions, multiple sources have confirmed.

“The layoffs are a sign of the changing economic landscape and the changing nature of work. In the past, companies were more likely to hire permanent employees. However, in recent years, companies have increasingly turned to temporary and contract workers. This trend is likely to continue, as companies look for ways to reduce costs,” said Raja Seetharaman, Co-founder of Propstack.

However, Amazon continues to expand in India and it’s a sign of the company's long-term commitment to the country. India is a large and growing market with a young and tech-savvy population. Amazon believes that India is a key market for its future growth and a strategic location for Amazon's global operations. India is located between China and Southeast Asia, two of the fastest-growing e-commerce markets in the world. Amazon's expansion in India is good news for the Indian economy. The company is expected to create jobs and boost economic growth, he said.