>According to 24lc256 datasheet EEPROM itself only stores the
>64 byte of data In temporary storage I am assuming in RAM then
>after the master generates Stop condition then eeprom itself
>will write all 64 bytes of data.

Right, now you are learning. The next trick is that those 64 bytes of data 
get written in the same time as a single byte, i.e. the 6.5mS that you have 
been seeing. So by writing your 32kB code in 64 bit chunks instead of a byte 
at a time, you will speed the write time by 64 times, so your 270 seconds 
(4.5 minutes) comes down to 4.2 seconds for 32kB!!!

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