Ingka Group, the parent company of Swedish home furniture giant IKEA, is all set to start work on its mall-cum-store complex in Noida. Situated between Sectors 51 and 52 Metro stations in Noida, the facility would be spread over 45,000 sq m — one of the largest in the Delhi-NCR region.
According to officials of the Uttar Pradesh government, this will be a mixed-use project, consisting of an IKEA store as anchor, and a mall that will house retail and commercial stores, a hotel, movie theatres and other entertainment zones as well as restaurants.
“The company is in the process of finalising the lease deed for the project that would be spread on almost 12 acres of land. It would be investing approximately Rs 4,000 crore to develop the project,” an official said, adding that the project has a floor area ration (FAR) of four.
The company had signed a deal for the store-cum-commercial complex in 2018 itself but the project had got stuck due to procedural delays.
Asked to comment on the development, a company spokesperson said in an email: “In Noida, we are in talks with the government and relevant authorities for purchasing land. It is a big project with large investments, and we are still in the process to conclude the transaction.
IKEA is committed to India for the long term. Delhi-NCR, Mumbai and Bengaluru are identified among the fast-growing cities for Ingka Group globally. In India, our ambition is to reach 100 million people in India by 2022.”