IKEA is readying its Noida setup

The company has started finalising its building plan and drawings for the mixed-use development

PRAVASISAMWAD.COM

IKEA took 12.3 acres from the Noida Authority to set up its flagship store – the first near Delhi. According to the Noida Authority, discussions had taken place with the IKEA team over the past four months. The company has started finalising its building plan and drawings for the mixed-use development.

Sometime ago, the UP government allotted 12.3 acres in Noida Sector 51 to IKEA for the first ‘meeting place’ in India: a shopping, entertainment and business centre around the flagship IKEA store.

The plot was allotted to INGKA Centres India Pvt Ltd, which is a subsidiary of the INGKA group that owns most IKEA stores. The company had begun talks for the land with the Noida Authority in October 2019 over terms of payment for the plot and the deal was finalised after it paid Rs 850 crore.

“Delhi-NCR is one of the most important markets in India and we are happy to announce the first store here.”

— Peter Betzel, IKEA India CEO

The Noida store will be IKEA’s third and the first near Delhi. It opened a store in Hyderabad 2018 and another in Navi Mumbai last year. The company had said that IKEA would develop an anchored retail destination and INGKA’s 45th ‘meeting place’ globally at Noida.

“Delhi-NCR is one of the most important markets in India and we are happy to announce the first store here,” IKEA India CEO Peter Betzel said in a statement.

A spokesperson for INGKA Centres had been reported saying that the IKEA store-anchored ‘meeting places’ were mixed-use destinations that brought many people together for multiple reasons. IKEA has shopping centres anchored by its stores in Europe, Russia and China. Noida would be the first such centre in India.

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