Ikea’s arm Ingka Centers is to launch India’s first Ikea mixed-use destination in the outskirts of Delhi, Noida.
The plan was announced after the retailer secured a 47,833sqm plot of land in Noida, Uttar Pradesh. The project will cost about US$760 million and take seven years to complete. The Ikea mega mall will feature two multi-storied buildings of more than 20 floors with separate blocks for retail, office, and hospitality.
The project will provide more job opportunities, support infrastructure development, and the growth of the organized retail and home furnishings sector in the region.
“Delhi NCR is one of our most important markets in India and we will reach the many people with our beautiful, affordable, well designed, and sustainable home furnishing products,” said Peter Betzel, CEO at Ikea India.
“This next step in our expansion is in line with Ikea’s ambition to [reach] 100 million people in India in the coming years.”
Entering India in 2018 with its first outlet in Hyderabad, Ikea opened its second store in the country last December in Navi Mumbai.