In a major boost to Bengaluru’s commercial real estate and retail landscape, Puravankara Limited one of India’s leading real estate developers has signed a lease agreement with IKEA for over 1.2 lakh sq ft of premium retail space. The Swedish home furnishing giant will set up its new flagship outlet in Bengaluru, further strengthening its footprint in India’s rapidly expanding home décor and lifestyle market.
The leased space, situated in a prime commercial location, marks a strategic expansion for IKEA, aiming to tap into Bengaluru’s large tech-savvy and high-spending urban population. The collaboration aligns with IKEA’s omni-channel strategy, combining large-format physical stores with digital retail capabilities to enhance consumer accessibility.
For Puravankara this deal highlights its growing prominence in the commercial leasing sector. It also underscores the increasing demand for high-quality, well-located retail spaces in metro cities. The development is expected to boost footfall, enhance the retail ecosystem, and attract other international brands to establish their presence in the region.
Industry experts believe this partnership will not only elevate Bengaluru’s retail infrastructure but also contribute significantly to job creation, local economy growth, and real estate appreciation in surrounding areas. The upcoming IKEA outlet will feature a wide range of home furnishing products, experience centers, and customer engagement zones, reinforcing its brand appeal among Indian consumers.
With the retail and commercial real estate sector witnessing strong revival post-pandemic, this landmark leasing agreement sets a positive trend for future global investments in Indian metros. The Puravankara-IKEA venture is being viewed as a win-win model for both real estate growth and consumer retail evolution.
