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Ikea looks to buy additional 20 Acres land Parcel in Gurugram

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Global furniture giant Ikea is believed to have sought additional land from Huda for the store it plans to open in the city. Sources in Huda said Ikea is interested in a plot of 20.46 acres, more than double the size of the plot that the company had earlier bought.

Last year, Ikea, the multinational company founded in Sweden, purchased 9.83 acres in Sector 47 for Rs 842 crore through an e-auction, making it the biggest deal to be struck by Huda. Now, according to Huda officials, it is seeking the land adjacent to this plot. This time, too, Huda is likely to conduct an e-auction for the plot.

A meeting attended by Ikea representatives, town and country planning principal secretary AK Singh and Huda officials was held in Chandigarh on Thursday. Though officials were tightlipped about the details of the meeting, Singh told TOI, “We have asked the company (Ikea) to give their requirements in writing, and we will take it from there”.

The 9.83-acre plot was put up for e-auction three times but had no takers until October 2017 when Ikea finally participated and bought it. Huda officials said the 20.46-acre plot would cost upwards of Rs 1,500 crore. “The purpose is to earn revenue for Huda and the land will be allotted to the highest bidder,” said Huda administrator Chandrashekhar Khare.

Ikea will make its foray into India next month by launching its first store in Hyderabad, Reuters reported on Thursday. The store is Hyderabad will sprawl over 400,000 square feet. After launching in Hyderabad, Ikea will move to Mumbai in 2019, followed by Bengaluru and Delhi NCR. The company is also looking to expand to five other markets — Surat, Ahmedabad, Kolkata, Chennai and Pune.

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