Ikea starts building shopping mall in India
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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.
Questions & Answers
Q.What is the total investment planned for this mixed-use destination?
What is the total investment planned for this mixed-use destination?
The project in Noida is expected to cost approximately US$760 million. This significant investment will fund the construction and development of the new retail and hospitality complex.
Q.Where exactly in India is Ikea building this new mall?
Where exactly in India is Ikea building this new mall?
The new Ikea mixed-use destination is being built in Noida, an area located on the outskirts of Delhi. This specific location is in Uttar Pradesh.
Q.How long is the construction period estimated to be for the new project?
How long is the construction period estimated to be for the new project?
The construction of the Ikea mega mall and mixed-use destination is projected to take seven years to complete. This indicates a long-term development plan for the site.
Q.What types of facilities will be included in the new multi-storied buildings?
What types of facilities will be included in the new multi-storied buildings?
The planned multi-storied buildings will feature separate blocks dedicated to retail spaces, office units, and hospitality services. There will be two main buildings, each over 20 floors high.
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