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Puravankara Limited has signed an Agreement to Lease with IKEA India for two retail floors at Purva Zentech Park, its mixed-use commercial project on Kanakapura Road in Bengaluru. The development spans 9.6 lakh sq ft with flexible floor plates and IGBC Gold-rated features, and is scheduled for completion by early 2026. IKEA will occupy over 1.2 lakh sq ft across the first and second floors, with handover expected in early 2026. Puravankara said the deal highlights the project's strong location and rising demand in South Bengaluru. With a 3.2 million sq ft commercial pipeline, the company expects projects like Zentech Park and Aerocity to support significant future value creation.
Puravankara Limited recently announced that it had signed an Agreement to Lease with IKEA India for two retail floors at Purva Zentech Park, the company's mixed-use commercial development on Kanakapura Road in Bengaluru. The project spans about 9.6 lakh square feet of leasable and saleable area, offering typical floor plates of around 50,000 square feet and modular units ranging from 4,500 to 5,000 square feet available for lease or purchase. It is positioned within a five-minute walking distance of the Konankunte Metro Station and Forum Mall, and has been designed as an IGBC Gold-rated sustainable development capable of accommodating both large-format tenants and mid-sized occupiers. The project remains under construction and is scheduled for completion by early 2026. Advertisement
IKEA will take up the first and second floors earmarked for retail use, with the handover expected in the first quarter of calendar year 2026. Operations are planned to commence shortly thereafter. Colliers served as the transaction advisor through its office services team.
Rajat Rastogi, CEO - West & Commercial Assets at Puravankara Limited, noted that the company was pleased to welcome IKEA to the project and conveyed that the retailer's decision to occupy more than 1.2 lakh square feet of retail area reinforced the development's strategic location, efficient design, and flexible layout. He further mentioned that, with leasing activity continuing to rise in Bengaluru's southern corridor, Purva Zentech Park is anticipated to evolve into a vibrant destination catering to both business and lifestyle requirements, with IKEA's presence serving as a meaningful addition to the project's tenant profile.
Puravankara currently has a commercial development pipeline of 3.2 million square feet, of which close to 2 million square feet is expected to receive occupancy certificates within this financial year. Projects such as Purva Zentech and Purva Aerocity in Bengaluru are projected to generate a surplus of INR 1,870 crore, contributing substantially to the company's value-creation strategy. The addition of IKEA further strengthens Puravankara's commercial real estate portfolio and reinforces its footprint in the South Bengaluru growth belt.
Source - PTI
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