On November 22, Ingka Centres, which is a part of the Ingka Group, also including IKEA Retail and Ingka Investments, revealed some plans regarding the new IKEA anchored mixed-use development, in Gurgaon. And the estimated investment for the project of IKEA mall is around €400 million, which is around Rs 3,500 crores.
The construction will start in early 2022 and the new meeting place is currently expected to provide more than 2,500 jobs. This will contribute to further growth of organized retail in India, according to the statement released by the company.
The development along with a GBA of around 130,000 sq m will help to complement the company’s plans which were announced for Noida earlier this year, and the new meeting place will set the standard for the next generation of sustainable mixed-use destinations. This will also help to act as a lively gathering place for leisure, entertainment, and retail in one of the world’s fastest-growing markets, as per the company.
Ingka Centres’ move to India, is a part of its strategy to expand into new markets and also for the shaping of a portfolio of retail-led destinations that will be a fit for the future.
Catering to the Gurgaon and Delhi National Capital Region’s growing population and built around the needs of the local community, the meeting place is expected to welcome more than 20 million people every year, in which the people can shop, work, eat, exercise, learn and socialize freely.
Ingka Centres’ 52nd meeting place brings to you an amazing experience of a vibrant mix of hospitality, food, and beverage, ‘edutainment’ learning spaces, alongside a wide retail offer which is offered by an IKEA store. The reason behind this development is to act as a local community hub, which will have spaces for festivals and exhibitions throughout the year.
The destination is connected to public transport and it will also further improve with a nearby metro line, which was planned by the city authorities to open soon, that will help to create cleaner and greener ways of traveling to and from the new meeting place. Ingka Centres plans to work closely with local authorities to enable convenient and direct access to the metro, the company said.
“We are on a journey to reach more people through more developments in more markets. India is an exciting opportunity for us and our partners to bring new experiences to customers and to develop meeting places that bring value to communities and the planet. We know that when it comes to retail and leisure, change is the only constant. This is why our first Livat meeting place in India will be adaptable, with multiple offerings to match consumer lifestyles long into the future. We want to create destinations that make it easier for people to live even happier, healthier, and more sustainable lifestyles – this will be our goal at Gurugram,” said Cindy Andersen, Ingka Centres Managing Director.
Peter Betzel, CEO, and CSO, IKEA India said, “We are happy to announce our IKEA store in Gurugram together with Ingka Centres. India is an exciting country for IKEA, and we have a long-term commitment to reach many people with our omnichannel approach. Delhi NCR will be one of our biggest and most important markets in India and we can’t wait to meet and inspire the many people in that region with our beautiful, affordable, well designed and sustainable home furnishing products and solutions.”
“We welcome IKEA and Ingka Centres to the state of Haryana. We look forward to this partnership with IKEA and Ingka Centres to build organized retail and meet the growing needs of consumers in the State and the region. The government is committed to providing the best support to facilitate a smooth investment flow into the state. This project will not only establish Gurugram as one of the newest shopping destinations but also provide employment in the region. We strongly believe in the Heart 2 Heart Approach, over just having a business relationship with the investors. This step is yet another validation of our development plans for the region,” said Manohar Lal Khattar, chief minister of Haryana.
In February, Ingka Centres announced it had bought a plot in Noida, and the first store opened in Hyderabad in 2018.