Puravankara Leases 1.2 Lakh Sq Ft Retail Space to IKEA at Purva Zentech Park
IKEA Secures Large-Format Store at Puravankara's Purva Zentech Park
Puravankara Limited has signed an Agreement to Lease with IKEA India for retail space at Purva Zentech Park on Kanakapura Road, Bengaluru. IKEA will take more than 1.2 lakh square feet spread across the first and second floors, which are marked for retail use within the project, with handover planned for the first quarter of 2026.
Scale and Location of the Development
Purva Zentech Park is a mixed-use commercial development spanning approximately 9.6 lakh sq. ft. of leasable and saleable area. With typical floor plates of 50,000 sq. ft. and modular units ranging from 4,500–5,000 sq. ft., the project is designed to accommodate both large-format tenants and mid-sized occupiers.
Strategically located within a five-minute walk from both the Konankunte Metro Station and Forum Mall, the project is a sustainable, Indian Green Building Council (IGBC) Gold development, designed to accommodate large-format tenants as well as mid-sized occupiers.
Significance for Bengaluru's Retail Corridor
IKEA will occupy the first and second floors, covering more than 1.2 lakh sq. ft. of leasable area, making it one of the largest retail commitments in South Bengaluru's emerging corridor. This will be IKEA's seventh store in the country and second in Bengaluru.
Colliers acted as the advisor for the transaction. The lease reflects strong momentum in Bengaluru's commercial real estate market, particularly along the southern growth axis where Kanakapura Road has emerged as a destination for mixed-use development.
Puravankara's Commercial Momentum
Puravankara currently has a commercial development pipeline of 3.2 million square feet, of which nearly 2 million square feet is expected to receive occupancy certificates within this financial year. Projects including Purva Zentech and Purva Aerocity in Bengaluru are expected to generate a surplus of Rs 1,870 crore, making a significant value creation opportunity for the company.
As of September 30, 2025, Puravankara has completed 93 projects totalling 55 million sq ft across nine cities—Bengaluru, Chennai, Hyderabad, Coimbatore, Mangaluru, Kochi, Mumbai, Pune and Goa. The company has maintained a significant presence on Kanakapura Road through multiple residential and commercial projects, reflecting the location's growing appeal as a mixed-use destination.
IKEA's India Expansion
Sweden's IKEA plans to more than double its investment in India to over ₹20,000 crore in the next 5 years, with the additional capital used to open more stores and strengthen operations. The retailer, which entered India in 2018 with its first store in Hyderabad, reported a 6% rise in sales to ₹18.61 billion for the year ended August 2025 and now aims to quadruple its India revenue and expand its physical store network to 30 outlets from the current six. The Bengaluru lease is part of this broader multi-year expansion strategy across India's key metropolitan markets.