Retail Revolution in Bengaluru: IKEA Slots Into Purva Zentech’s 1.2 Lakh Sq Ft Space

Updated: November 17, 2025 23:33

Image Source: Business Standard

IKEA India has signed a lease agreement with Puravankara Limited to occupy 1.2 lakh sq ft of retail space across the first two floors at the upcoming Purva Zentech Park in Bengaluru, located on Kanakapura Road. The mixed-use development, spanning 9.6 lakh sq ft, is slated for completion by early 2026, with handover and operations planned for Q1 2026.

Puravankara Limited, a leading real estate developer, has entered into a significant lease agreement with IKEA India for more than 1.2 lakh sq ft of retail space at its under-construction Purva Zentech Park in Bengaluru. This mixed-use commercial project, strategically positioned on Kanakapura Road, features a total leasable and saleable area of approximately 9.6 lakh sq ft.

IKEA will occupy the first and second floors designated for retail use, with the space expected to be handed over in the first quarter of 2026. Following completion, IKEA plans to commence operations immediately, marking a strategic expansion in Bengaluru's growing retail sector. Purva Zentech Park's location offers excellent connectivity, including proximity to the Konankunte Metro Station and Forum Mall, enhancing its appeal for large-format tenants.

Rajat Rastogi, CEO - West & Commercial Assets, Puravankara Limited, described IKEA's commitment as a strong endorsement of the project's strategic location, smart design, and adaptable retail spaces, highlighting Bengaluru's vibrant leasing market, particularly in its southern corridor. Puravankara also anticipates robust growth in its commercial real estate portfolio with Purva Zentech and other developments.

Major Takeaways

IKEA India leases 1.2 lakh sq ft retail space across two floors at Purva Zentech Park
Mixed-use commercial development with 9.6 lakh sq ft total leasable area
Project located on Kanakapura Road, near Konankunte Metro and Forum Mall
Handovers scheduled for Q1 2026, with operations planned soon after
Project IGBC Gold certified, emphasizing sustainability and design quality
Puravankara's CEO cites this deal as an endorsement of location and layout
Puravankara maintains a strong commercial pipeline with 3.2 million sq ft underway

This landmark lease deal underscores Bengaluru’s status as a premier retail and commercial hub, driven by strategic development projects and demand from global brands.

Sources: NSE Circular, Puravankara Ltd, The Hindu Business Line, Economic Times Realty, Business Standard.

Stay Ahead – Explore Now! India’s Mutual Fund Mission Expands: Four States Chosen for Ground-Level Distribution Push