Puravankara signs lease agreement with IKEA for over 1.2 lakh sq ft retail space in Bengaluru
Bengaluru-based real estate developer Puravankara Limited has signed a lease agreement with Swedish furniture retailer IKEA India for more than 1.2 lakh sq ft of retail space in Bengaluru’s Purva Zentech Park on Kanakapura Road, the company said in a statement.
The Swedish home furnishings major will occupy the first and second floors of the upcoming mixed-use commercial project, with handover expected in Q1 2026 and operations slated to begin soon after.
The company did not disclose the monthly rent or the duration of the lease.
Purva Zentech Park, a 9.6-lakh-sq-ft IGBC Gold-certified development, features floor plates of approximately 50,000 sq ft and modular units ranging from 4,500 to 5,000 sq ft. Located near Konanakunte Metro Station and Forum Mall, the project is designed to accommodate large-format retailers as well as mid-sized occupiers, the statement said.
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Real estate consultant Colliers’ office services team was the advisor on this transaction.
Rajat Rastogi, CEO, West and Commercial Assets at Puravankara, said IKEA’s decision underscores the project’s strong appeal. “We are excited to onboard IKEA at Purva Zentech Park. Their decision to occupy retail space of more than 1.2 lakh square feet is a strong endorsement of the project’s strategic location, smart design, and adaptable retail layout,” he said, adding that the southern corridor continues to see steady leasing momentum.
Puravankara is currently developing 3.2 million sq ft of commercial assets, with nearly 2 million sq ft expected to receive occupancy certificates this financial year. Its projects, including Purva Zentech and Purva Aerocity, are projected to generate a surplus of ₹1,870 crore, strengthening the company’s commercial footprint in South Bengaluru’s growth corridor.
