While the initial contract was signed in 2018, the Delhi’s IKEA store project conducted by Ingka Group has been stalled since then due to administrative delays.
But according to the government of Uttar Pradesh, the signature of the mixed-use complex comprising an IKEA store, an hotel, a cinema and a shopping centre including retail, bars and restaurants is now almost finalised.
Located in Noida, near Delhi, the complex covers a total of 45,000 sq.m. The budget of the project would range around 4,000 crore, i.e. €450 million. In India, the cities of Delhi, Mumbai and Bangalore are the priorities for the Ingka Group. By next year, the world’s leading furniture retailer wants to serve 100 million Indian consumers via omnichannel services. Following an 8.9% GDP decrease in 2020, India’s economy is expected to rebound by +8.6% this year.