Daijiworld Media Network – Pune

Pune, Oct 25: Global furniture giant Ikea is all set to make its debut in Pune, having signed a lease agreement for a 37,000 sq ft retail space at Phoenix Marketcity Mall in Lohegaon’s Viman Nagar area.

According to documents accessed by real estate data analytics firm CRE Matrix, Ikea India Private Limited has leased 37,529 sq ft from Vamona Developers, the owner of the property, for a period of 59 months. The initial monthly rent has been fixed at Rs 38 lakh, which will increase to Rs 42.70 lakh from the fourth year of the agreement.

The upcoming outlet will be located on the ground floor of Phoenix Marketcity, one of the city’s busiest shopping destinations. This will mark Ikea’s official entry into the Pune market, a major urban hub that houses numerous IT companies and global capability centres.

The Swedish furniture retailer first entered the Indian market in 2018 with its flagship store in Hyderabad. It currently operates stores in Navi Mumbai, Bengaluru, Indore, and Kolkata, and runs multiple formats — from large suburban stores to smaller city-based outlets like the one in Mumbai’s Worli.

Industry experts believe Ikea’s arrival in Pune will further strengthen its retail footprint in western India and cater to the city’s growing base of young professionals and families seeking affordable, stylish home solutions.