Ingka Centres, part of the Ingka Group has announced a new project worth €400 million (Rs 3,500 crore), as part of which it has revealed plans for a new IKEA anchored mixed-use development in Gurgaon.
The company has said in a statement that the construction will start in early 2022. The new meeting place is expected to generate more than 2,500 jobs and will contribute to further growth of organised retail in India, according to Ingka Centres. It will also set the standard for the next generation of sustainable mixed-use destinations, acting as a lively gathering place for leisure, entertainment and retail in one of the world’s fastest-growing markets.
Spread around 130,000 sq m, the meeting place will offer a vibrant mix of hospitality, food and beverage, ‘edutainment’ learning spaces, alongside a wide retail offer anchored by an IKEA store. It is being developed to act as a local community hub, with spaces for festivals and exhibitions throughout the year. It is expected to welcome more than 20 million people annually who will come to shop, work, eat, exercise, learn and socialise and will cater to the growing population of Gurgaon and Delhi NCR.
Ingka Centres, which also includes IKEA Retail and Ingka Investments, says that its foray into India is a part of its strategy to expand into new markets and to shape a portfolio of retail-led destinations that are fit for the future and appeal to all. This will be Ingka Centres’ 52nd meeting place.
The new meeting place will be developed under the new Livat brand, a Swedish word that means ‘a lively happening’ and reflects Ingka Centre’s vision to create a better everyday life by providing easy access to wellbeing, a sustainable lifestyle and belonging, while meeting everyday needs.
