Upcoming IKEA store in Noida: Construction pending govt approval

IKEA is awaiting permission from the Noida Authority to commence construction on a 48,000 sq m plot of land in Noida Sector 51. The report cited individuals familiar with the matter who stated that construction at the location is expected to begin within the next few months. Once the project is completed, the IKEA facility will include a shopping mall, retail stores, residential accommodations, and meeting centres. In order to develop the shopping mall, IKEA is planning to invest approximately Rs 55 billion. The company acquired the land in Noida Sector 51 in February 2021, after the Noida Authority allocated a commercial plot to IKEA on February 9, 2021. For the land, IKEA had paid Rs 8.5 billion to the authority. IKEA has submitted a map (site plan) for approval to the Noida Authority. The scrutiny of the map is currently underway. They (IKEA) were requested to obtain a no-objection certificate (NOC) from the fire department, and they have received it. The construction work can only commence once the site plan or map is approved by the Authority.Ingka Centre's spokesperson said, ‘’Delhi NCR is one of our important markets in India. We are thankful to the Government authorities for their continuous support and together working towards launching our IKEA-anchored meeting place for the many people of Noida and Delhi NCR.” Also read: 50% rebate on stamp duty for integrated township projects Surge in joint dev. projects as land price soar in Ahmedabad