Overview
- IKEA India has leased 37,259 sq ft of ground‑floor space at Phoenix Marketcity in Viman Nagar, Pune, confirmed via company statement and registration documents accessed by CRE Matrix.
- The agreement with Vamona Developers (part of Phoenix Mills) was signed on Oct. 15, 2025, with a five‑year minus one month tenure.
- Monthly rent starts around ₹38 lakh and rises to about ₹42.7 lakh after 36 months under the lease terms reported by multiple outlets.
- Lease documents cited by Hindustan Times indicate a fit‑out window through Feb. 21, 2026, with rent commencement on Feb. 22, 2026.
- IKEA says the Pune location will open as a city store as part of its omnichannel expansion, building on its e‑commerce launch in Pune in January 2020 and existing large stores in Hyderabad, Navi Mumbai and Bengaluru.