Puravankara Signs Lease Agreement with IKEA for Bengaluru Retail Space
Filing Summary
Puravankara Limited has signed an Agreement to Lease with IKEA India for retail space at Purva Zentech Park, Bengaluru. The agreement involves leasing two floors, totaling over 1.2 lakh square feet. Purva Zentech Park is a mixed-use commercial development with approximately 9.6 lakh square feet of leasable area. The development is under construction and expected to complete by early 2026. IKEA plans to commence operations in Q1 2026. This agreement is part of Puravankara’s strategy to expand its commercial real estate portfolio in South Bengaluru.
Puravankara Limited has entered into an Agreement to Lease with IKEA India for retail space at Purva Zentech Park, Bengaluru. The agreement involves leasing two floors designated for retail use. The space spans over 1.2 lakh square feet. Purva Zentech Park is located on Kanakapura Road, Bengaluru.
The Purva Zentech Park is a mixed-use commercial development with approximately 9.6 lakh square feet of leasable and saleable area. The typical floor plates are around 50,000 square feet, with modular units ranging from 4,500 to 5,000 square feet available for lease or sale. The project is designed to accommodate large-format tenants and mid-sized occupiers. It is an Indian Green Building Council (IGBC) Gold development.
The development is strategically located within a five-minute walk from both the Konankunte Metro Station and Forum Mall. The project is currently under construction and is expected to be completed by early 2026. IKEA will occupy the first and second floors, with operations scheduled to commence in Q1 2026. The transaction was advised by Colliers’ office services team.
Puravankara currently has a commercial development pipeline of 3.2 million square feet. Nearly 2 million square feet is expected to receive occupancy certificates within this financial year. Projects including Purva Zentech and Purva Aerocity in Bengaluru are expected to generate a surplus of Rs 1,870 crore. This development is part of Puravankara’s strategy to strengthen its commercial real estate portfolio and deepen its presence in South Bengaluru’s high-growth corridor.
The Puravankara Group is a major real estate developer in India, with a focus on residential and commercial properties. The company has established three distinct residential brands: Puravankara, Provident Housing Limited, and Purva Land. It also has a presence in Grade-A commercial real estate and offers technology-enabled construction solutions through its subsidiary, Starworth Infrastructure and Construction Limited. The group is expanding its footprint in the commercial real estate sector.