Bengaluru : Puravankara
Limited (NSE: PURVA | BSE: 532891), one of India’s most trusted and admired
real estate developers, today announced the signing of an Agreement to Lease
(ATL) with IKEA India for leasing of two floors of retail space at the Purva
Zentech Park, located on Kanakapura Road, Bengaluru.
Purva Zentech Park is a mixed-use commercial
development with approximately 9.6 lakh square feet of leasable and saleable
area. Typical floor plates are approximately 50,000 square feet, with modular
units ranging from 4,500 to 5,000 square feet available for lease or sale.
Strategically located within a five-minute walk from both the Konankunte Metro
Station and Forum Mall, the project is a sustainable, Indian Green Building
Council (IGBC) Gold development, designed to accommodate large-format tenants
as well as mid-sized occupiers. The development is currently under
construction and is slated for completion by early 2026.
IKEA will occupy the first and second floors of the
development, which are designated for retail use. The space is expected to be
handed over next year in Q1 of calendar year 2026, with operations scheduled to
commence thereafter. Colliers’ office services team was the advisor on this
transaction.
Rajat Rastogi, CEO- West & Commercial Assets,
Puravankara Limited, added, “We are excited
to onboard IKEA at Purva Zentech Park. Their decision to occupy retail space of
more than 1.2 lakh square feet of leasable area across two floors is a strong
endorsement of the project’s strategic location, smart design, and adaptable
retail layout. With Bengaluru’s leasing activity showing consistent growth,
especially in the southern corridor, we are confident the project will become a
vibrant hub for both business and lifestyle. IKEA’s presence marks a
significant beginning and will play a key role in shaping the project’s appeal
and tenant mix.”
Puravankara currently has a commercial development
pipeline of 3.2 million square feet, of which 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, making a significant value creation
opportunity for the company. With this development, Puravankara continues to
strengthen its commercial real estate portfolio and deepen its presence in
South Bengaluru’s high-growth corridor.
