Retail giant IKEA is awaiting site plan approval by the Noida Authority to start the construction of a store on a 48,000 sq m plot in Noida Sector 51. Sources told Moneycontrol that the construction is likely to commence in the next few months and the project will be completed within seven years.
The facility will include a shopping mall, retail outlets, a residential facility and meet centres, sources said. IKEA plans to invest close to Rs 5,500 crore for the shopping mall. It had bought the land parcel from the Noida Authority in February 2021.
Ingka Centres 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.”
Ingka Centres, part of the Ingka Group, which includes IKEA Retail and Ingka Investments, had earlier said that the plot will be developed into an IKEA-anchored retail destination.
The land allotment for the commercial plot located in Sector 51 was given by the Noida Authority to IKEA on February 19, 2021. The Authority had received Rs 850 crore from IKEA.
“IKEA has submitted a map (site plan) for approval to the Noida Authority. The scrutiny of the map is going on. They (IKEA) were asked to get a no-objection certificate (NOC) from the fire department, and it has been given to them. The construction work can start only after the site plan or map is approved by the Authority,” a source told Moneycontrol.
The matter is being looked into by the planning department and the map is likely to be approved by next month, he said.
Another source said that, during the scrutiny, it will be checked if all the technical aspects, including structural safety, has been taken care of by the developer.
“Some other approvals are also required before the start of the construction on ground. The construction work is likely to start soon in next few months,” the source said.
Ingka Centres, part of the Ingka Group, which includes IKEA Retail and Ingka Investments, had earlier said that the plot will be developed into an IKEA-anchored retail destination.
The transfer was made at a programme held in the presence of top Noida Authority and IKEA officials and the Uttar Pradesh Chief Minister Yogi Adityanath.
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