 "Ikea India expands Pune footprint with 37,000 sq ft retail lease")
Global furniture retailer Ikea’s India arm has leased 37,259 square feet of retail space in Pune, further expanding its footprint in the Indian market.
“Pune has been an important market for Ikea India and one where we’ve seen strong demand from our customers right from the start. Given its proximity to Navi Mumbai, many customers from Pune have also embraced the Ikea Navi Mumbai store experience-- visiting for inspiration, ideas, and everything for the home under one roof,” a spokesperson for Ikea India said.
According to lease documents accessed via CRE Matrix, a real estate data analytics firm, Ikea has leased the space on the ground floor of Phoenix Marketcity, Viman Nagar Road in Lohegaon, for a tenure of four years and eleven months.
Ikea India will pay a starting monthly rent of ₹38.12 lakh, with the total agreement valued at ₹3.06 crore. The company has paid a security deposit of ₹1.15 crore out of the agreed ₹2.3 crore, with the balance to be paid before the agreement’s execution.
The spokesperson added that Ikea India launched its e-commerce operations in Pune in January 2020, making it the second market in the country to access the full Ikea range online before a physical store opened. Since then, customers have been able to explore and shop over 6,500 affordable, well-designed home furnishing products online, reflecting the city’s growing appetite for modern home solutions and the brand’s omnichannel approach.
“Pune continues to be a priority market for us, and we are excited to bring a more dynamic Ikea experience through a true omnichannel presence in the city, starting with a city store,” the spokesperson said.
Ikea has paid a stamp duty of ₹6.26 lakh and a registration fee of ₹1,000. The lease commenced on September 25, 2025, and will expire on August 24, 2030.