IKEA leases 37,000 sq ft at Phoenix Marketcity Pune for Rs 38 lakh/month

India's retail leasing boom continues as IKEA India inks a major deal at Phoenix Marketcity Pune, taking 37,000+ sq. ft. of space for a monthly rent of ₹38 lakh.

IKEA India has signed a new lease agreement for a large-format store at Phoenix Marketcity, Viman Nagar, Pune, marking another major expansion of the Swedish furniture giant’s retail footprint in India.

 

According to registration documents accessed by CRE Matrix, the lease covers 37,259 sq. ft. on the ground floor of the mall, with a monthly rental of ₹38.11 lakh and a total agreement value of ₹3.06 crore.

 

According to registration documents accessed by CRE Matrix, the lease was executed on October 15, 2025, for a 37,259 sq. ft. ground-floor space at the high-footfall mall in Lohegaon, Pune.

 

The lease tenure is 4 years and 11 months, with a starting monthly rent of ₹38.11 lakh, translating to roughly ₹102 per sq. ft. per month — a competitive rate for prime retail real estate in Pune’s Viman Nagar belt.

 

 

About the Deal

 

Property: Unit G-01, Ground Floor, Phoenix Marketcity, Viman Nagar Road, Pune

 

Licensor: Vamona Developers Pvt. Ltd. (part of Phoenix Mills Group)

 

Licensee: IKEA India Pvt. Ltd.

 

Agreement Value: ₹30,62,15,35 (₹30.6 crore)

 

Stamp Duty Paid: ₹6,26,800

 

Registration Date: October 15, 2025

 

Plot Area: 37,259 sq. ft.

 

Lease Period: 4 years 11 months

 

Starting Monthly Rental: ₹38.11 lakh

 

The store, expected to open in early 2026, will serve as IKEA’s first mall-based outlet in Pune, complementing its existing megastore in Navi Mumbai and urban format stores in Mumbai and Bengaluru.

 

In Delhi, IKEA entered into a nine-year lease agreement with Pacific Development Corporation  for a 14,471 sq. ft. retail space at Pacific Mall, Najafgarh Road, Delhi, at a starting monthly rent of ₹30 lakh. The deal was registered on April 9, 2025, with a security deposit of ₹4.25 crore, as per lease details shared by CRE Matrix, a data-driven real estate firm.

 

Rents are set to rise steadily — reaching ₹31.87 lakh by the third year, before a significant jump in the fourth year to ₹38.49 lakh, and further to ₹45.42 lakh from the seventh year onwards, according to data and documents accessed by CRE-Matix, a real estate analytics firm.