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Swedish firm IKEA buys 10-acre land from HUDA in Gurugram for Rs 842 crore

Ikea is slated to open its first store in India in Hyderabad early next year.

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Earlier this year, IKEA had acquired land in Bengaluru from the Bangalore Metro Rail Corporation
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Swedish home furnishings company IKEA has bought 10-acre of commercial land from the Haryana Urban Development Authority (HUDA) for around Rs 842 crore. 

IKEA bought the land in Sector 47 of Estate-II of HUDA Gurugram. 

 The site was put for e-auction on October 6 this year and was up for bids on October 31.

"The site was successfully auctioned to IKEA, a multinational group, that designs and sells ready-to-assemble furniture," said HUDA Chief Administrator J Ganesan said today.

"It will augment our efforts in ensuring steady revenue stream for HUDA. This is not a one-off deal as we have planned out auctions of other institutional and commercial properties across the city in the next few months," Mr Ganesan said.

"Gurgaon has seen a reduced demand mainly due to rapidly changing investments scenario in real estate, especially in commercial sector. However, we are hopeful to sell more properties and gather handsome revenue for HUDA from the estates of Gurgaon," an official statement quoted Mr Ganesan as saying today.

On its website, the furniture maker says its concept starts with the idea of providing a range of home furnishing products that are affordable to many people, not just the few. "It is achieved by combining function, quality, design and value -- always with sustainability in mind," the company said.

Earlier this year, IKEA had acquired land in Bengaluru from the Bangalore Metro Rail Corporation for an undisclosed sum as part of its plans to start retail operations in India.

The 14 acres site in Bengaluru is the third land acquisition by the home furnishing retailer after Hyderabad and Mumbai.

Ikea is slated to open its first store in India in Hyderabad early next year.

IKEA, which received government approval in 2013 for its Rs 10,500 crore proposal to open retail stores under 100 per cent FDI, plans to open 25 stores by 2025 in nine Indian cities.

IKEA's first store in Hyderabad will be a massive 4 lakh square feet in size and will include all features of a global IKEA store, including restaurant and play and development area.

In July 2015, IKEA had announced purchase of 13 acre land close to the IT hub in Hyderabad's HITEC city and bought land in Mumbai in March last year.

Presently, IKEA operates 390 stores in 46 countries with a sales volume of 34.2 billion euros.

(With inputs from PTI)

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