Puravankara signs Agreement to Lease with IKEA for retail space at Purva Zentech Park, Bengaluru

VMPL
Bengaluru (Karnataka) [India], November 17: 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.
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