Swedish residence furnishings big IKEA India has leased 37,259 sq. ft. of retail area at Phoenix Marketcity Mall, Viman Nagar Street, Pune, marking its entry into town’s offline retail market. 

The lease, which is valued at Rs 23.54 crore for 4 years and 11 months, was signed on October 15, 2025, between IKEA India and Vamona Builders Pvt. Ltd., a part of Phoenix Mills Ltd., in response to property registration paperwork accessed by CRE Matrix.

The bottom-floor area carries a beginning month-to-month lease of Rs 38.11 lakh for the primary 36 months, rising to Rs 42.69 lakh for the remaining time period. A stamp obligation of Rs 6.27 lakh and a registration payment of Rs 1,000 have been paid for the transaction.

The lease interval will begin on February 22, 2026, after a fit-out section from September 2025 to February 21, 2026.

Notably, IKEA can even pay common-area upkeep fees of Rs 7.45 lakh per thirty days initially, rising to Rs 8.34 lakh later, and has offered a safety deposit of Rs 2.28 crore together with a upkeep deposit of Rs 44.71 lakh, the paperwork present.

Confirming the event, an IKEA spokesperson mentioned Pune had been an vital marketplace for the corporate because it launched its e-commerce operations within the metropolis in January 2020, making it the second Indian market to entry IKEA’s full product vary on-line earlier than a bodily retailer.

“Given its proximity to Navi Mumbai, many purchasers from Pune have additionally embraced the IKEA Navi Mumbai retailer expertise. Pune continues to be a precedence marketplace for us, and we are actually excited to carry a extra dynamic IKEA expertise via a real omnichannel presence within the metropolis, beginning with a metropolis retailer,” the spokesperson mentioned.

The upcoming retailer would be the sixth IKEA outlet in India, after these in Hyderabad (2018), Navi Mumbai (2020), Mumbai Worli (2021), Bengaluru Nagasandra (2022), and Delhi Tagore Backyard (2025).

Phoenix Marketcity, owned by Phoenix Mills Ltd., additionally operates malls in Mumbai, Bengaluru, Indore, and is increasing to Kolkata.

Apart from the Pune metropolis retailer, IKEA operates a distribution centre in Chakan, which providers its western and southern markets. The agency additionally manages an outsourced distribution hub in Haryana to help its deliberate growth within the Nationwide Capital Area.

Globally, Ingka Group, which operates IKEA shops in 31 nations, generates about 30% of gross sales via on-line channels. In India, the corporate reported income of Rs 1,809.8 crore in FY 2024, up 4.5% year-on-year, whereas its loss widened to Rs 1,299.4 crore, in response to a PTI report.