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17-Nov-2025     15:23
Puravankara signs lease agreement with IKEA India for retail space at Purva Zentech Park, Bengaluru

Purva Zentech Park is a mixed-use commercial development with approximately 9.6 lakh sq ft of leasable and saleable space. Each floor plate spans roughly 50,000 sq ft, with modular units of 4,500'5,000 sq ft available for lease or sale. Strategically located just a five-minute walk from Konankunte Metro Station and Forum Mall, the project is IGBC Gold-certified and designed to accommodate both large-format tenants and mid-sized occupiers.

The development, currently under construction, is scheduled for completion by early 2026. IKEA will occupy the first and second retail floors, with handover expected in Q1 2026 and operations to commence shortly thereafter. Colliers' office services team acted as the advisor on the transaction.

The agreement underscores Puravankara's focus on premium commercial leasing and strengthens Bengaluru's position as a hub for organized retail.

Rajat Rastogi, CEO- West & Commercial Assets, Puravankara, 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.'

The Puravankara Group is one of India's most trusted realty majors, headquartered in Bengaluru with a pan-India presence. Over the past five decades, the company has established three distinct and successful residential brands ' Puravankara, Provident Housing (PHL), and Purva Land - catering to the entire spectrum of housing and plotted development needs

The company reported consolidated net loss of Rs 41.79 crore in Q2 FY26 as against net loss of Rs 16.78 crore in Q2 FY25. Net sales jumped 30% year on year to Rs 644.20 crore in Q2 FY26.

Shares of Puravankara fell 2.15% to Rs 255.15 on the BSE.

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