Bengaluru: Puravankara Limited, one of India’s leading and most trusted real estate developers, has signed an Agreement to Lease (ATL) with IKEA India for retail space at its upcoming commercial development, Purva Zentech Park, located on Kanakapura Road, Bengaluru.
Under the agreement, IKEA will lease two floors—spanning more than 1.2 lakh square feet—within the mixed-use Purva Zentech Park. The development, which is currently under construction, is expected to be completed by early 2026. IKEA’s retail space is scheduled for handover in Q1 of calendar year 2026, with operations commencing thereafter. The transaction was advised by Colliers’ office services team.
Purva Zentech Park is designed as a sustainable IGBC Gold-rated commercial hub, offering approximately 9.6 lakh square feet of leasable and saleable area. With modular units ranging from 4,500 to 5,000 square feet and typical floor plates of around 50,000 square feet, the project caters to both large-format tenants and mid-sized occupiers. Its strategic location—just a five-minute walk from Konankunte Metro Station and Forum Mall—adds to its appeal for retail and business tenants alike.
Rajat Rastogi, CEO – West & Commercial Assets, Puravankara Limited, commented, “We are excited to onboard IKEA at Purva Zentech Park. Their decision to occupy retail space of more than 1.2 lakh square feet 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’s commercial development pipeline currently stands at 3.2 million square feet, with nearly 2 million square feet expected to receive occupancy certificates within this financial year. Key projects such as Purva Zentech and Purva Aerocity are projected to generate a surplus of ₹1,870 crore, reinforcing the company’s strategic expansion in South Bengaluru’s high-growth corridor.
This landmark lease agreement with IKEA not only strengthens Puravankara’s commercial portfolio but also signals the growing demand for premium retail and business spaces in Bengaluru’s southern belt.
