Puravankara Limited (NSE: PURVA | BSE: 532891), one of India’s most trusted real estate developers, has signed an Agreement to Lease (ATL) with IKEA India for retail space at its upcoming Purva Zentech Park on Kanakapura Road, Bengaluru.
The agreement will see IKEA occupy the first and second floors, covering more than 1.2 lakh sq. ft. of leasable area, making it one of the largest retail commitments in South Bengaluru’s emerging corridor. The handover is scheduled for Q1 of calendar year 2026, with operations expected to commence soon thereafter. Colliers’ office services team advised on the transaction.
Purva Zentech Park is a mixed-use commercial development spanning approximately 9.6 lakh sq. ft. of leasable and saleable area. With typical floor plates of 50,000 sq. ft. and modular units ranging from 4,500–5,000 sq. ft., the project is designed to accommodate both large-format tenants and mid-sized occupiers. Strategically located within walking distance of Konankunte Metro Station and Forum Mall, the development is an Indian Green Building Council (IGBC) Gold-certified project, reflecting Puravankara’s commitment to sustainable design.
Commenting on the milestone, Rajat Rastogi, CEO – West & Commercial Assets, Puravankara Limited, said: “We are excited to onboard IKEA at Purva Zentech Park. Their decision to occupy retail space 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.”
Puravankara currently has a commercial development pipeline of 3.2 million sq. ft., with nearly 2 million sq. ft. expected to receive occupancy certificates within this financial year. Projects such as Purva Zentech and Purva Aerocity in Bengaluru are projected to generate a surplus of Rs.1,870 crore, creating significant value for the company.
With IKEA’s entry, Purva Zentech Park is poised to become a landmark destination in South Bengaluru, blending global retail presence with sustainable, people-centric design.
